CURRENCY EXCHANGE: Dollar To Naira Exchange Rate Today: Black Market vs CBN Rate, What's The Difference?

The dollar to naira exchange rate has been fluctuating in the black market, also known as the parallel market. As of June 6, 2025, the exchange rate for a dollar to naira at Lagos Parallel Market players buy a dollar for ₦1590 and sell at ₦1600. It's worth noting that the Central Bank of Nigeria (CBN) does not recognize the parallel market, as it has directed individuals who want to engage in Forex to approach their respective banks.

In contrast, the CBN rate for dollar to naira today is ₦1560 at the highest and ₦1545 at the lowest. The rates may vary depending on the source and the time of transaction.

Meanwhile, Nigeria's downstream petroleum sector is experiencing intense competition, leading to a downward trend in petrol prices. Six major depot operators, including Emadeb, First Royal, MENJ, Aiteo, Pinnacle, and Hyde, have cut their prices. The new prices are as follows: Emadeb is selling at ₦827/litre, down from ₦903, while First Royal and MENJ are selling at ₦826/litre, down from ₦828 and ₦827, respectively. Aiteo is selling at ₦825/litre, down from ₦826, Pinnacle at ₦850/litre, down from ₦856, and Hyde at ₦868/litre, down from ₦869.

According to industry experts, the price reduction is expected to continue in the coming weeks due to relatively low global crude oil prices, currently around $65 per barrel. Stakeholders are anticipating a further price cut from the Dangote Petroleum Refinery.

The price adjustments are part of a broader trend among operators seeking to stay competitive in the domestic market. As the competition intensifies, consumers can expect to benefit from lower prices. The downward trend in petrol prices is a welcome development, especially for Nigerians who are struggling with the economic challenges.

It's essential to note that the prices may vary depending on the location and the source. However, with the current trend, it's likely that petrol prices will continue to decrease in the coming weeks. The impact of this development will be felt across the country, and consumers will likely benefit from the increased competition in the downstream petroleum sector.

In conclusion, the dollar to naira exchange rate is fluctuating in the black market, while the CBN rate remains stable. The downstream petroleum sector is experiencing intense competition, leading to a downward trend in petrol prices. Consumers can expect to benefit from lower prices as the competition intensifies.