The value of the Nigerian naira against the United States dollar continues to attract strong public attention as fluctuations persist across both official and unofficial markets.
As of Tuesday, January 6, 2025, traders at the Lagos parallel market—popularly known as the black market or Aboki FX—are selling the dollar at ₦1,485, while buyers are purchasing it at ₦1,477, according to information obtained from operators at Bureau De Change (BDC) outlets.
Black Market Dollar to Naira Rate 
Selling rate: ₦1,485 per $1
Buying rate: ₦1,477 per $1
These figures reflect the ongoing pressure on the naira, driven largely by high demand for foreign currency, limited supply, and uncertainty in the broader foreign exchange market.
Official CBN Dollar to Naira Rate
On the official side, the Central Bank of Nigeria (CBN) continues to maintain a different pricing structure for foreign exchange transactions. Data from the apex bank shows that the dollar exchanged within the range of:
Highest rate: ₦1,426 per $1
Lowest rate: ₦1,414 per $1
This means there remains a noticeable gap between the official and parallel market rates, a situation that often pushes individuals and businesses toward the black market in search of faster access to dollars.
CBN’s Position on the Black Market
The Central Bank of Nigeria has repeatedly emphasized that it does not recognize the parallel market as a legitimate platform for foreign exchange transactions. The apex bank has advised Nigerians seeking forex to channel their requests through licensed commercial banks and approved financial institutions, warning that transactions outside the regulated system come with risks and no legal protection.
Why Rates May Differ
It is important to note that the exchange rates quoted in this report serve as a general guide. Actual rates may vary slightly depending on:
As a result, individuals exchanging foreign currency are advised to confirm prevailing rates before completing any transaction.
