Currency News & Black Market Rates
Naira Market Overview
Black Market Rate Today — The naira’s parallel (“black”) market has stayed volatile against the dollar this week, with dealers in
Lagos and Abuja quoting sell rates that pushed above ₦1,420/$ — a noticeable jump from levels seen
earlier in the month. The gap between the official CBN window and the street rate remains wide for USD
and GBP, while EUR and CAD are trading closer to their official rates. External reserves have been
reported near $52 billion, which the CBN has cited as support for its recent FX liquidity and discount
window reforms.
Black Market Rates (Naira) — vs. Official CBN
| Currency | Black Market (Buy) | Black Market (Sell) | Official CBN | Trend |
|---|---|---|---|---|
| 🇺🇸US Dollar (USD) | ₦1,415 | ₦1,428 | ₦1,357.61 | ▲ 2.73% |
| 🇬🇧British Pound (GBP) | ₦1,882 | ₦1,912 | ₦1,840.10 | ▼ 0.42% |
| 🇪🇺Euro (EUR) | ₦1,558 | ₦1,610 | ₦1,571.70 | ▼ 1.23% |
| 🇨🇦Canadian Dollar (CAD) | ₦996 | ₦1,004 | ₦990.00 | ▼ 1.08% |
Rates reflect the most recently published parallel-market quotes (as of the evening of Aug 16 into
Aug 17, 2026), sourced from street/BDC dealer postings in Lagos, Abuja and Kano. Black market rates
change hourly by location and dealer and are unregulated — treat them as indicative, not a quote for
a trade.
Also worth noting
Nigerian equities have seen a rocky week on the NGX, with a multi-session selloff wiping out several
trillion naira in value before a partial rebound. Meanwhile the CBN’s newly opened discount window for
banks trading FX and government securities is being credited with helping the naira firm up slightly
at the official market even as the parallel market stayed under pressure.
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