Naira Faces Fresh Pressure As Black Market Dollar Hits ₦1505

According to Ireporter Online, the naira continued to experience fluctuations in the informal foreign exchange market as trading opened on Thursday, December 11, 2025. Monitoring of activities at key Lagos parallel market hubs showed that the U.S. dollar was sold at ₦1505 and bought at ₦1490, based on figures provided by Bureau De Change operators.

Despite the persistent demand for foreign currency in the black market, financial authorities maintain their stance against patronage of the parallel market. The Central Bank of Nigeria has repeatedly emphasized that individuals seeking foreign exchange should conduct transactions strictly through licensed financial institutions, as the regulator does not recognize rates quoted outside the official window.

At the official market, the CBN recorded a trading range between ₦1453 and ₦1459 to the dollar. However, analysts note that forex prices vary depending on location, volume, and negotiation strength, meaning actual transaction rates may differ from those quoted.