The U.S. dollar continues to trade at high levels in the Nigerian parallel market (commonly known as the black market).
As of Thursday, May 22, 2025, traders at the Lagos Parallel Market are buying the dollar at ₦1,625 and selling it at ₦1,630, according to information sourced from Bureau De Change (BDC) operators.
Important Advisory from the CBN
It’s crucial to understand that the Central Bank of Nigeria (CBN) does not officially recognize rates quoted by the black market. The CBN advises all individuals and businesses seeking foreign exchange (forex) to utilize official banking channels. The use of the parallel market is not supported for official transactions, and the CBN continues to stress the importance of transparency and formal market engagement.
Today’s Dollar to Naira Exchange Rates – Overview
| Market Type | Buying Rate | Selling Rate |
|---|---|---|
| Black Market | ₦1,625 | ₦1,630 |
| CBN Official Rate | ₦1,582 (Low) – ₦1,588 (High) |
Exchange rates are highly volatile and may change within hours depending on market conditions, regional demand, and other economic indicators. The figures mentioned above are based on local sources and may differ slightly from the rates at which individuals actually buy or sell forex.
Why the Difference in Rates?
The disparity between the CBN rate and the black market rate continues to widen due to various factors, including:
- Limited access to official forex channels
- High demand for the dollar for importation, tuition fees, and medical expenses abroad
- Speculation and inflationary pressure
Final Note
Individuals and businesses are encouraged to monitor exchange rates regularly and consider using authorized channels for their forex needs to ensure compliance with national financial regulations.
