Dollar Crushes Naira: Black Market Exchange Hits Unprecedented High Today 18th January 2025

Dollar Crushes Naira: Black Market Exchange Hits Unprecedented High Today 18th January 2025

The Dollar to Naira exchange rate at the parallel market, commonly known as the black market (Aboki FX), continues to trend upwards as demand for foreign currency…Dollar Crushes Naira: Black Market Exchange Hits Unprecedented High Today 18th January 2025

remains high in Nigeria.

Here’s the current breakdown of the exchange rates for Friday, January 18, 2025:

Black Market Dollar to Naira Exchange Rate

• Buying Rate: ₦1,665
• Selling Rate: ₦1,680

Official CBN Exchange Rate

• Highest Rate: ₦1,559
• Lowest Rate: ₦1,545

Where to Exchange Your Dollars

At the Lagos Parallel Market, Bureau De Change (BDC) operators report buying a dollar for ₦1,665 and selling for ₦1,680. These rates vary slightly depending on the market location and demand.

Why the Discrepancy Between Markets?

The Central Bank of Nigeria (CBN) does not officially recognize the parallel market, urging individuals in need of foreign exchange to use their banks. However, the black market remains the go-to for many Nigerians due to easier accessibility and faster transactions.

Important Note

The rates mentioned here reflect market trends and may differ slightly at the point of exchange. Prices fluctuate based on several factors, including market demand, inflation, and currency availability.

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