As of Monday, May 5, 2025, the dollar to naira exchange rate at the Lagos Parallel Market, commonly referred to as the black market or “Aboki FX,” stands at ₦1,590 per dollar for buyers and ₦1,598 per dollar for sellers.
This data is based on information gathered from traders and Bureau De Change (BDC) operators in Lagos.
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize or endorse transactions conducted on the parallel market. The CBN has consistently advised individuals and businesses in need of foreign exchange to use official banking channels.
Today’s Dollar to Naira Exchange Rate – Black Market (Unofficial Market)
| Exchange Type | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| Black Market Rate | ₦1,590 | ₦1,598 |
CBN Official Dollar to Naira Exchange Rate – May 5, 2025
According to figures from the Central Bank of Nigeria:
| CBN Rate Type | Amount (₦) |
|---|---|
| Highest Rate | ₦1,606 |
| Lowest Rate | ₦1,600 |
Please remember that actual forex rates can vary based on location, demand, and transaction size. It’s always advisable to check current rates with your forex provider before making any exchanges.
Why the Dollar to Naira Rate Matters
The fluctuating exchange rate has a direct impact on importers, travelers, businesses, and even the cost of living. With the naira under continuous pressure due to high demand for dollars, particularly in the black market, it’s crucial for individuals to monitor the rates regularly for informed financial decisions.
How to Get the Best Dollar to Naira Exchange Rate
- Compare Rates: Check different sources—BDC operators, online platforms, and banks—to identify favorable rates.
- Use Official Channels: Whenever possible, use CBN-approved financial institutions for safer and regulated transactions.
- Avoid Peak Hours: Rates tend to spike during high demand periods. Timing your exchange can help you save money.
Stay tuned for daily updates on the USD to NGN exchange rate, including market trends, forex news, and economic analysis.
