The black market, also known as the parallel market or Aboki FX, has pegged the dollar at ₦1,500 for sales and ₦1,485 for purchases in Lagos as of Tuesday, January 13, 2026, according to sources at Bureau De Change (BDC) outlets.
The parallel market rate provides an alternative for individuals seeking to exchange dollars outside the official banking system, although the Central Bank of Nigeria (CBN) does not recognize these transactions. The CBN has repeatedly directed members of the public to conduct foreign exchange (Forex) dealings only through authorized banks and official channels.
Despite the official position, black market operators continue to facilitate dollar-to-naira transactions, often offering rates higher than the official bank rate. Traders say the rate reflects demand and supply dynamics in the informal market.
At ₦1,500 per dollar, the black market remains a popular avenue for small and large-scale Forex buyers, particularly those needing quick access to foreign currency for business or travel. The gap between official and parallel market rates highlights ongoing challenges in Nigeria’s foreign exchange market, including limited dollar liquidity in official channels.
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Economists warn that reliance on the black market can expose individuals and businesses to higher costs and potential risks, while urging the government to continue measures aimed at stabilizing the naira and increasing access to dollars through official financial institutions.
The parallel market rate is updated daily by BDC operators and widely monitored by businesses, investors, and travelers who need to convert dollars to naira efficiently.
