Black Market Exchange Rates in Nigeria Today
Parallel market reference rates for eight currencies against the naira, with buying and selling levels, daily change and 30-day history.
Today's reference rate
This page lists parallel market reference rates for the US dollar, British pound, euro, Canadian dollar, Australian dollar, Chinese yuan, UAE dirham and South African rand against the naira. The rates load when the page opens.
Tap a currency to convert an amount and see today's range.
| Currency | Buying (low) | Average | Selling (high) |
|---|
Rates are naira per one unit of foreign currency. The ▲ or ▼ under each average shows its change versus the previous day. A dash (—) means only one source currently reports that currency, so there is no buying or selling range. How these rates are calculated.
Rates are unavailable right now. Check your connection and try again. No figures are shown rather than showing wrong ones.
Recent Movement: 7-Day and 30-Day Change
Change in each currency's stored daily average rate. Where a period is not available, a dash is shown.
| Currency | 7-day change | 30-day change | 30-day low | 30-day high |
|---|
Quick Conversion Reference
Common amounts converted at the buying, average and selling levels above. Pick a currency to update the table.
| Amount | At buying rate | At average | At selling rate |
|---|
Where to Go Next
How to Read the Black Market Exchange Rates Table
The table above lists parallel market reference rates for eight currencies against the Nigerian naira. Every figure is the price of one unit of foreign currency in naira. Here is what each column means:
- Buying (low): the lowest quote we currently collect for that currency. It indicates the level at which a dealer would buy foreign currency from you, which is what you would receive if you were handing over dollars, pounds or euros.
- Average: the simple average of all the quotes we collected. This is our headline market reference rate and the figure used in the summary at the top of the page.
- Selling (high): the highest quote we currently collect. It indicates the level at which a dealer would sell foreign currency to you, which is what you would pay if you were buying.
- Sources: the number of separate quotes behind the row, shown under the currency name. More sources generally means a more dependable average.
A dash (—) in the buying and selling columns means only one source currently reports that currency. In that case, treat the average as a single reference point rather than a buying and selling pair.
Where These Rates Come From and How They Are Calculated
AbokiCalculator does not survey dealers directly and does not publish rates for you to trade at. Our rate feed collects published parallel market quotes from several publicly available Nigerian rate-tracking sources, and this page presents the result in one place. The method is deliberately simple so that you can check it:
- Each source contributes one quote for every currency it covers.
- The average is the arithmetic mean of those quotes. Buying (low) and selling (high) are the lowest and highest quote.
- The daily change compares the latest average with the previous day's stored average. The 7-day and 30-day figures compare it with the stored average from that many days earlier.
- The timestamp near the top of the table is when the data was last collected, not when you opened the page.
This method has limits, and you should know them. It cannot tell you the rate a particular dealer in a particular city will offer you today. One unusually high or low source will stretch the low-to-high range without moving the average very much. Actual rates also vary by city, by whether you pay in cash or by transfer, by transaction size and by time of day. For those reasons we describe these figures as indicative market references and never as guaranteed transaction rates.
If a figure looks wrong to you, please tell us through the contact page so that it can be reviewed.
Why the Rate Differs From One Currency to Another
The US dollar is the foreign currency most often quoted in the Nigerian parallel market. Pounds, euros and other currencies are commonly priced relative to the dollar rate, then adjusted for that currency's global value against the dollar and for how easy it is to find a buyer or seller. Currencies with deeper demand tend to have more quotes behind them, and thinly traded ones may have only one, which the table marks with a dash. Thinner demand usually also means a wider gap between what dealers will pay and what they charge.
This is why you should never take the dollar rate and apply it to another currency. Each row has its own rate, and each one has its own spread.
Black Market Rate vs Official Rate
The official rate is the reference rate for regulated transactions through banks and other authorised dealers under the Central Bank of Nigeria (CBN). The parallel market rate forms outside that channel, when demand for foreign currency is greater than what is available through it. The gap between the two moves with market conditions. It is sometimes wide and sometimes narrow, so it is worth checking both instead of assuming a fixed difference.
Our official vs black market comparison puts both rates side by side for six currencies, and the dollar to naira page covers USD in more depth, including a price history chart.
Worked Example: What the Spread and a Rate Move Cost You
These two examples use round numbers to show how the maths works. They are illustrations of sensitivity, not today's rates and not predictions.
