As living costs spiral and the naira fluctuates, Nigerians are navigating two very different exchange realities. Here’s why understanding both the official CBN rate and the parallel-market rate matters—and how they’re diverging right now.
Official CBN Rate: ₦1,549–₦1,550 per USD
According to the Central Bank of Nigeria’s latest update (as of June 13, 2025), the official exchange rate for USD is
Buy: ₦1,548.35
Sell: ₦1,549.35
Market observers note a recent trend: the naira has slightly strengthened, moving from lows near ₦1,560–₦1,570 a few days prior.
Parallel (Black) Market Rate: ₦1,580–₦1,600 per USD
In contrast, the black market, or Aboki, rate is notably higher and more volatile:
AbokiPure reports ₦1,600 buy and ₦1,610 sell as of June 16.
NGN Rates (Lagos/Abuja) shows ₦1,580 buy and ₦1,595 sell on the same date.
NairaToday notes a ₦1,598 sell rate in major cities.
What’s Driving the Gap?
Restricted forex supply: Limited access to dollars—especially for non-oil importers—forces businesses and individuals to the parallel market.
Speculative demand: Traders anticipate a weaker naira, pushing black-market rates higher.
Policy distortion: Despite reforms, official rates still don’t reflect real-world needs, fueling arbitrage and illicit FX flows.
Government’s Response & Market Impact
CBN’s unification efforts: Recent measures aim to close the gap by tightening monetary policy and halting excessive naira issuance—the so-called “shock therapy” under Tinubu’s administration.
Outcome so far: The differential between official and black-market rates has narrowed from over ₦100 to under ₦50 in recent weeks—a notable yet fragile achievement.
Is the Gap Shrinking… Permanently?
Yes—but not by much. Structural reforms have helped stabilize the naira, yet:
Inflation remains high (~24%)
Forex scarcity lingers, keeping pressure on parallel rates.
Policymakers face a tough balance: unify rates too quickly, and risk devaluation shock; too slowly, and consumers and businesses stay squeezed.
Final Take
Nigeria’s two-tier exchange system reflects deeper economic tensions: policy reforms versus market realities. While the CBN rate hovers at ₦1,549 per dollar, the black market hovers near ₦1,600—or about 3% higher. That gap matters. It affects prices, remittances, and business viability.
For Nigerians especially traders, importers, and everyday consumers—this is where the rubber meets the road: the official is optimism, the black market is reality. And until market forces and policy incentives fully align, the gap will persist.
