The Nigerian currency, the naira, continues to experience fluctuations against the United States dollar at the parallel market, commonly referred to as the black market.
Findings from Bureau De Change (BDC) operators in Lagos indicate that as of Thursday, April 9, 2026, the dollar was exchanged at an average selling rate of ₦1,410, while buyers purchased the greenback at approximately ₦1,390. This reflects the ongoing pressure on the naira in the informal foreign exchange segment, where demand for dollars often outpaces supply.
Black Market Dollar to Naira Rate
At the Lagos parallel market:
Selling Rate: ₦1,410 per dollar
Buying Rate: ₦1,390 per dollar
The black market remains a widely used channel for forex transactions in Nigeria, especially among individuals and small businesses who may face challenges accessing foreign currency through official banking channels.
Official CBN Dollar to Naira Rate
Data from the Central Bank of Nigeria shows that the naira traded within a lower range in the official market:
Highest Rate: ₦1,365 per dollar
Lowest Rate: ₦1,351 per dollar
The gap between the official and parallel market rates highlights the persistent disparity in Nigeria’s foreign exchange system.
It is important to note that the apex bank does not recognize the black market as a legitimate platform for foreign exchange transactions. The CBN has consistently advised individuals and businesses seeking forex to go through authorized financial institutions such as commercial banks.
Market Dynamics and Caution
Foreign exchange rates may vary slightly depending on location, volume of transaction, and prevailing market demand. As such, the figures quoted in this report may differ from actual rates offered by traders at the point of transaction.
Analysts say the continued divergence between official and parallel market rates underscores the need for sustained reforms and improved dollar liquidity to stabilize the naira in the long term.