The dollar traded at ₦1635 in Nigeria’s parallel market on May 19, 2025, as CBN’s official rate remained lower, highlighting the persistent gap between official and black market forex rates.
- Dollar sold at ₦1635 and bought at ₦1625 in Lagos black market, per BDC sources.
- CBN rate peaked at ₦1601 and bottomed at ₦1580, far below parallel market figures.
- CBN discourages black market use, urging citizens to conduct forex transactions through banks.
For everyday Nigerians and small business owners, the rising cost of dollars in the parallel market means higher prices for imported goods and increased strain on household budgets. Many feel caught between official policy and economic reality.
With rising pressure on the naira and a widening gap in rates, will Nigeria's forex reforms succeed in unifying the market and easing pressure on citizens?
