As of Friday, May 9, 2025, the black market exchange rate for the US Dollar to the Nigerian Naira stands at:
- Buying Rate: ₦1,610 per $1
- Selling Rate: ₦1,618 per $1
This rate is based on updates gathered from currency traders at the Lagos Parallel Market, commonly referred to as the black market or Aboki FX.
Important Notice on Black Market Rates
The Central Bank of Nigeria (CBN) does not officially recognize the rates from the black market. The apex bank has consistently advised individuals and businesses seeking foreign exchange (forex) to approach their respective banks or authorized dealers to conduct FX transactions through regulated channels.
Dollar to Naira – Official CBN Exchange Rate
The CBN exchange rate for the dollar to naira as of today, May 9, 2025, is as follows:
- Highest Rate: ₦1,614 per $1
- Lowest Rate: ₦1,608 per $1
These rates represent the official window used for interbank and authorized transactions and may differ significantly from the parallel market rates.
Why the Difference Between Black Market and Official Rates?
The gap between the black market and official exchange rates is largely influenced by Nigeria’s forex liquidity challenges, inflation, and the level of demand for the U.S. dollar among individuals and businesses. Many resort to the parallel market when official channels can’t meet their forex needs.
Exchange rates are highly volatile and can change within hours based on market dynamics. The rates provided in this report are based on current market data but may vary across different cities or currency vendors. Always confirm with your local forex dealers before making any currency transaction.
