Dollar To Naira Today: Fresh Exchange Rate Sh*cks Nigerians On May 2, 2026

The exchange rate of the United States dollar to the Nigerian naira at the parallel market, commonly referred to as the black market, recorded notable activity on May 1, 2026. According to Ireporter Online, data obtained from Bureau De Change operators in Lagos indicated that the naira traded at ₦1,400 per dollar on the selling side, while the buying rate stood at ₦1,385.

Market sources revealed that the figures reflect ongoing fluctuations in the informal foreign exchange segment, where demand and supply dynamics continue to influence pricing outside official channels. The report noted that individuals seeking to exchange currency at the black market could transact within this range, although actual rates may vary slightly depending on location and volume.

Meanwhile, the Central Bank of Nigeria maintained its official stance against the recognition of the parallel market, reiterating that forex transactions should be conducted through authorized financial institutions. Official data showed that the dollar traded within a range of ₦1,370 to ₦1,378 at the official window, highlighting a marginal gap between the regulated and unregulated markets.

Observers have continued to monitor the disparity between both markets, with analysts attributing the variation to forex scarcity, speculative trading, and broader economic pressures. Experts also cautioned that exchange rates in the parallel market are subject to rapid changes, depending on prevailing market conditions.