Dollar Soars To ₦1,470 At Black Market As Naira Faces Renewed Pressure

According to Ireporter Online, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) continues to fluctuate in the parallel market, popularly known as the black market. On Monday, October 6, 2025, traders at the Lagos parallel market sold the dollar at ₦1,470 and bought it at ₦1,455, based on information gathered from Bureau De Change (BDC) operators.

Observers note that these rates reflect ongoing market pressures and demand for foreign exchange in Nigeria’s informal currency market. However, the Central Bank of Nigeria (CBN) maintains that it does not recognize transactions conducted in the parallel market. The apex bank has consistently urged individuals and businesses seeking foreign exchange to conduct such transactions through official banking channels.

Meanwhile, the official CBN rate for the dollar on Monday ranged between ₦1,464 and ₦1,475. Analysts have cautioned that fluctuations in the black market rate may persist due to limited foreign exchange supply and high demand from importers and travelers.

It is important to note that rates may vary depending on location, volume of transaction, and market dynamics, as foreign exchange prices remain unstable across different parts of the country.