Dollar Soars As Naira Struggles — Black Market Rate Hits ₦1,469 Per Dollar

According to Ireporter Online, the naira continued to fluctuate against the United States dollar in the foreign exchange market, with the black market—commonly referred to as the parallel market—recording notable activity on Monday, November 10, 2025.

Findings from currency traders at the Lagos Parallel Market revealed that the dollar was sold at ₦1,469 and bought at ₦1,445, reflecting a narrow margin in trading rates across several Bureau De Change (BDC) outlets.

While many Nigerians continue to rely on the black market for forex transactions, the Central Bank of Nigeria (CBN) maintains that it does not recognize or authorize such parallel trading platforms. The apex bank has repeatedly urged individuals and businesses seeking foreign exchange to carry out their transactions through official banking channels.

At the official CBN window, the exchange rate stood between ₦1,435 and ₦1,442 to a dollar, indicating a relatively more stable performance compared to the parallel market. However, traders caution that the rates for buying or selling forex may vary depending on market conditions and location.