Naira Struggles For Stability As Parallel Market Rate Hits ₦1,510 Per Dollar

The naira continued to experience fluctuations against the United States dollar as trading activities persisted in the foreign exchange market. According to Ireporter Online, the dollar exchanged at the parallel market, also known as the black market or Aboki FX, at ₦1,510 per dollar for selling and ₦1,490 per dollar for buying on Saturday, October 11, 2025.

Currency dealers at the Lagos Parallel Market confirmed that the naira has remained under pressure amid high demand for foreign currency, particularly from importers and travelers. Market analysts observed that the exchange rate volatility reflects ongoing challenges in Nigeria’s forex supply and demand dynamics.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize transactions in the parallel market. The apex bank has reiterated that all legitimate forex dealings should be conducted through authorized financial institutions and commercial banks.

Meanwhile, the official CBN exchange rate stood at ₦1,462 at its highest point and ₦1,445 at its lowest on Saturday. However, forex traders cautioned that actual transaction prices might vary depending on market conditions and location.