Nigerians Lament As Black Market Dollar To Naira Rate Nears Breaking Point

According to Ireporter Online, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) in the black market, also known as the parallel market, remains volatile as of Thursday, October 2, 2025. Reports from traders at the Lagos parallel market indicate that the dollar was sold at ₦1,490 and bought at ₦1,470 on Wednesday, October 1, 2025.

While Bureau De Change operators continue to conduct transactions at these rates, it is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market. The apex bank has consistently urged Nigerians to carry out foreign exchange dealings through licensed financial institutions to avoid irregularities.

For official transactions, the CBN pegged the dollar at a range between ₦1,470 and ₦1,480. However, market experts warn that actual buying and selling rates may differ depending on location and negotiation, as prices in the parallel market are not fixed.

The fluctuations have once again highlighted the persistent pressure on the naira, with many Nigerians closely monitoring the exchange market to guide their business and personal transactions.