See the black market Dollar to Naira exchange rate for 12th May, below. You can swap your dollar for Naira at these rates.
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1480 and sell at N1500 on Sunday 12th May 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1480 |
| Selling Rate | N1500 |
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1439 |
| Selling Rate | N1440 |
Nigeria’s currency, the naira, has taken a sharp downturn, becoming the world’s worst-performing currency in the past month, a recent Bloomberg report highlights.
This development has escalated the urgency for the Central Bank of Nigeria (CBN) to potentially raise interest rates further in response to the economic strain.
As of Friday, the naira has fallen to a record low of ₦1,466.31 against the dollar, its weakest since March 20.
This significant depreciation is primarily due to a severe shortage of US dollars in the local market, with the available supply plummeting to just $84 million on Thursday—only half of what it was the previous day.
This reversal comes shortly after CBN Governor, Yemi Cardoso lauded the naira as the best-performing currency worldwide as of April 2024, crediting a series of foreign exchange market reforms and positive feedback from international investors for the brief recovery.
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