Dollar–Naira Exchange Rate Update For January 8, 2026

Checks at the Lagos parallel market, commonly referred to as the black market, indicate that traders sold the dollar at an average rate of ₦1,485, while purchases were made at about ₦1,477 per dollar. Market operators at Bureau De Change outlets attributed the prevailing rates to sustained demand for foreign exchange amid limited supply.

Meanwhile, official figures from the Central Bank of Nigeria show a significantly lower exchange rate for the local currency. Data from the apex bank reveal that the dollar traded within a band of ₦1,415 to ₦1,423 at the official market.

The Central Bank of Nigeria has consistently reiterated that it does not recognize transactions carried out in the parallel market. The regulator has advised individuals and businesses seeking foreign exchange to conduct such transactions through licensed banks and authorized financial institutions.

Financial analysts note that exchange rates may vary slightly across locations, as prices are largely influenced by demand, availability, and market dynamics at the point of transaction. As a result, rates obtained by buyers and sellers may differ from figures reported.