Forex Sh*ck: Naira Weakens Further As Dollar Trades At ₦1,500 On Black Market

According to Ireporter Online, the exchange rate between the United States Dollar and the Nigerian Naira experienced slight fluctuations in the parallel market on Wednesday, October 22, 2025. Findings from Bureau De Change (BDC) operators in Lagos revealed that the dollar was sold at ₦1,500 and bought at ₦1,480 in the black market, reflecting the continued volatility in Nigeria’s foreign exchange sector.

Financial analysts observed that the disparity between the official and parallel market rates persists, despite ongoing efforts by monetary authorities to stabilize the currency. Data obtained from the Central Bank of Nigeria (CBN) indicated that the official exchange rate hovered between ₦1,452 and ₦1,466 per dollar.

However, the CBN reiterated that it does not recognize the parallel market for foreign exchange transactions and has urged Nigerians seeking forex to approach their respective banks or authorized dealers. Market observers noted that actual transaction rates may differ slightly depending on location and demand.

The recent figures underscore the persistent pressure on the Naira, with traders and importers closely monitoring market movements as the demand for foreign currency continues to outstrip supply.