Naira Vs Dollar Today: Latest Exchange Rate Update For May 3, 2026

According to market sources and currency traders, the exchange rate between the United States dollar and the Nigerian naira at the parallel market, commonly referred to as the black market, recorded notable activity on May 2, 2026. Reports indicate that in Lagos, Bureau De Change operators traded the dollar at a selling rate of ₦1,398, while the buying rate stood at ₦1,387. These figures reflect prevailing sentiments within the informal forex market, where rates often fluctuate based on demand and supply dynamics.

Further insights reveal that the Central Bank of Nigeria continues to distance itself from transactions carried out in the parallel market, maintaining that such channels are not officially recognized. The apex bank has consistently advised individuals and businesses seeking foreign exchange to utilize authorized financial institutions for their transactions.

In comparison, official figures within the regulated window show that the dollar traded at a highest rate of ₦1,378 and a lowest rate of ₦1,370. Analysts note that discrepancies between the official and parallel market rates persist due to varying liquidity levels and market forces. It is also important to acknowledge that exchange rates may differ slightly across locations and dealers, as prices are subject to constant changes.