Forex Tension Deepens As Dollar Nears ₦1,500 In Parallel Market

According to Ireporter Online, the exchange rate between the United States Dollar and the Nigerian Naira witnessed a slight fluctuation in the parallel market, also known as the black market, on Saturday, October 25, 2025.

Checks from Bureau De Change (BDC) operators in Lagos revealed that the dollar was sold at ₦1,499 and bought at ₦1,480, maintaining relative stability amid continued demand pressure in the informal forex market.

Market watchers noted that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market for foreign exchange transactions. The apex bank has repeatedly advised individuals and businesses seeking foreign currency to channel their requests through authorized financial institutions.

At the official window, the CBN rate stood between ₦1,455 and ₦1,463 to a dollar, reflecting a minor difference from the black market rate. However, forex traders cautioned that rates may differ slightly depending on location and transaction volume.

Analysts say the persistent gap between the official and parallel market rates underscores the continued volatility in Nigeria’s foreign exchange market, despite ongoing government efforts to stabilize the Naira.