Dollar Soars Again As Naira Weakens To ₦1,499 At Black Market

According to Ireporter Online, the Nigerian Naira continued to trade under pressure against the United States Dollar on Thursday, October 23, 2025, in the parallel market, with traders recording slight fluctuations in rates.

Findings from Bureau De Change (BDC) operators in Lagos revealed that the Dollar exchanged at ₦1,499 when sold, while it was bought at ₦1,475 in the black market. These figures highlight the persistent volatility of the Naira despite ongoing interventions and policies aimed at stabilizing the foreign exchange market.

Meanwhile, data from the Central Bank of Nigeria (CBN) indicated that the official exchange rate for the Dollar to Naira hovered between ₦1,458 and ₦1,464 on Thursday. The apex bank, however, continues to caution Nigerians against patronizing the parallel market, urging individuals and businesses seeking foreign exchange to use authorized financial institutions.

Analysts note that the disparity between the official and black-market rates remains a major concern, as fluctuating prices continue to impact import costs, business operations, and the general cost of living across the country.

As of today, October 24, 2025, the foreign exchange market remains closely watched, with both traders and consumers anticipating potential policy measures that could influence the Naira’s performance in the coming days.