Dollar Hits ₦1,500 In Black Market As Naira Faces Renewed Pressure

According to Ireporter Online, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) has continued to fluctuate as of Monday, October 20, 2025. Information gathered from Bureau De Change (BDC) operators in Lagos indicates that the dollar traded at ₦1,500 to one dollar for selling and ₦1,480 for buying in the parallel market, popularly known as the black market.

This development reflects ongoing volatility in the nation’s foreign exchange sector as demand for foreign currency continues to outweigh supply. The Central Bank of Nigeria (CBN), however, maintains that it does not recognize the parallel market for foreign exchange transactions. The apex bank has consistently urged individuals and businesses to conduct all forex dealings through official banking channels.

Meanwhile, at the official CBN window, the dollar traded at a range between ₦1,469 and ₦1,482 per dollar. Market analysts note that the disparity between the official and parallel market rates highlights persistent pressure on the naira, with many attributing the trend to speculative activities and limited dollar liquidity in the system.

Observers further caution that actual buying or selling prices may differ slightly depending on location and market conditions.