Dollar Hits ₦1,464 At Black Market As Naira Struggles To Hold Ground

The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) continued to fluctuate on Thursday, November 13, 2025, as the currency market maintained its volatility. According to Ireporter Online, the dollar traded at an average rate of ₦1,464 per dollar at the Lagos Parallel Market, commonly referred to as the black market, while it was bought at ₦1,453 per dollar on Wednesday, November 12, 2025.

Currency traders at the Bureau De Change (BDC) in Lagos confirmed the figures, noting that the demand for the dollar has remained high, thereby sustaining pressure on the naira. Despite the consistency of the rates, minor variations were observed across different exchange points.

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market as an official channel for foreign exchange transactions. The apex bank continues to urge Nigerians seeking forex to carry out transactions through authorized financial institutions.

At the official CBN window, the exchange rate reportedly stood between ₦1,436 and ₦1,440 per dollar, showing a narrower margin compared to the parallel market. Market analysts have attributed the gap between both rates to persistent liquidity challenges and speculative trading activities.

Observers caution that forex buyers and sellers may encounter slightly different rates depending on location, time of transaction, and prevailing market conditions.