Dollar to Naira Exchange Rate Update for May 3, 2026

On May 3rd, 2026, the article reports on the dollar to naira exchange rate, specifically focusing on the black market rates. The black market rate for the dollar was noted at 1,398 naira, while the official swap rate was reported at 1,387 naira.

The article emphasizes that the parallel market, or black market, is not recognized by official banking institutions. It suggests that individuals seeking to engage in currency exchange should approach banks directly for transactions.

The information provided is sourced from market observations on the specified date, reflecting the ongoing dynamics of currency exchange in Nigeria.