Dollar Soars As Naira Struggles: Black Market Hits ₦1474 In Fresh FX Surge

According to Ireporter Online, the dollar-to-naira exchange rate recorded notable activity in the parallel market on Thursday, November 20, 2025, as currency traders in Lagos sold the United States dollar at ₦1474 and bought at ₦1460. This reflects the rates currently obtainable within the popular black market—also known as the Aboki FX segment—where many Nigerians continue to seek foreign exchange outside official banking channels.

Financial observers note that, despite the widespread use of the parallel market, the Central Bank of Nigeria maintains that it does not officially recognize black market transactions. The apex bank has repeatedly encouraged individuals and businesses seeking foreign exchange to process their requests through authorized financial institutions.

Available figures indicate that the official CBN window recorded a highest rate of ₦1460 and a lowest rate of ₦1449 for the dollar on the same day. Market analysts emphasize that actual buying or selling prices may vary depending on location and the negotiation strength of individual traders.