The Nigerian naira maintained relative stability against the United States dollar in the parallel foreign exchange market on Friday, May 29, 2026, with the dollar trading at an average selling rate of ₦1,385.
Checks from Bureau De Change (BDC) operators and currency traders in Lagos, widely regarded as the hub of Nigeria’s parallel forex market, showed that the greenback was bought at ₦1,375 and sold at ₦1,385 during trading activities.
Black Market Dollar to Naira Exchange Rate
| Currency Pair | Buying Rate | Selling Rate |
|---|---|---|
| USD/NGN | ₦1,375 | ₦1,385 |
The parallel market, commonly referred to as the black market, remains a major source of foreign exchange for many Nigerians despite repeated warnings from monetary authorities against its use.
CBN Official Exchange Rate
Data from the official market indicated that the naira traded within a narrow range against the dollar, with the highest recorded rate standing at ₦1,375 and the lowest at ₦1,372.
| Currency Pair | Highest Rate | Lowest Rate |
|---|---|---|
| USD/NGN | ₦1,375 | ₦1,372 |
The Central Bank of Nigeria (CBN) continues to discourage participation in the parallel foreign exchange market, insisting that individuals and businesses seeking foreign currencies should conduct their transactions through authorized financial institutions and licensed channels.
Financial analysts note that exchange rates in the black market can fluctuate several times within a single day due to changes in demand and supply, market speculation, and broader economic conditions. As a result, the actual rate at which individuals buy or sell foreign currency may differ from the figures quoted by traders and market sources.
Market observers are expected to closely monitor developments in the foreign exchange market in the coming days, particularly as businesses, importers, and investors continue to assess the impact of currency movements on economic activities across the country.
It is important to note that foreign exchange rates vary by location, transaction volume, and dealer, meaning rates available to customers may differ from those reported at the time of publication.
