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.

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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.