The black market, also known as the parallel market or Aboki FX, continues to shape Nigeria’s foreign exchange landscape as individuals and businesses seek alternative channels to swap their dollars for naira.
Here’s the latest update on the dollar-to-naira exchange rate as of today, June 9, 2025.
Black Market Dollar to Naira Rate Today
According to sources at the Bureau De Change (BDC) in Lagos, the dollar is being bought at ₦ 1,615 and sold for ₦ 1,620 at the parallel market as of Sunday, June 8, 2025. These rates are often used by traders, importers, and others seeking faster access to foreign currency.
| USD to NGN (Black Market) | Rate |
| —————————– | ——– |
| Buying Rate | ₦1615 |
| Selling Rate | ₦1620 |
Official CBN Dollar to Naira Rate
In contrast, the Central Bank of Nigeria (CBN) sets its own rates and does not recognise or support transactions carried out in the parallel market. The official CBN rates, which are typically lower than black market rates, are:
| USD to NGN (CBN) | Rate |
| ——————– | ——– |
| Highest Rate | ₦1560 |
| Lowest Rate | ₦1545 |
The CBN has consistently warned that individuals seeking to exchange foreign currency should only do so through authorised dealers, including commercial banks and licensed BDC operators.
Why the Black Market is Popular
Despite these directives, many Nigerians still turn to the black market because it offers quicker and often more flexible access to foreign exchange, especially when official channels are restrictive or slow.
Experts note that factors like demand from importers, remittance inflows, and seasonal spending spikes largely drive fluctuations in black market rates. It’s essential to note that rates can fluctuate rapidly in response to market sentiment and other economic factors.
Key Takeaways for Forex Users
* Be cautious: Black market rates can shift quickly throughout the day.
* Know the risks: Rates offered may not be the same across different traders.
* Official rates are lower: The gap between CBN and black market rates highlights Nigeria’s ongoing currency challenges.
Disclaimer: The rates published here are sourced from credible market participants but can vary based on individual transactions and locations.
Whether you’re sending money to family, planning a trip abroad, or making international payments, always stay informed about current rates and consider using official channels whenever possible.
