September 18: Naira Struggles As Black Market Dollar Rate Defies Control

According to information obtained from currency traders, the exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) in the parallel market, commonly referred to as the black market, stood at ₦1,540 per dollar for buying and ₦1,535 per dollar for selling on Wednesday, September 17, 2025. This was confirmed by sources at Bureau De Change (BDC) outlets in Lagos.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize transactions in the parallel market. The apex bank continues to advise individuals and businesses seeking foreign exchange to carry out such transactions through authorized financial institutions.

Meanwhile, official figures from the CBN show the dollar traded within a range of ₦1,479 to ₦1,490 on the same day, underscoring the persistent disparity between the black market and official rates. Analysts warn that this gap remains a major concern for the nation’s financial stability.

As always, rates may differ depending on location and trader, meaning buyers and sellers could encounter slight variations from those recorded in this report.