Dollar to Naira Exchange Rate Today, Friday, May 30, 2025

CBN Rate at ₦1,583.74 as Black Market Hits ₦1,610 per Dollar

The Nigerian Naira continues to struggle against the United States Dollar as both official and black market rates reflect ongoing volatility in the foreign exchange market. As of Friday, May 30, 2025, the exchange rate disparity between the official and parallel markets persists, underscoring Nigeria’s unrelenting forex supply challenges.

🔹 Official CBN Rate

According to data from the Central Bank of Nigeria (CBN), the official exchange rate stands at ₦1,583.74 per $1. This figure was last updated on May 27, 2025, and remains the benchmark rate used for government transactions and official imports.

TJ News Nigeria gathered that despite the CBN’s efforts to stabilize the forex market, the Naira has continued to lose value in recent weeks due to sustained demand for the dollar and limited supply at the official window.

🔹 Black Market Rate

In contrast, the black market — often referred to as the parallel market — records a significantly higher rate. As at today, Friday, May 30, 2025, the dollar is trading at ₦1,610 per $1 in major markets across Lagos and Abuja, according to updates from AbokiFX and local currency traders.

This represents a spread of ₦26.26 between the official and parallel market rates, indicating a growing gap that continues to concern economic stakeholders and policymakers.

Factors Driving the Disparity

TJ News Nigeria learnt that the widening gap between the official and black market rates can be attributed to several key factors:

• Limited Dollar Supply: Despite reforms, access to dollars via official channels remains constrained, forcing businesses and individuals to patronize the black market.
• Speculative Activities: Traders and market participants continue to speculate against the Naira, further weakening confidence in the local currency.
• External Debt and Oil Revenue Pressure: Reduced crude oil output and increased debt servicing costs have limited Nigeria’s dollar reserves, impacting foreign exchange liquidity.

CBN’s Position

The CBN, under the leadership of Governor Olayemi Cardoso, has reiterated its commitment to exchange rate unification and transparency. The apex bank has recently implemented a series of monetary policy measures, including:

• Increasing the Monetary Policy Rate (MPR)
• Clearing outstanding forex backlogs
• Intensifying regulatory oversight on Bureau De Change (BDC) operations

However, TJ News Nigeria reports that these measures have not yet yielded a substantial recovery for the Naira in the parallel market.

Economic Implications

The prevailing forex situation has several implications:

• Imported Inflation: Higher exchange rates make imports more expensive, contributing to the nation’s inflationary trend.
• Business Uncertainty: Many import-dependent businesses are struggling with pricing and procurement.
• Pressure on SMEs: Small businesses are disproportionately affected as they often rely on black market forex due to their inability to access official sources.

Outlook

Economists forecast that without a significant boost in dollar inflows — particularly from oil sales, diaspora remittances, and foreign investment — the Naira will remain under pressure. Market analysts also caution that further depreciation could occur if structural reforms are not swiftly implemented.

Summary of Exchange Rates – May 30, 2025

What you should know.

As the Naira battles persistent devaluation, Nigerians are urged to stay informed and cautious about forex dealings. TJ News Nigeria will continue to provide timely and accurate updates on currency exchange trends.

Reporting by Ogheneyoma Grace
Additional reporting by Omajemite Don