The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) remained volatile on Thursday, October 9, 2025, with the black market (parallel market) recording a new high in Lagos.
According to information gathered from Bureau De Change (BDC) operators, the Dollar was sold at ₦1,500 and bought at ₦1,485 at the parallel market.
However, at the Central Bank of Nigeria (CBN) official window, the exchange rate remained more stable, with the highest rate at ₦1,472 and the lowest at ₦1,463.
It is important to note that the CBN does not recognize the black market and has advised individuals seeking foreign exchange to approach their respective banks or authorized dealers.
Exchange rate fluctuations continue to reflect pressure on the foreign exchange market, influenced by increased demand for the U.S. dollar, declining reserves, and speculative trading activities.
| Dollar to Naira (USD/NGN) | Rate |
|---|---|
| Black Market Selling Rate | ₦1,500 |
| Black Market Buying Rate | ₦1,485 |
| CBN Highest Rate | ₦1,472 |
| CBN Lowest Rate | ₦1,463 |
Note: Actual forex rates may vary across different markets and cities in Nigeria.
