Naira Dips as Dollar Climbs to ₦1,550 in Black Market Despite CBN Warnings

The naira maintained its recent trajectory against the United States dollar in the parallel market on Sunday, August 10, 2025, with traders in Lagos buying the greenback at ₦1,550 and selling at ₦1,540. Market operatives in the Bureau De Change sector confirmed the rates, noting that fluctuations remain possible depending on transaction volumes and location.

Financial analysts observed that while the Central Bank of Nigeria (CBN) continues to caution against patronizing the black market, many individuals and businesses still rely on it for foreign exchange due to limited access through official channels. The apex bank maintains an official exchange band between ₦1,532 and ₦1,536 to the dollar, significantly lower than rates observed in the parallel market.

Experts warn that these disparities between official and black-market rates could further fuel speculative trading, placing additional pressure on the local currency. Currency dealers, however, stressed that daily rates can vary, and buyers are advised to confirm prevailing market conditions before engaging in transactions.