Example 1: the spread. Suppose the buying rate is ₦1,380 and the selling rate is ₦1,395 per dollar.
| Action | Calculation | Naira |
|---|---|---|
| Sell $1,000 to a dealer | 1,000 × 1,380 | ₦1,380,000 |
| Buy $1,000 from a dealer | 1,000 × 1,395 | ₦1,395,000 |
| Cost of buying, then selling back | 1,395,000 − 1,380,000 | ₦15,000 |
Illustrative numbers only.
Example 2: a small rate move on a large payment. If you need to pay $5,000 at ₦1,400 per dollar, the cost is ₦7,000,000. If the rate were 1% higher, at ₦1,414, the same payment would cost ₦7,070,000. That is ₦70,000 more for a 1% move, which is why checking the current rate and its recent movement before a large payment matters.
What Moves Parallel Market Rates
- Supply and demand for foreign currency: when more people want dollars than are available, the naira price of the dollar typically rises.
- CBN policy: changes to foreign exchange allocation and access rules can shift demand between the official and parallel channels.
- Oil revenue and reserves: Nigeria's foreign currency inflows and reserves influence how much supply is available.
- Seasonal demand: school fees, travel seasons and holidays typically raise demand for foreign currency in particular months.
- Global conditions: the strength of the US dollar and international interest rates affect how the other currencies on this page move against the naira.
- News and sentiment: announcements and expectations can move rates within a single day.
Common Mistakes When Using an Exchange Rate Table
- Using the wrong side of the spread. If you are handing over foreign currency, the buying rate is the one relevant to you. If you are buying foreign currency, the selling rate is.
- Applying one currency's rate to another. Each currency has its own rate against the naira.
- Ignoring the timestamp. A rate that was collected hours ago may no longer be current. Check the collection time and use Refresh.
- Forgetting fees and rounding. Some providers add commission or round the total down. Work out the final naira amount, not just the rate.
- Treating a reference rate as a quote. This table helps you plan and sense-check. The rate you are actually offered is set by whoever you deal with.
Practical Tips Before You Convert Money
- Compare at least two or three sources, including your bank or a licensed bureau de change.
- Ask for the exact rate and the total in naira before you hand anything over.
- For larger amounts, use a bank, a CBN-licensed bureau de change or a regulated transfer service, and keep a record of the transaction.
- Treat any quote that is far outside the low-to-high range shown here as a warning sign and ask why.
- Check the data collection time. If it is old, refresh before you rely on it.
Frequently Asked Questions
What is the black market exchange rate today in Nigeria?
The table at the top of this page shows today's parallel market reference rate for eight currencies, together with the exact time the data was collected. The average is our headline reference and the low and high figures show the spread of quotes behind it. Actual rates vary by provider, location and transaction size.
What is the parallel market, and why is it called the black market?
The parallel market is where foreign currency is exchanged outside the official banking channel at prices set by supply and demand. “Black market” is the common search term for it. We use “parallel market” in explanations because it is the more neutral description.
Why does each currency have a buying and a selling rate?
Dealers buy foreign currency at a lower price and sell it at a higher one, and the difference is called the spread. On this page the buying rate is the lowest quote we collect and the selling rate is the highest, because each of our sources publishes a single quote.
Why do some currencies show only one rate?
For some currencies only one source currently reports a rate, so there is no low-to-high range to show. The table shows a dash for buying and selling and gives the single figure as the average.
How often are the rates updated?
The table shows the exact time the data was last collected. We do not describe these rates as real-time, because parallel market prices can move between collections. Check the timestamp and use the Refresh button to load the latest stored data.
Is this the same as the CBN official rate?
No. The official rate applies to regulated transactions through banks and other authorised dealers. Parallel market rates reflect demand outside that channel, so the two can differ. You can compare them side by side on our official vs black market page.
Is it legal to use this page or to trade at these rates?
This page is informational. It shows reference figures and does not arrange or recommend any transaction. Foreign exchange dealing in Nigeria is regulated by the Central Bank of Nigeria, and licensed banks and CBN-approved bureaux de change operate within that framework. For advice on what is permitted in your situation, speak to your bank or a licensed professional.
Can I use these rates for invoices or accounting?
No. They are indicative references for planning and sense-checking. Use the rate published by your bank or the Central Bank of Nigeria for formal accounting, invoicing or tax purposes.
Why does my bank or bureau de change quote a different rate?
Providers set their own rates based on their costs, liquidity, location, transaction size and whether you pay in cash or by transfer. Treat this table as a reference range, then ask for the exact rate and total in naira before you proceed.
Can you add more currencies?
We add a currency when we can collect enough reliable quotes for it. If you need one that is not listed, please use the contact page to tell us.
