The Naira continued its struggle against the U.S. Dollar over the weekend as the exchange rate in the black market (also known as Aboki FX or parallel market) hit a new mark.
According to traders at the Lagos Parallel Market (BDC), the Dollar to Naira exchange rate for Sunday, October 19, 2025, stood at ₦1,500 per $1 for selling, while buying was recorded at ₦1,480 per $1.
This means that those selling dollars to Bureau De Change operators could earn around ₦1,480 for every dollar, while those purchasing from the black market would pay as high as ₦1,500.
However, the Central Bank of Nigeria (CBN) continues to disapprove of black market transactions, urging individuals and businesses seeking foreign exchange to go through official banking channels instead.
At the CBN official window, the Dollar to Naira rate fluctuated between ₦1,469 (lowest) and ₦1,482 (highest) on the same date, showing a narrower spread compared to the parallel market.
| Dollar to Naira Exchange Rate – October 19, 2025 | Rate (₦) |
|---|---|
| Black Market (Selling) | ₦1,500 |
| Black Market (Buying) | ₦1,480 |
| CBN Rate (Highest) | ₦1,482 |
| CBN Rate (Lowest) | ₦1,469 |
Market analysts say the wide gap between the official and parallel market rates reflects continued demand pressure, speculative trading, and limited forex supply.
Experts have urged the government to increase dollar liquidity and stabilize policy measures to bridge the gap between official and street market rates, warning that sustained volatility could worsen inflation and affect import costs.
Note: Exchange rates vary across different locations and traders, so actual buying and selling prices may differ slightly from the figures quoted above.