The Nigerian currency continues to experience fluctuations against the United States dollar at the parallel (black) market, popularly referred to as the Aboki fx market.
As of Sunday, August 24, 2025, investigations at the Lagos parallel market revealed that currency traders were purchasing the U.S. dollar at ₦1,550 while selling at ₦1,540, according to information obtained from Bureau De Change (BDC) operators.
Central Bank of Nigeria (CBN) Position
The Central Bank of Nigeria (CBN) has repeatedly distanced itself from the activities of the parallel market, emphasizing that it does not officially recognize the rates quoted there. The apex bank continues to advise Nigerians and businesses seeking foreign exchange to process their transactions through commercial banks and other authorized financial institutions.
At the official window, the CBN’s rate for the U.S. dollar on Sunday was recorded at ₦1,534 (lowest) and ₦1,536 (highest).
Dollar to Naira Black Market Rate Today
| Market Type | Buying Rate | Selling Rate |
|---|---|---|
| Black Market (Parallel Market) | ₦1,550 | ₦1,540 |
Dollar to Naira CBN Rate Today
| Market Type | Lowest Rate | Highest Rate |
|---|---|---|
| Official CBN Window | ₦1,534 | ₦1,536 |
Key Takeaways for Forex Traders and Buyers
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The black market rate remains slightly higher than the official CBN rate, widening the gap between both markets.
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Traders warn that prices can change rapidly within hours due to market speculation, inflationary pressure, and dollar supply shortages.
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Buyers and sellers are encouraged to compare rates from multiple sources before engaging in transactions, as forex prices vary across locations and operators.
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Analysts believe that Nigeria’s persistent demand for foreign exchange, driven by import dependence and reduced foreign inflows, continues to put pressure on the naira.
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