The exchange rate between the U.S. Dollar (USD) and the Nigerian Naira (NGN) in the black market—commonly referred to as the parallel market or Aboki fx—continues to fluctuate amid sustained demand for foreign currency.
Black Market Exchange Rate – 28th May 2025
According to reliable sources within the Bureau De Change (BDC) in Lagos, the Dollar traded as follows on Wednesday:
* Buying Rate: ₦1,621
* Selling Rate: ₦1,625
This means that individuals exchanging dollars in the parallel market would receive ₦1,621 per dollar when selling, and pay ₦1,625 when buying.
CBN Official Exchange Rate
In contrast, the Central Bank of Nigeria (CBN) rates for the same period were:
* Highest Rate: ₦1,595
* Lowest Rate: ₦1,589
It’s important to note that the CBN does not officially recognise the black market for foreign exchange transactions. The apex bank has consistently advised individuals and businesses seeking foreign currency to do so through authorised financial institutions and banks.
Advisory to the Public
Exchange rates in the parallel market can differ from one location to another, and may fluctuate rapidly due to market demand, availability of foreign currency, and speculative activities.
Therefore, the rates listed above should be used as a reference only, and individuals are encouraged to verify them with multiple sources before proceeding with any foreign exchange transactions.
