Dollar Hits ₦1,450 At Black Market As Naira Struggles To Stay Afloat

According to reports from financial market observers, the exchange rate between the US Dollar and the Nigerian Naira remained volatile as of Tuesday, November 4, 2025.

At the Lagos Parallel Market, commonly referred to as the black market, traders exchanged the Dollar at ₦1,450 for selling and ₦1,445 for buying on Monday, November 3, 2025. This information was obtained from Bureau De Change (BDC) operators who monitor foreign exchange activities across key trading hubs.

Analysts note that the black market, although widely used by individuals and small businesses, operates outside the official foreign exchange system regulated by the Central Bank of Nigeria (CBN). The CBN has repeatedly cautioned the public against patronizing parallel market operators, urging those seeking foreign exchange transactions to do so through authorized financial institutions.

Meanwhile, the official CBN exchange rate on the same day reflected a slight variation, with the Dollar trading between ₦1,430 and ₦1,440. However, experts emphasize that forex prices are subject to constant fluctuations, and actual transaction rates may differ depending on location and market demand.