Black Market Dollar Exchange Soars: ₦1,500 To $1 On October 6, 2025

According to Ireporter Online, the dollar to naira exchange rate at the parallel market, popularly known as the black market, remained high on Sunday, October 5, 2025. Reports from Bureau De Change operators in Lagos revealed that the United States dollar was sold at ₦1,500 and bought at ₦1,475.

While this remains the prevailing rate among black market dealers, it is important to note that the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the parallel market for foreign exchange transactions. The apex bank has urged individuals and businesses seeking forex to approach commercial banks for officially approved rates.

At the CBN window, the official exchange rate for the dollar hovered between ₦1,446 at its lowest and ₦1,472 at its highest. However, forex traders warn that the rates obtainable in the market may differ depending on location and individual negotiation, as prices are not uniform across all trading points.

The sharp disparity between the black market and official exchange rates continues to stir concerns among financial analysts and market watchers, who believe this wide gap fuels speculative activities and distorts forex stability in the country.