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Dollar Soars As Naira Crashes Further In Black Market On September 8, 2025
The dollar to naira exchange rate in the parallel market, widely referred to as the black market, stood at different levels on Sunday, 7th September, 2025. Checks in Lagos revealed that Bureau De Change operators bought the dollar at ₦1,518 and sold it at ₦1,510.
While the parallel market continues to dictate rates for most retail transactions, financial experts caution that the Central Bank of Nigeria (CBN) does not officially recognize this window. Instead, the apex bank insists that individuals seeking foreign exchange should process transactions through their banks.
In comparison, figures monitored at the CBN window showed the dollar trading within a range of ₦1,529 at the highest point and ₦1,508 at the lowest. Analysts note that rates across markets remain volatile, and actual buying or selling prices may differ depending on location and demand pressures.
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