In the Lagos parallel market, popularly known as the black market or Aboki FX market, the U.S. dollar is trading at an average of ₦1,560 for buying and ₦1,550 for selling, based on figures obtained from credible Bureau De Change (BDC) operators on Saturday, August 9, 2025.
These figures indicate the rates at which independent currency traders exchange the naira for the dollar outside the official banking system. The black market often provides higher or lower rates than official channels, depending on the day’s supply and demand for foreign currency.
⚠️ Important CBN Advisory:
The Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the black market as a valid channel for foreign exchange transactions. The apex bank urges individuals and businesses seeking foreign currency to process their transactions through authorized dealers mainly commercial banks to ensure transparency and compliance with Nigeria’s financial regulations.
Black Market (Parallel Market) Dollar to Naira Rates
| Transaction Type | Rate (₦ per $1) |
|---|---|
| Buying | ₦1,560 |
| Selling | ₦1,550 |
CBN Official Dollar to Naira Rates – August 9, 2025
| Rate Type | Rate (₦ per $1) |
|---|---|
| Highest Rate | ₦1,536 |
| Lowest Rate | ₦1,532 |
Why the Difference?
The disparity between the official and parallel market rates is influenced by several economic factors, including:
-
Dollar Scarcity: Limited access to U.S. dollars in the official market pushes more buyers to the black market.
-
High Import Demand: Businesses importing goods often turn to parallel market dealers to meet urgent forex needs.
-
Speculation: Traders sometimes hold dollars expecting higher rates, further driving scarcity.
The rates provided in this report reflect average market prices from selected Lagos BDC operators as of the time of writing. Exchange rates can change rapidly within hours due to market volatility. Individuals may encounter slightly different rates depending on their location, the transaction amount, and the dealer’s terms.
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