Naira Under Siege: Black Market Dollar Rate Sparks Panic On September 24, 2025

The dollar to naira exchange rate in the parallel market, popularly referred to as the black market, continued to fluctuate on Tuesday, September 23, 2025. Currency traders in Lagos disclosed that the U.S. dollar was purchased at ₦1,535 and sold at ₦1,520, according to information gathered from Bureau De Change operators.

It is important to note that the Central Bank of Nigeria (CBN) does not recognise transactions carried out in the parallel market. The apex bank has consistently advised individuals and businesses seeking foreign exchange to approach their respective banks.

At the official window, the CBN rate for the dollar stood at between ₦1,482 and ₦1,495 on the same day.

Analysts caution that exchange rates in the parallel market often vary depending on location and demand, meaning actual rates may differ from those recorded.

Exchange Rates for September 23, 2025:

• Black Market (Parallel Market): Buying – ₦1,535 | Selling – ₦1,520

• CBN Official Window: Lowest – ₦1,482 | Highest – ₦1,495