Economy
Dollar Hits N1,600 At Parallel Market
The foreign exchange crisis worsened on Thursday as the local currency further depreciated, exchanging at N1,600 to a dollar at the parallel market, findings by Daily Trust have shown.
This was coming a few days after the local currency hit an all-time low at the official market, crossing N1,500 to one dollar.
The naira has come under a very severe attack in recent times, defying several interventions by the Central Bank of Nigeria (CBN) thereby worsening the cost of living crisis and inflation in the country.
Our correspondent reports that the naira has depreciated by over 50 per cent in the last five months.
Recall that the dollar first hit N1,000 in the parallel market in September 2023. It oscillated within that rate until the New Year when it started experiencing a free fall.
The depreciation of Nigeria’s currency is despite the federal government receiving a $2.25bn foreign exchange support from the AfreximBank as well as the offset of part of the unsettled forex obligations.
The CBN had also initiated a series of measures in recent times in a bid to stop the free fall of naira.
But the currency appears to be defying the various interventions as it depreciated further on Thursday at the parallel market amidst the decline in forex turnover.
Dollar To Naira Exchange Rate Today 27 January 2023(Black Market)
The Black Market Dollar to Naira Exchange Rate for 16th January 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. This means…you can buy or sell 1 dollar at a certain rate, and the price can change (high or low) within hours.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 16th January 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1500 and buy at ₦1485 on Friday 16th January, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1500
Buying Rate ₦1485
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1422
Lowest Rate ₦1418
The Black Market Dollar to Naira Exchange Rate for 13th January 2026 Can Be Accessed Below.
NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand.
The official naira black market exchange rate in Nigeria today, including the Black Market rates, Bureau De Change (BDC), and CBN rates.
Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market.
What’s the dollar to naira black market today, 13th January 2026?
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players sell a dollar for ₦1485 and buy at ₦1479 on Tuesday 13th January, 2025, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Selling Rate ₦1485
Buying Rate ₦1479
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate ₦1430
Lowest Rate ₦1420
The Nigerian Naira began the second week of January 2026 with continued fluctuations as market participants adjusted to early-year liquidity shifts in both the official and informal currency markets.
Official Market Performance
In the Nigerian Foreign Exchange Market (NFEM), the local currency maintained a relatively stable position against the greenback. Trading data from the early hours of Monday indicates that the Naira opened at approximately 1,426.69 per dollar. As the session progressed, the rate saw minor appreciation, settling around 1,423.82 per dollar by midday.
This movement reflects a 0.20 percent gain for the Naira, following efforts by the Central Bank of Nigeria (CBN) to maintain transparency in price discovery and ensure a steady supply of foreign exchange to meet legitimate obligations. Market turnover remains a key indicator for observers, as the volume of dollars traded today will signal the level of corporate demand for the month of January.
Parallel Market Realities
In the parallel market, commonly referred to as the black market, the Naira traded at a slight premium compared to the official window. Reports from currency dealers in Lagos and Abuja show that the dollar is being exchanged at rates ranging between 1,475 and 1,490.
The gap between the official and parallel markets remains a point of interest for economic analysts. While the NFEM provides a benchmark for large-scale transactions, the parallel market continues to serve small-scale retail needs and individuals who may not have immediate access to official banking channels.
Market Outlook
The current stability observed today is attributed to a combination of factors, including steadying oil revenues and the central bank’s ongoing monetary tightening measures. However, pressure remains as importers begin to place orders for the first quarter of the year, potentially testing the resilience of the current exchange rate levels.
Observers are closely watching for further policy updates from the financial regulators, which could influence the direction of the currency as the business year gains full momentum.
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