Forex Sh*ck: Dollar Sells For ₦1,469 Amid Rising Demand In Parallel Market

According to Ireporter Online, the naira continued to face pressure against the United States dollar in the parallel market on Wednesday, November 5, 2025. Findings from currency traders at major Bureau De Change (BDC) hubs in Lagos revealed that the dollar was sold at ₦1,469 and bought at ₦1,450 in the black market.

The exchange rate indicates a slight fluctuation compared to previous trading sessions, underscoring the continued volatility in Nigeria’s foreign exchange market. Market observers note that despite ongoing reforms, demand for the dollar remains high as importers and individuals increasingly rely on the informal market for foreign currency.

Meanwhile, the Central Bank of Nigeria (CBN) reiterated that it does not recognize the black market as an official channel for foreign exchange transactions. The apex bank continues to advise individuals and businesses to obtain foreign currency through approved financial institutions.

At the official CBN window, the dollar traded at a rate between ₦1,430 and ₦1,442, reflecting a relatively more stable performance compared to the parallel market. However, traders caution that forex rates may vary slightly depending on location and negotiation margins.