The exchange rate between the United States dollar and the Nigerian naira at the Lagos parallel market, popularly known as the black market, remained under close watch on Wednesday, May 6, 2026, as traders continued to monitor movements in the foreign exchange market.
According to sources from Bureau De Change (BDC) operators in Lagos, the dollar exchanged at ₦1,400 for selling and ₦1,385 for buying at the parallel market.
Despite the widespread use of the black market by many Nigerians seeking foreign exchange, the Central Bank of Nigeria (CBN) has consistently maintained that it does not officially recognise the parallel market. The apex bank has repeatedly advised individuals and businesses seeking forex transactions to use authorised financial institutions and commercial banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Rate |
|---|---|
| Buying Rate | ₦1,385 |
| Selling Rate | ₦1,400 |
Dollar to Naira CBN Official Rate
| Dollar to Naira (USD to NGN) | CBN Official Rate |
|---|---|
| Highest Rate | ₦1,365 |
| Lowest Rate | ₦1,350 |
Market analysts say fluctuations in exchange rates continue to be influenced by demand pressures, forex supply levels, and broader economic conditions affecting Nigeria’s financial market.
However, it is important to note that exchange rates may vary depending on location, volume of transaction, and the Bureau De Change operator involved. Rates quoted in different parts of the country could differ slightly from those listed above.
