The Nigerian currency continues to face pressure against the U.S. dollar, with traders at the Lagos parallel market, also known as the black market, quoting mixed rates on Tuesday, September 2, 2025.

According to Bureau De Change (BDC) operators, the exchange rate stood at ₦1,540 per dollar for buying and ₦1,520 per dollar for selling.

Black Market (Aboki FX) Rates

  • Buying: ₦1,540

  • Selling: ₦1,520

Official CBN Rates

In contrast, data from the Central Bank of Nigeria (CBN) showed the official exchange rate within a narrower band of ₦1,520 to ₦1,528 per dollar.

  • Highest CBN Rate: ₦1,528

  • Lowest CBN Rate: ₦1,520

Key Notes

  • The CBN does not officially recognize black market transactions and has consistently advised Nigerians to conduct forex dealings through licensed banks and financial institutions.

  • Parallel market rates often differ by location, demand levels, and the specific BDC operator involved.

  • Rates quoted above are indicative and may vary slightly across different trading points.

Market Outlook

Analysts say the widening gap between official and parallel market rates reflects ongoing strain in Nigeria’s foreign exchange system. The volatility is being driven by:

  • Shortages of dollars in official windows,

  • Increasing demand from importers and individuals,

  • Speculative activities by currency hoarders.

With the naira under continuous pressure, the disparity between the CBN and black market rates highlights the fragility of the foreign exchange market and the economic challenges ahead.