If you’re wondering how the U.S. dollar (USD) is faring against the Nigerian naira (NGN) on the parallel market today, here’s everything you need to know — especially if you’re planning to exchange currency or keep track of Forex trends.
What’s the Black Market Exchange Rate Today?
As of **Tuesday, May 7, 2025**, reports from key players in the Lagos black market (commonly referred to as *Aboki fx*) indicate that the U.S. dollar is being **bought at ₦1600** and **sold at ₦1613**. These rates reflect what dealers at Bureau De Change (BDC) outlets are offering to buyers and sellers in major cities like Lagos, Abuja, and Port Harcourt.
This exchange rate is significantly above the official rates, reflecting persistent pressure on Nigeria’s foreign exchange reserves and ongoing demand for the dollar in an economy still heavily reliant on imports and foreign remittances.
What About the Official CBN Rate?
The **Central Bank of Nigeria (CBN)** maintains a different exchange regime from the black market. As of the last update, the official CBN rate ranged between **₦1603 and ₦1609** per dollar. However, it’s important to note that the CBN **does not recognise or support the use of black market rates**, and it consistently urges individuals and businesses to source foreign exchange through regulated banks and financial institutions.
Why the Difference?
Several factors drive the significant gap between the official and parallel market rates:
* Limited dollar supply from official sources
* High demand for foreign currency among importers, students, and travellers
* Currency speculation and inflation fears
* Economic uncertainties, including oil market volatility and interest rate shifts
These pressures often cause a divergence between the CBN rate and what’s obtainable on the street.
What Should Buyers and Sellers Know?
While the black market may offer quicker access to forex, it comes with risks — including rate fluctuations, lack of transparency, and potential legal scrutiny. The CBN has continued to clamp down on illegal forex trading activities and advises Nigerians to stick to authorised sources.
If you plan to exchange money, always verify the current rate **in real-time** as it can change multiple times a day, depending on market trends and geopolitical factors.
Final Thoughts
The exchange rate between the dollar and the naira remains a major concern for Nigeria’s economy, with ripple effects across inflation, the cost of living, and foreign investment. As of May 7th, 2025, the black market continues to serve as a barometer for real-time demand and supply dynamics in Nigeria’s FX space.
Keep checking back for daily updates on the dollar-to-naira black market rate, and ensure you stay informed before making any currency exchanges.
