Black Market Exchange Rate Sparks Concern As Nigerians Pay More For Dollar

Reports on Tuesday, September 9, 2025, show that the United States dollar continued to trade at varying rates in Nigeria’s black market, also referred to as the parallel market.

According to traders within the Lagos forex market, the dollar was purchased at ₦1,526 and sold at ₦1,511 at the close of trading. These figures were confirmed by sources at the Bureau De Change (BDC).

However, the Central Bank of Nigeria (CBN) maintains that it does not recognize the parallel market, urging individuals seeking foreign exchange to transact strictly through their banks.

At the official window, the CBN exchange rate stood between ₦1,497 and ₦1,509 on the same day, highlighting the persistent gap between official and parallel market rates.

Market observers note that the disparity continues to affect businesses and individuals who rely on forex for imports, tuition, and other international transactions. They caution that volatility in the naira-dollar rate could further drive inflation and impact the cost of living across the country.

Black Market Dollar to Naira Exchange Rate – Tuesday, September 9, 2025

• Buying: ₦1,526

• Selling: ₦1,511

CBN Dollar to Naira Exchange Rate – Tuesday, September 9, 2025

• Highest: ₦1,509

• Lowest: ₦1,497

Note: Forex prices may vary depending on location and trader margins.