Black Market Dollar Exchange Rate Hits ₦1,620 as of May 17, 2025
The exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) in Nigeria’s black market has reached approximately ₦1,620 per dollar as of May 17, 2025. This marks a slight increase compared to official rates, highlighting the continuing gap between the parallel and official forex markets in the country.
While the Central Bank of Nigeria (CBN) maintains the official exchange rate around ₦1,599 per dollar, the black market rate fluctuates based on supply and demand, economic policies, and other market forces. The difference between the official and parallel market rates underscores ongoing challenges in Nigeria’s foreign exchange environment…….CONTINUE READING
Experts suggest that factors such as foreign exchange scarcity, import demands, and regulatory policies contribute to this divergence. The black market remains a popular source of forex for many businesses and individuals despite the risks involved.
Market watchers advise Nigerians to stay informed through reliable financial news and authorized dealers to navigate the complexities of the forex market effectively.
As Nigeria continues to manage its economic reforms and forex policies, monitoring these exchange rate trends remains crucial for investors, traders, and ordinary citizens alike.
