The dollar-to-naira exchange rate remains a major focus for businesses, traders and individuals monitoring the foreign exchange market in Nigeria.
At the parallel market, also known as the black market or Aboki FX, the exchange rate recorded on Tuesday, July 28, showed that the dollar was sold for ₦1,408 and bought for ₦1,404 in Lagos.
According to sources from Bureau De Change (BDC) operators, customers looking to exchange US dollars for naira could get the following rates:
Dollar to naira black market rate today:
- Selling rate: ₦1,408
- Buying rate: ₦1,404
It is important to note that the Central Bank of Nigeria (CBN) does not recognise the parallel market exchange rate. The apex bank has advised individuals and businesses seeking foreign exchange services to use authorised channels, including commercial banks.
Dollar to naira CBN rate today:
- Highest rate: ₦1,365
- Lowest rate: ₦1,359
The difference between the official and parallel market rates continues to influence how Nigerians track the value of the naira against the US dollar.