IMPORTANT NOTE: Please note that the exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. What it means is that…you can buy or sell 1 dollar at ₦605 and the price can change (high or low) within hours.
LAGOS PARALLEL MARKET RATES May 25, 2022 (BLACK MARKET): dollar to naira exchange rate today black market
The local currency opened at N605.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 25 May 2022, in Lagos Nigeria, after it closed at N605.00 per $1 on Tuesday, 24 May 2022.
Even though the dollar to naira opened in the parallel market at ₦605 per $1 today, Glamtush reports that the Central Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Glamtush reports that on the black market, the players buy a dollar for N600 and sell for N605 on Wednesday morning, May 25, 2022, after they bought N600 and sold for N605 on Tuesday, 24 May 2022.
Meanwhile, Glamtush reports that the USD started this week at ₦605 in Parallel Market also known as Black Market on Monday, May 23, 2022, in Lagos Nigeria, after it opened at #590 last week Monday, May 16, 2022.
Disclaimer: GLAMTUSH does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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