Official/ Black Market Dollar to Naira Exchange Rate Today – 17th May 2025

• Black Market Dollar to Naira Exchange Rate Today – 17th May
• CBN maintains stand against parallel market transactions
• Forex demand keeps pressure on naira stability

As Nigeria continues to navigate a volatile foreign exchange market, the black market—also known as the parallel market—remains a key area of interest for individuals and businesses trading foreign currency. On Saturday, 17th May 2025, the exchange rate for the United States Dollar to the Nigerian Naira shows a slight fluctuation, reflecting ongoing pressures on the local currency.

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EKO HOT BLOG reports that according to reliable sources from Bureau De Change (BDC) operators in Lagos, the Dollar traded at a buying rate of ₦1622 and a selling rate of ₦1635 at the parallel market on Friday, 16th May. These rates remain consistent with recent trends as the demand for foreign exchange continues to outpace supply, especially within the informal currency trading sector.

This development highlights the persistent gap between the official and unofficial exchange windows. At the official Central Bank of Nigeria (CBN) rate, the Dollar traded at a high of ₦1603 and a low of ₦1597. The discrepancy between the CBN and black market rates underscores Nigeria’s ongoing struggle with forex scarcity, inflation, and capital flight.

Despite the CBN’s repeated warnings and directives discouraging Nigerians from using the black market, many individuals and business owners continue to rely on it for more accessible and immediate foreign exchange services. The apex bank maintains that all forex transactions should be routed through official banking institutions, stressing that the black market is not a recognized exchange platform.

It is also important to note that rates in the black market are not fixed and may vary depending on location, volume, and negotiation. Traders are advised to verify rates and remain cautious of potential fraud.

Black Market Exchange Rates (USD to NGN) – 17th May 2025

• Buying Rate: ₦1622

• Selling Rate: ₦1635

CBN Official Exchange Rates (USD to NGN)

• Highest Rate: ₦1603

• Lowest Rate: ₦1597

As Nigeria’s economic policymakers explore strategies to stabilize the naira and attract forex inflows, the disparity between official and parallel market rates continues to raise concerns for stakeholders, especially importers, students, and travelers.

Dollar to Naira Exchange Rate Today – 17th May

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