Dollar Soars Again: Naira Weakens As Black Market Rate Hits ₦1,469 Per Dollar

According to Ireporter Online, the exchange rate between the United States Dollar and the Nigerian Naira continues to fluctuate as the market opens on Saturday, November 1, 2025.

At the Lagos Parallel Market, also known as the black market, currency dealers exchanged the dollar for ₦1,469 while purchasing at ₦1,450 on Friday, October 31, 2025. This information was gathered from traders operating within the Bureau De Change (BDC) network.

However, financial analysts continue to remind the public that the Central Bank of Nigeria (CBN) does not recognize the black market as an official platform for foreign exchange. The apex bank has reiterated that individuals or businesses seeking foreign currency should conduct such transactions through authorized financial institutions.

In the official market, the dollar traded between ₦1,431 and ₦1,445 according to the CBN’s latest rate sheet. Nonetheless, market watchers warn that the rates at which buyers and sellers exchange foreign currency may differ across locations due to market volatility and demand pressures.

Below are the indicative rates as observed:

• Black Market (Parallel Market) Rates: Buying – ₦1,450 | Selling – ₦1,469

• CBN Official Rates: Lowest – ₦1,431 | Highest – ₦1,445

Financial experts note that the continued gap between the official and parallel market rates reflects ongoing pressure on Nigeria’s forex reserves and demand for dollars among importers and investors.