What is the current Dollar to Naira exchange rate at the black market?
The black market, often referred to as the parallel market (Aboki FX), remains a key reference point for Nigerians seeking to exchange foreign currency.
Below is the latest exchange rate for Thursday, 16th January 2025.
At the Lagos Parallel Market, black market traders are currently buying the U.S. Dollar at ₦1,670 and selling it at ₦1,680, as confirmed by Bureau De Change (BDC) sources.
Central Bank of Nigeria (CBN) Exchange Rate
The Central Bank of Nigeria (CBN) continues to discourage the use of the parallel market for foreign exchange transactions.
According to CBN guidelines, individuals or businesses in need of forex are advised to approach their banks for legitimate transactions.
For Thursday, 16th January 2025, the CBN rates are:
– Highest Rate: ₦1,554
– Lowest Rate: ₦1,546
Key Considerations
Please note that the actual rates at which you may buy or sell foreign currency may differ from the figures provided here, as rates vary depending on your location and the dealer you transact with.
Additional Notes
The ongoing disparity between the official CBN rate and the black market rate reflects Nigeria’s foreign exchange challenges, driven by limited forex availability and increasing demand.
While the CBN aims to stabilize the naira through its monetary policies, many individuals and businesses resort to the black market for quicker access to foreign currency.
For accurate and reliable exchange rates, it is advisable to consult licensed forex dealers or your financial institution.
