Black market dollar to naira exchange rate today, 5 May 2022

LAGOS PARALLEL MARKET RATES May 5, 2022 (BLACK MARKET): dollar to naira exchange rate today black market

May 5 dollar to naira black market exchange rate: $1 dollar to naira = ₦588

Lagos parallel market (black market dollar exchange rate today)

The local currency opened at N588.00 per $1 at the parallel market otherwise known as the black market, today, Thursday, 5 May 2022, in Lagos Nigeria, after it closed at N587.00 per $1 on Wednesday, 4 May 2022.

Even though the dollar to naira opened in the parallel market at ₦588 per $1 today, IDOMA VOICE 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.

IDOMA VOICE reports that on the black market, the players buy a dollar for N583 and sell for N588 on Thursday morning, May 5, 2022, after they bought N583 and sold for N587 on Wednesday, 4 May 2022.