As of Tuesday, May 6, 2025, the black market exchange rate for the US Dollar to Naira continues to fluctuate due to market demand and supply pressures.
According to traders at the Lagos Parallel Market commonly referred to as the Aboki FX or black market—the buying rate stands at ₦1600 per dollar, while the selling rate is pegged at ₦1613 per dollar.
These figures are based on information gathered from various Bureau De Change (BDC) operators in key markets across Lagos.
Black Market Dollar to Naira Exchange Rate Today – 6th May 2025
| Currency | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| US Dollar (USD) | ₦1600 | ₦1613 |
The Central Bank of Nigeria (CBN) does not officially recognize rates from the parallel market. The CBN recommends that all foreign exchange transactions be conducted through authorized financial institutions such as commercial banks.
CBN Official Dollar to Naira Exchange Rate Today – 6th May 2025
As per data from the Central Bank of Nigeria, the official exchange rate for the US Dollar ranges as follows:
| Currency | Lowest Rate (₦) | Highest Rate (₦) |
|---|---|---|
| US Dollar (USD) | ₦1603 | ₦1609 |
Keep in mind that official CBN rates may vary depending on the nature of the transaction—whether it’s for business, personal travel allowance (PTA), or other forex-related activities.
Why Does the Black Market Rate Differ from the CBN Rate?
The black market rate is determined by market forces of demand and supply, and is often higher than the official CBN rate. This disparity is largely due to limited access to forex through formal banking channels, pushing individuals and businesses to patronize the parallel market.
