Forex Sh*ckwave: Naira Struggles As Dollar Climbs To ₦1474 In Parallel Market

According to Ireporter Online, the naira witnessed another round of fluctuations in the parallel market as currency traders in Lagos recorded fresh rates for the dollar on Monday, November 24, 2025. Insights from Bureau De Change operators show that the dollar sold at ₦1474 and was purchased at ₦1460, reflecting the ongoing volatility in the unofficial forex market.

Market analysts note that despite the heavy dependence on the black market for quick foreign exchange transactions, the Central Bank of Nigeria continues to emphasise that the parallel market remains unregulated. The apex bank maintains its directive that individuals seeking foreign exchange should process their requests through official banking channels rather than rely on roadside or informal currency dealers.

Data monitored by Ireporter Online also showed that official CBN rates for the day stood between ₦1451 and ₦1462, further highlighting the widening gap between regulated and parallel market pricing. Forex traders caution that the rates at which individuals buy or sell foreign currency may vary depending on location and bargaining power.