The Naira continued to trade under pressure against the United States dollar in the parallel market on Sunday, August 31, 2025. Checks across Lagos and other key Bureau De Change (BDC) hubs revealed that the dollar exchanged at ₦1,545 for buying and ₦1,527 for selling in the black market, popularly called the Aboki FX market.
This figure indicates a wide disparity when compared with the official rates provided by the Central Bank of Nigeria (CBN). According to the CBN, the official exchange rate fluctuated between ₦1,534 (highest) and ₦1,525 (lowest) on the same day.
Why the Difference Between CBN and Black Market Rates? 
The CBN has consistently warned Nigerians against patronizing the black market, stressing that it does not recognize the parallel exchange window. Instead, the apex bank directs individuals and businesses seeking foreign exchange to use authorized dealers and commercial banks.
Why the Difference Between CBN and Black Market Rates?
The CBN has consistently warned Nigerians against patronizing the black market, stressing that it does not recognize the parallel exchange window. Instead, the apex bank directs individuals and businesses seeking foreign exchange to use authorized dealers and commercial banks.
However, due to limited access to official forex supply, many Nigerians especially importers, students studying abroad, and travelers continue to rely heavily on the black market. This heavy demand often keeps black market rates significantly higher than the official benchmark.
Dollar to Naira Rates at a Glance
Black Market (Parallel Market):
Buying: ₦1,545
Selling: ₦1,527
Official CBN Window:
Highest Rate: ₦1,534
Lowest Rate: ₦1,525
What This Means for Nigerians
The widening gap between the black market and official rates has ripple effects on the economy. It pushes up the cost of imported goods, fuels inflation, and puts additional pressure on small businesses that rely on foreign raw materials. For ordinary Nigerians, the impact is felt in rising prices of essentials such as fuel, food items, and electronics.
Financial experts advise Nigerians who require foreign exchange for legitimate purposes to always go through the official banking system despite challenges in accessing forex, as the CBN continues its intervention programs to stabilize the naira.
Exchange rates may vary depending on the dealer and location. Rates quoted in this report reflect market findings as of Sunday, August 31, 2025, and are subject to change
