The Naira continued its decline against the US Dollar in the black market on Thursday, October 23, 2025, as traders in Lagos sold the greenback for as high as ₦1,500 per dollar.
According to reports from Bureau De Change (BDC) operators, the buying rate stood at ₦1,480, while the selling rateremained at ₦1,500, highlighting persistent pressure on the local currency in the parallel market.
The Central Bank of Nigeria (CBN), however, reiterates that it does not recognize the black market, urging individuals seeking foreign exchange to make use of official banking channels instead.
At the official CBN window, the Dollar traded between ₦1,452 and ₦1,466, maintaining a wide gap between the official and parallel market rates.
Financial analysts warn that the widening disparity could further encourage speculation and hoarding, despite ongoing government interventions to stabilize the Naira.
| Dollar to Naira Exchange Rate (October 23, 2025) | Rate (₦) |
|---|---|
| Black Market Buying Rate | ₦1,480 |
| Black Market Selling Rate | ₦1,500 |
| CBN Lowest Rate | ₦1,452 |
| CBN Highest Rate | ₦1,466 |
Note: Exchange rates may vary depending on location and market demand.