Dollar–Naira Exchange Rate Update For May 4, 2026

According to Ireporter Online, the Dollar to Naira exchange rate in the parallel market, commonly referred to as the black market or Aboki FX, has been updated for Sunday, May 3, 2026. Sources within the Bureau De Change (BDC) network in Lagos revealed that the U.S. dollar was being sold at ₦1,400 and bought at ₦1,385, reflecting continued pressure in the informal foreign exchange market.

The report further noted that the Central Bank of Nigeria (CBN) does not officially recognize transactions carried out in the parallel market and has consistently advised individuals and businesses seeking foreign exchange to conduct their transactions through authorized banking channels.

In contrast, the official CBN exchange rate for the same period showed the dollar trading at a lower range, with the highest rate recorded at ₦1,378 and the lowest at ₦1,370, highlighting the persistent gap between the official and parallel market rates.

Market analysts point out that forex rates may vary across different trading locations due to demand, supply, and other market dynamics, meaning actual buying or selling prices may differ slightly from figures reported.