As of Monday, May 26, 2025, the exchange rate for the U.S. dollar against the Nigerian naira in the Lagos parallel market, commonly referred to as the black market, stands at ₦1,610 for buying and ₦1,625 for selling. This is based on information gathered from traders and sources within the Bureau De Change (BDC) sector.
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The apex bank has consistently advised Nigerians seeking foreign exchange to channel their requests through authorized financial institutions such as commercial banks.
Black Market Exchange Rate (USD to NGN) – May 26, 2025
| Transaction Type | Exchange Rate |
|---|---|
| Buying Rate | ₦1,610 |
| Selling Rate | ₦1,625 |
CBN Official Exchange Rate (USD to NGN) – May 26, 2025
| Rate Type | Value |
|---|---|
| Highest Rate | ₦1,583 |
| Lowest Rate | ₦1,578 |
Please keep in mind that forex rates vary depending on location, volume, and negotiation with dealers. Therefore, the rate you encounter may differ slightly from those quoted here.
The continued disparity between the official and parallel market rates reflects underlying liquidity challenges and foreign exchange demand pressures in the Nigerian economy.
Stakeholders have urged for more reforms to harmonize the forex market and close the widening gap.
