The exchange rate between the naira and the US dollar opened today with slight fluctuations across different market segments.
According to data published on the Central Bank of Nigeria (CBN) official forex portal, the naira closed on Tuesday, September 9, 2025, at ₦1,506.08/$1, improving marginally from ₦1,506.84/$1 recorded on Monday, September 8, 2025.
At the parallel market (black market), however, the naira is trading as high as ₦1,527/$1, reflecting the continued gap between official and unofficial exchange windows.
The CBN has maintained that all forex transactions are unified under the Investors & Exporters (I&E) window, following its June 14, 2023 circular abolishing multiple exchange rate segments. Under this regime, the exchange rate is determined by a “willing buyer, willing seller” model, effectively allowing the naira to float freely.
Summary of Rates Today
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CBN/Official Rate: ₦1,506.08/$1
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Black Market Rate: ~₦1,527/$1
Analysts note that while the official market reflects stability, pressure on the parallel market persists due to high demand for dollars for imports, tuition, travel, and business transactions.
Disclaimer: These rates are based on data from the CBN (official) and various independent sources (parallel market). Actual rates may vary depending on location, dealer, and volume of transaction.
