Dollar Skyrockets To ₦1,500 As Naira Weakens Further In Black Market

According to Ireporter Online, the exchange rate between the United States Dollar and the Nigerian Naira continues to fluctuate, reflecting ongoing volatility in the foreign exchange market.

As of Friday, October 24, 2025, findings from traders at the Lagos Parallel Market, commonly known as the black market, revealed that the dollar was sold at ₦1,500 and bought at ₦1,485. These figures were confirmed by sources within the Bureau De Change (BDC) sector, who noted increased demand for foreign currency amid limited supply.

However, financial experts have reiterated that the Central Bank of Nigeria (CBN) does not officially recognize rates from the parallel market. The apex bank maintains that individuals or businesses seeking foreign exchange transactions should do so through authorized financial institutions and commercial banks.

At the official CBN window, the dollar traded between ₦1,455 and ₦1,463 per dollar, showing a slight variation from the black market rate. Market analysts believe that the widening gap between the official and parallel market rates continues to pose challenges for businesses dependent on foreign exchange for importation and international transactions.

Observers caution that the actual rate obtainable by individuals may differ depending on location and market forces, as forex rates are subject to constant fluctuations influenced by demand, supply, and government monetary policies.