The Nigerian naira recorded slight movement against the United States dollar at the Lagos parallel market, popularly known as the black market or Aboki FX market, on Monday, May 25, 2026.
According to sources from Bureau De Change (BDC) operators in Lagos, traders bought one US dollar at ₦1,385 and sold at ₦1,395 in the unofficial foreign exchange market.
Black Market Dollar to Naira Exchange Rate
| Dollar to Naira (USD to NGN) | Black Market Rate |
|---|---|
| Buying Rate | ₦1,385 |
| Selling Rate | ₦1,395 |
Meanwhile, the official exchange rate released by the Central Bank of Nigeria showed that the dollar traded within the ₦1,373 to ₦1,377 range at the official market window.
Official CBN Dollar to Naira Rate
| Dollar to Naira (USD to NGN) | CBN Official Rate |
|---|---|
| Highest Rate | ₦1,377 |
| Lowest Rate | ₦1,373 |
The Central Bank of Nigeria has consistently maintained that it does not recognise the parallel market and has repeatedly advised Nigerians seeking foreign exchange transactions to use authorised commercial banks and approved financial institutions.
Despite the warning, many Nigerians and businesses continue to rely on the black market due to forex scarcity, delays in bank allocations and fluctuating demand for foreign currencies.
Financial analysts say exchange rates in the parallel market often vary depending on location, demand pressure and the volume of dollar transactions available at a particular time.
Traders also noted that rates may differ from one Bureau De Change operator to another, meaning the actual amount buyers or sellers receive could be slightly higher or lower than the figures quoted.
