The Nigerian naira showed mixed movement against the United States dollar on Monday, September 8, 2025, at the Lagos parallel market, popularly known as the black market.
Checks from Bureau De Change (BDC) operators indicated that the greenback was purchased at ₦1,518/$1 and sold at ₦1,510/$1, reflecting slight fluctuations from weekend trading sessions.
Official vs. Black Market Rates
At the official market, monitored by the Central Bank of Nigeria (CBN), the exchange rate closed between ₦1,508and ₦1,513 per dollar, showing a narrower band than what was recorded in street trading.
Below is a breakdown of the rates as of today:
Black Market (Parallel Market) Rates
-
Buying: ₦1,516/$1
-
Selling: ₦1,496/$1
CBN Rates
-
Lowest: ₦1,508/$1
-
Highest: ₦1,513/$1
CBN’s Position on Forex Transactions
The CBN has repeatedly cautioned Nigerians against relying on parallel market dealers, stressing that it does not officially recognize black market transactions. Instead, the apex bank advises individuals and businesses seeking foreign exchange to approach their commercial banks or authorized dealers for legitimate access to dollars and other foreign currencies.
Market Outlook
Analysts note that the gap between the official and parallel market rates continues to drive uncertainty in the forex market. They attribute the persistent volatility to limited dollar supply, increased demand for imports, and speculative trading activities.
Market watchers also caution that rates may differ depending on location and the specific dealer, meaning traders and consumers could experience slight variations in their transactions.
