Thursday, June 26, 2025, the U.S. dollar was sold at ₦1,590 and bought at ₦1,570 in Nigeria’s parallel market(commonly referred to as the black market), according to Bureau De Change (BDC) sources in Lagos.
Meanwhile, the Central Bank of Nigeria (CBN) reported official exchange rates ranging between ₦1,534 and ₦1,549per dollar on the same day.
Despite the growing gap between the official and parallel market rates, the CBN has reiterated its stance, refusing to recognize the black market for foreign exchange transactions. The apex bank continues to encourage individuals and businesses seeking forex to go through legally approved financial institutions, particularly deposit money banks.
Exchange Rate Summary – June 26, 2025
| Market | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| Black Market | ₦1,570 | ₦1,590 |
| CBN Official Window | ₦1,534 (Lowest) | ₦1,549 (Highest) Note: Exchange rates are subject to change and may vary depending on location, demand, and transaction volume. |
The widening gap between the official and parallel market rates has fueled speculation and arbitrage, placing added pressure on the naira and complicating efforts by the CBN to stabilize the foreign exchange market.
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Finance