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Nigeria Black Market Dollar Rate Rises Sharply

Published

7 months ago

April 8, 2026

Nigeria black market dollar rate rises to ₦1,408 per dollar as naira weakens, reflecting ongoing pressure in the parallel forex market

Bureau De Change operators in Lagos State on Tuesday reported a sharp rise in the Nigeria black market dollar rate, with the United States dollar trading at ₦1,408 for selling and ₦1,392 for buying, reflecting continued pressure on the naira in the parallel foreign exchange market.

Also read: Naira Surges Against Dollar Amid Forex Rally

The latest figures indicate heightened demand for foreign currency, as market participants adjust pricing in response to limited supply and prevailing economic conditions.

Movement in the Nigeria black market dollar rate highlights ongoing volatility that continues to shape transactions outside the official banking system.

Data from the Central Bank of Nigeria showed a comparatively lower official exchange range, with the dollar trading between ₦1,381 and ₦1,390.

The divergence between the official and parallel market rates remains a key indicator of structural imbalances in Nigeria’s foreign exchange supply and demand dynamics.

Central Bank of Nigeria has consistently stated that it does not recognise the parallel market, urging individuals and businesses to access foreign exchange through authorised financial institutions.

Despite this stance, many consumers continue to rely on the black market due to accessibility challenges.

Market observers note that fluctuations in the Nigeria black market dollar rate are often influenced by liquidity constraints, import demand, and broader macroeconomic pressures.

These factors combine to create a highly responsive and at times unpredictable pricing environment for traders and end users.

The widening gap between official and parallel market rates continues to have ripple effects across the economy, affecting import costs, business planning and consumer pricing.

Also read: Naira Weakens as Dollar Hits ₦1420 at Black Market

Analysts describe the situation as a critical signal of ongoing forex market strain that requires sustained policy attention.

Related Topics:black market CBN Dollar to naira Exchange Rate featured Forex Nigeria

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Sanwo-Olu Surprises Wife Ibijoke With Flowers at Women’s Conference

Published

5 hours ago

October 27, 2026

Peculiar Adirika

Sanwo-Olu surprises wife Ibijoke with flowers and shares a kiss at COWLSO’s 26th Annual National Women’s Conference in Lagos

Lagos State Governor Babajide Sanwo-Olu surprised his wife, Dr Ibijoke Sanwo-Olu, with flowers before sharing a kiss with her at the opening ceremony of the 26th Annual National Women’s Conference in Lagos on Tuesday.

Also read: 37 Miners’ Deaths: Panel Finds Fatal Asphyxiation in NSCDC Custody

The event was organised by the Committee of Wives of Lagos State Officials (COWLSO) under the theme, “Anchored in Purpose: Be the Blueprint.”

Sanwo-Olu presented the flowers to his wife during his speech at the conference, which brings together women and leaders for discussions and activities focused on women’s empowerment and leadership.

“On behalf of COWLSO and everything that is decent, we want to appreciate you, we want to honour you,” the governor said.

The couple subsequently shared a kiss as Nigerian singer 2Baba’s song, “African Queen”, played at the event.

The conference aims to inspire women, empower leaders and promote a purposeful future through discussions and activities centred on women’s development.