Nigerian Naira black market rate climbs to ₦1,428 per dollar

The Nigerian naira experienced a shift in the parallel market on August 15, 2026, with the black market selling rate reaching approximately ₦1,428 per US dollar. This represents a notable increase from previous sessions, driven by steady demand from importers, travelers, and individuals managing overseas expenses such as medical fees and tuition.

In major cities including Lagos, Abuja, Kano, and Port Harcourt, currency dealers reported selling rates ranging between ₦1,425 and ₦1,428. The official Central Bank of Nigeria (CBN) rate remained lower, positioned near ₦1,360, maintaining a premium of roughly 4.7 to 5 percent between the formal and informal markets.

While dollar supply in the street segment was described as adequate for routine transactions, market analysts continue to monitor the dual-rate structure. The CBN has previously directed individuals to utilize official banking channels for foreign exchange needs rather than the parallel market.