Dollar To Naira Exchange Rate Today Monday May 12, 2025.
LAGOS, NIGERIA — The Nigerian foreign exchange market opened this Monday, May 12, 2025, with mixed signals, as the Naira held relatively steady against the US Dollar in both the official and parallel markets.
According to verified sources, the Central Bank of Nigeria (CBN) and official trading platforms pegged the official exchange rate at approximately ₦1,607.19 per $1, reflecting ongoing efforts to stabilize the local currency amid mounting economic pressures.
Meanwhile, the black market (parallel market) saw the dollar trade for ₦1,610 per $1, maintaining a slight premium over the official rate, as demand for foreign currency remains high, particularly among importers and travelers.
🔍 Dollar To Naira Exchange Rate Overview– May 12, 2025
| Market Type | Rate (₦ to $1 USD) |
|---|---|
| Official Rate (CBN) | ₦1,607.19 |
| Black Market | ₦1,610 |
The figures highlight a narrowing gap between the official and parallel market rates, a positive signal indicating potential stabilization in the foreign exchange market—at least in the short term.
📉 Market Implications
Financial analysts have noted that despite the ongoing reforms by the CBN, the local currency remains under pressure due to:
- Rising inflation
- Persistent demand for foreign exchange
- Low export earnings
- Speculative trading in the informal market
These factors continue to weigh on the Naira, forcing many Nigerians to rely on the parallel market for their forex needs.
💼 Impact on Businesses and Consumers
The current exchange rate trend means:
- Importers may face slight cost adjustments, especially for goods priced in USD.
- Students and travelers requiring foreign exchange might still prefer parallel market sources due to availability issues in official channels.
- Businesses transacting internationally must closely monitor rate fluctuations to manage their financial risks effectively.
📢 Government and CBN Response
The Central Bank has reaffirmed its commitment to maintaining a unified and transparent exchange rate system. Last month, it announced further reforms to curb speculative activities and boost FX inflows through official windows.
Meanwhile, the CBN is encouraging Nigerians to use regulated channels to ensure fair pricing and reduce market manipulation.
📌 Expert Insight
According to economic experts, the relatively stable spread between the two markets could indicate that the Naira might soon find a more predictable range if current fiscal and monetary policies are consistently applied.
However, they caution that external shocks, such as fluctuations in crude oil prices or geopolitical instability, could still reverse these gains.
⚠️ Disclaimer
Exchange rates are not fixed and are subject to real-time market fluctuations. For the most accurate rates and forex transactions, individuals and businesses are advised to use licensed Bureau de Change operators or go through official CBN channels.
For daily updates on the Naira-Dollar exchange rate, inflation trends, and economic news, stay tuned to TJ News Nigeria.
