Dollar To Naira Today: Black Market Rate Hits ₦1,420 On August 16

The naira recorded a notable difference between the official foreign exchange market and the parallel market as the dollar continued to trade at varying rates.

According to Ireporter Online, Bureau De Change (BDC) sources in Lagos indicated that the United States dollar was sold for ₦1,420 and bought for ₦1,407 at the parallel market on Saturday, August 15, 2026.

This means that anyone looking to sell one US dollar could receive approximately ₦1,407, while those purchasing a dollar from the parallel market would pay around ₦1,420.

Meanwhile, the Central Bank of Nigeria (CBN) does not recognise the parallel or black market as an official foreign exchange market. The apex bank has continued to advise individuals seeking foreign exchange services to conduct their transactions through authorised financial institutions.

The official CBN rates cited for the same period placed the dollar’s highest rate at ₦1,360 and the lowest rate at ₦1,356.

Forex rates can change frequently depending on market conditions, demand and supply. Consequently, the actual rate offered by banks, Bureau De Change operators or other authorised dealers may differ from the figures reported above.