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The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) at the parallel market, commonly referred to as the black market, drew fresh attention on Sunday, September 14, 2025. Market sources confirmed that traders in Lagos bought the dollar at ₦1,522 and sold at ₦1,506, reflecting ongoing fluctuations in the forex market.
According to operators within the Bureau De Change (BDC), the rates highlight the persistent gap between the black market and the official exchange window. It was further emphasized that the Central Bank of Nigeria (CBN) does not officially recognize parallel market transactions, reiterating its directive that individuals seeking foreign exchange should approach their respective banks.
Data obtained also showed that the CBN rate on the same day stood between ₦1,498 and ₦1,503 per dollar. Analysts noted that while these figures serve as a guide, actual transaction rates often vary depending on location and demand, underscoring the volatility in Nigeria’s forex market.
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