Here is the latest update on the dollar to naira exchange rate in the black market, also known as the parallel market (Aboki FX).
Dollar to Naira Black Market Rate
For those looking to exchange dollars for naira, traders at the Lagos parallel market quoted the following rates on Wednesday, January 21:
- Selling rate: ₦1,490 per dollar
- Buying rate: ₦1,480 per dollar
These figures were obtained from sources at Bureau De Change (BDC) outlets.
It is important to note that the Central Bank of Nigeria (CBN) does not recognize transactions conducted in the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to carry out transactions through authorized banks.
Exchange Rate Summary
Dollar to Naira (USD/NGN) – Black Market
- Selling: ₦1,490
- Buying: ₦1,480
Dollar to Naira (USD/NGN) – CBN Official Rate
- Highest rate: ₦1,423
- Lowest rate: ₦1,419
Please be aware that foreign exchange rates may vary depending on location and market conditions, and the actual buying or selling price may differ from the figures stated above.