LAGOS, Nigeria (AP) — The naira weakened against the U.S. dollar on the black market Monday, July 27, 2026, with traders quoting the local currency at 1,410 naira per dollar, according to Bureau De Change operators in Lagos.
The parallel market rate, also known as the black market or Aboki fx rate, represents a slight decline from the previous session. Traders were buying dollars at 1,401 naira and selling at 1,410 naira on Sunday, July 26.
The black market rate remains significantly weaker than the official Central Bank of Nigeria (CBN) rate, which stood at a high of 1,365 naira and a low of 1,359 naira on Monday.
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The CBN does not recognize the parallel market and has directed individuals and businesses seeking foreign exchange to approach their banks. However, many Nigerians continue to rely on the black market due to limited dollar supply at official channels.
Currency traders in Lagos attributed the latest black market rate to steady demand for dollars for imports, school fees and summer travel.
“We are selling at 1,410 naira today. Demand is moderate but supply is still tight,” said Chinedu Okafor, a bureau de change operator in the Ikeja area of Lagos.
The spread between the official and black market rates has narrowed slightly in recent weeks but remains wide, at about 3.7 percent above the CBN’s highest rate. Analysts say the continued gap reflects structural challenges in Nigeria’s foreign exchange market.
“The parallel market rate is a reality check. As long as demand exceeds supply at the official window, the black market will thrive,” said Folashade Adebayo, an economist at the University of Lagos.
Nigeria’s foreign exchange reserves stood at $38 billion as of June, according to CBN data. The central bank has maintained a managed float system since 2023, but the naira has depreciated by more than 40 percent since then.
CBN on Dollar to Naira Exchange rate
The CBN did not comment on the black market rate Monday. In a statement last week, the bank reiterated that all legitimate forex transactions should be conducted through commercial banks or authorized dealers.
For individuals looking to exchange dollars, the black market offers a readily available but unregulated alternative. Rates can vary by location and trader.
“We advise customers to compare rates and be cautious of counterfeit notes,” Okafor said. “The market is volatile; rates can change within hours.”
The naira traded at around 460 per dollar before the CBN’s policy shift in 2023. Since then, the currency has lost value steadily against the greenback, with occasional interventions by the central bank failing to stem the decline.
The black market rate of 1,410 naira on Monday is expected to remain under pressure as Nigeria approaches the peak import season in August, traders said.
