Dollar to Naira Black Market Rate: Everything You Need to Know (February 2, 2024)

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate.

Looking to exchange dollars for naira on the black market or parallel market? This article provides current rates, key terms, and important information.

What is the Black Market Rate?

The Dollar to Naira black market rate is an unofficial exchange rate determined by supply and demand, often more favorable than the official Central Bank of Nigeria (CBN) rate. However, transactions occur outside regulated channels, carrying inherent risks.


Key Terms:

  • Buying Rate: The price you pay in naira to obtain one dollar.
  • Selling Rate: The amount of naira you receive for exchanging one dollar.
  • BDC Operators/Abokis: Individuals or businesses facilitating black market exchanges.

Today’s Rates (February 2, 2024)


Black Market Rate

  • Buying ₦1425
  • Selling ₦1435

CBN Rate

  • Selling ₦1414
  • Buying ₦1413

Please note that

  • Rates are fluid and can change rapidly.
  • Lagos and Abuja often offer better rates due to their strategic location.
  • Transactions carry inherent risks due to the unregulated nature of the black market.
  • Consider alternatives like licensed bureau de change operators for safer transactions.
  • This information is for informational purposes only and does not constitute financial advice.

Remember: Exercise caution when exchanging currencies on the black market. Always compare rates, inquire about fees, and prioritize safety and transparency.


Disclaimer: I am not affiliated with any financial institutions and cannot endorse specific services or providers.

Entertainment News

Naira Falls By 16%, Closes Week At N927/$

On the official Investor and Exporter forex window, the Nigerian currency, the naira closed the week at N927.19/$.

This was a 16.64 per cent decline from the N794.89/$ it closed the week that ended November 24, 2023, according to data from the FMDQ Securities Exchange. Also, the turnover of dollars traded in the market improved from $75.82m to $110.14m in the period under review.

On Friday, the naira began trading at N815.00/$ for the day before hitting a high of N1160/$ and a low N701/$ within the day. It eventually closed trading at N927.19/$.

Last week Friday, the naira traded at a high of N1136/$ and a low of N700.00/$. The naira has continued to fall despite the Central Bank of Nigeria’s attempt to clear a backlog of foreign exchange forward contracts.

Recently, the apex bank’s governor, Olayemi Cardoso, stated that fiscal deficits and public debt increases are adding pressure to the external reserves and contributing to exchange rate instability.

While commenting at the recent Chartered Institute of Bankers of Nigeria 58th Annual Bankers’ Dinner and Grand Finale of the Institute’s 60th Anniversary, the governor said, “We have already witnessed improvements in FX market liquidity in recent weeks, as the market responded positively to tranche payments which have been made to 31 banks to clear the backlog of FX forward obligations.

“We have been subjecting these payments to detailed verification to ensure only valid transactions are honored.  In a properly functioning market, it is reasonable to expect significant FX liquidity, with daily trade potentially exceeding $1.0bn. We envision that, with discipline and focused commitment, foreign exchange reserves can be rebuilt to comparable levels with similar economies.”

He added that one of the bank’s monetary policies aims is to achieve price stability and the stabilization of the exchange rate of the naira. Cardoso highlighted that the proper functioning of domestic and foreign currency markets, clear, transparent, and harmonised rules governing market operations are essential.

He declared, “New foreign exchange guidelines and legislation will be developed, and extensive consultations will be conducted with banks and FX market operators before implementing any new requirements.”

However, the Economic Intelligence Unit, the research and analysis division of the Economist Group, does not believe the CBN has the required firepower to clear the backlog of foreign exchange orders.

In a recent report, it said, “In Nigeria, an unsupportive monetary policy implies that the naira will remain under pressure, while the central bank lacks the firepower to adequately supply the market or clear a backlog of foreign exchange orders, which will keep foreign investors unnerved. High inflation and a continued spread with the parallel market will leave the exchange rate regime unstable and result in periodic devaluations.”