As of Wednesday, May 7, 2025, the dollar to naira exchange rate at the Lagos parallel market (commonly referred to as the black market) stands at:
- Buying Rate: ₦1,628 per US dollar
- Selling Rate: ₦1,673 per US dollar
This information was gathered from reliable sources within the Bureau De Change (BDC) community, often referred to as Aboki FX.
Important Disclaimer: CBN Policy on Forex Transactions
It is important to highlight that the Central Bank of Nigeria (CBN) does not officially recognize the black market or parallel exchange market rates. The apex bank has consistently advised individuals and businesses seeking foreign exchange to transact directly through authorized financial institutions, such as commercial banks and licensed forex dealers.
The CBN maintains its position that the official exchange rate should be used for legitimate transactions, and any reliance on the black market is done at the buyer’s discretion and risk.
Today’s Dollar to Naira Exchange Rates
1. Black Market (Aboki FX) Dollar to Naira Rates – May 7, 2025
| Dollar to Naira (USD to NGN) | Black Market Rate |
|---|---|
| Buying Rate | ₦1,628 |
| Selling Rate | ₦1,673 |
These rates reflect the average prices quoted by currency dealers in major cities such as Lagos, Abuja, Kano, and Port Harcourt. Please note that rates may vary slightly depending on the city and volume of transaction.
2. CBN Official Dollar to Naira Rate – May 7, 2025
| Dollar to Naira (USD to NGN) | CBN Rate |
|---|---|
| Highest Rate Today | ₦1,615 |
| Lowest Rate Today | ₦1,605 |
Unlike the fluctuating rates in the black market, the CBN maintains a relatively stable exchange rate through its regulated forex window, although availability may be limited for certain categories of users.
Why the Difference Between Black Market and CBN Rates?
The disparity between the CBN exchange rate and the black market rate is primarily driven by:
- High demand for the U.S. dollar in the informal sector
- Limited forex supply from official channels
- Foreign investors and traders seeking immediate dollar access outside the regulatory framework
- Speculation and arbitrage activities
Final Note on Forex Transactions
While the black market may offer faster access to forex, it operates outside of regulatory oversight. For transparency, security, and official documentation, individuals and businesses are encouraged to use CBN-approved channels for all foreign exchange needs.
Always remember: exchange rates can fluctuate rapidly, and actual buying or selling rates may vary slightly depending on your location, volume, and negotiation.
