- Dollar trades at ₦1,530 black market, ₦1,496 official rate.
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Exchange gap worsens inflation and raises import, travel costs.
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CBN urges use of banks, but FX scarcity sustains black market.
The Naira continued to struggle in the foreign exchange market on Friday, September 19, 2025, as pressure on the local currency kept the dollar trading significantly higher in the parallel market compared to the official rate.
At the Lagos parallel market, popularly known as the black market, Bureau De Change (BDC) operators bought the dollar at ₦1,520 and sold at ₦1,530 to customers. This reflects a slight depreciation compared to Thursday’s trading, keeping the exchange rate firmly above ₦1,500 per dollar.
Dollar to Naira Exchange Rate Table – Friday, September 19, 2025
| Market Type | Buying Rate | Selling Rate |
|---|---|---|
| Black Market (BDC) | ₦1,520 | ₦1,530 |
| CBN Official Rate | ₦1,496 | ₦1,496 |
In contrast, figures from the Central Bank of Nigeria (CBN) placed the official exchange rate at ₦1,496 per dollar, showing a notable gap with the black market. The disparity highlights Nigeria’s persistent FX liquidity challenges, as businesses and individuals often rely on parallel market operators to meet urgent foreign exchange needs.
Analysts warn that the reliance on the black market is driving up the cost of goods and services, worsening inflation and putting pressure on households. Importers, manufacturers, and travelers are among the hardest hit, as they struggle with the higher rates outside the official channels.
The CBN has continued to stress that the parallel market is not a recognized platform, urging Nigerians to process all FX transactions through authorized banks. However, limited access to dollars in the official window has kept demand for the black market strong.
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