Dollar Skyrockets To ₦1,510 As Naira Struggles In Black Market!

According to reports from Ireporter Online, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) has continued to fluctuate in the parallel market, with traders maintaining relatively high rates across major cities.

As of Sunday, October 12, 2025, findings from Bureau De Change (BDC) operators in Lagos revealed that the dollar was sold at ₦1,510 and bought at ₦1,490 in the black market. This reflects a slight adjustment from previous trading sessions, as market sentiment remains influenced by ongoing forex demand and limited dollar supply.

While the parallel market remains active, the Central Bank of Nigeria (CBN) has reiterated its stance that it does not officially recognize the black market, advising individuals and businesses to conduct all foreign exchange transactions through authorized financial institutions.

At the official CBN window, the dollar exchanged at rates between ₦1,445 and ₦1,462, indicating a narrower margin compared to the open market figures. Analysts believe the persistent disparity between the official and parallel market rates continues to reflect the broader economic challenges and foreign exchange liquidity pressures facing the country.

However, forex traders cautioned that actual buying and selling rates might vary depending on market location and transaction volume.