Dollar-To-Naira Exchange Rate Update For May 8th, 2026

According to Ireporter Online, the Nigerian foreign exchange market recorded another shift in the value of the naira against the United States dollar on Thursday, 7th May, 2026, particularly within the parallel market commonly referred to as the black market or Aboki FX.

Findings from Bureau De Change (BDC) operators indicate that the dollar was exchanged at ₦1,398 for selling and ₦1,387 for buying in Lagos-based parallel market transactions. This reflects ongoing fluctuations in Nigeria’s unofficial forex segment, where demand and supply continue to influence pricing.

Meanwhile, data from the Central Bank of Nigeria (CBN) shows a relatively lower official exchange range, with the dollar trading between ₦1,350 and ₦1,365. The apex bank has consistently maintained that the parallel market is not recognized and has urged individuals seeking foreign exchange to conduct transactions through authorized financial institutions.

Despite regulatory positions, the black market remains a major reference point for many Nigerians due to persistent forex scarcity and price differentials between official and unofficial markets. However, rates may vary depending on location, dealer, and transaction volume.