The Nigerian naira continued to fluctuate against the United States dollar at the parallel market on Tuesday, May 12, 2026, as foreign exchange demand remained strong across major trading hubs.
According to Bureau De Change (BDC) operators in the Lagos Parallel Market, popularly referred to as the black market, the dollar was bought at ₦1387 and sold at ₦1400.
Dollar To Naira Black Market Rate
| Dollar to Naira (USD to NGN) | Black Market Rate |
|---|---|
| Buying Rate | ₦1387 |
| Selling Rate | ₦1400 |
Meanwhile, official figures from the Central Bank of Nigeria showed a lower exchange rate range compared to the black market.
Dollar To Naira CBN Rate
| Dollar to Naira (USD to NGN) | CBN Rate |
|---|---|
| Highest Rate | ₦1377 |
| Lowest Rate | ₦1372 |
Despite ongoing efforts by the Central Bank of Nigeria to stabilise the foreign exchange market, many Nigerians and businesses continue to rely on the parallel market for easier access to dollars and other foreign currencies.
The CBN has consistently maintained that it does not recognise the black market and has advised individuals seeking forex transactions to use approved financial institutions and commercial banks.
However, exchange rates in the parallel market often vary depending on location, demand, transaction volume, and market conditions, meaning the actual rate at which individuals buy or sell dollars may differ slightly from publicly quoted figures.
