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Dollar Sells for ₦1,627 in Lagos Black Market as Naira Struggles
As of Friday, April 11, 2025, the black market exchange rate for the US Dollar to the Nigerian Naira remains volatile. According to sources at the Bureau De Change (BDC) in Lagos, the Dollar was purchased at ₦1,620 and sold at ₦1,627 in the parallel market, also known as the black market or “Aboki FX.”....KINDLY READ THE FULL STORY HERE▶
Despite fluctuations in the foreign exchange market, the Central Bank of Nigeria (CBN) maintains that the parallel market is not an officially recognized source for forex transactions. The CBN has advised individuals and businesses seeking foreign exchange to transact through authorized financial institutions such as commercial banks.
In contrast to the parallel market, the official CBN exchange rate ranged between ₦1,570 and ₦1,630 as of the same day. However, it’s important to note that rates may vary slightly depending on location and market conditions.
Exchange Rate Summary (April 11, 2025):
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Black Market Buying Rate: ₦1,620
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Black Market Selling Rate: ₦1,627
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CBN Official Rate Range: ₦1,570 – ₦1,630
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