The US dollar traded at ₦1,620 (selling) and ₦1,605 (buying) on the black market, signalling continued pressure on the naira.
Nigeria’s foreign exchange market faces intense challenges, as the naira lost more ground on Thursday, May 29, 2025.
Although the Central Bank of Nigeria (CBN) introduced several interventions, the widening gap between official and black market rates keeps disrupting trade, travel, and investment.
CBN Vs Black Market Rates
In the black market, traders sold the US dollar at ₦1,620 and bought it at ₦1,605.
Meanwhile, the CBN set its official rate at ₦1,500.73 (selling) and ₦1,499.73 (buying).
This persistent difference highlights how limited dollar access through official channels drives many Nigerians to the informal market.
Euro And Pound Strengthen Sharply
Likewise, street traders exchanged the euro at ₦1,820 (selling) and ₦1,780 (buying), while the CBN maintained its official rates at ₦1,574.83 and ₦1,573.78.
Furthermore, the pound sterling soared in the parallel market, reaching ₦2,170, compared to the official rate of ₦1,896.62.
Read Also; AfDB Predicts Naira, Cedi Among Currencies To Weaken In 2025
Yuan Remains Stable, Riyal Diverges
In contrast, the Chinese yuan showed relative stability.
Traders in the black market exchanged it at ₦208, only slightly above the official rate of ₦206.78.
However, the Saudi riyal moved further apart, as the black market offered ₦423.21 while the CBN posted ₦400.00.
Naira Faces Structural Pressures
These widening gaps expose structural flaws in Nigeria’s forex system.
Although the CBN continues to push for rate unification and improved liquidity, low dollar supply and high demand sustain the black market’s influence.
Disclaimer: Please, note that exchange rates change regularly.
Check official sources or licensed dealers for current rates.
