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Dollar to Naira Rate Today, 23 September 2025.
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Rising demand and limited FX supply widen gap between rates.
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Importers, students abroad face higher costs due to parallel market.
The Nigerian Naira continues to trade under pressure in bothDollar to Naira Rate Today, 23 September 2025 official and parallel (black market) foreign exchange markets. On 23 September 2025, the markets show a noticeable spread between what the Central Bank of Nigeria (CBN) quotes and what Bureau de Change (Aboki/Black Market) operators are trading at, reflecting tight dollar liquidity and high demand.
| Rate Type | Buy Rate (USD → NGN) | Sell Rate (USD → NGN) |
|---|---|---|
| Black Market (Aboki/Bureau de Change) | ₦1,510 | ₦1,524 |
| Official CBN Rate | ₦1,493 | ₦1,493 |
What’s Behind the Rates
On the black market, dollars are being bought around ₦1,510 and sold at about ₦1,524. Meanwhile, the official CBN rate holds at approximately ₦1,493, showing a difference of around ₦20-₦30 between the two markets. This gap continues to be driven by restricted access to foreign exchange through official channels, rising import demand, and inflationary pressures.
Implications for the Economy & Individuals
For many Nigerians, especially importers, students abroad, and those making international payments, the black market rate becomes the more relevant benchmark. Reliance on informal channels may, however, lead to higher costs, risk of fraud, and currency inconsistencies.
On the other hand, the official rate is more relevant for regulated transactions, such as governmental payments, licensed importers, and bank-mediated foreign exchange. The CBN’s ability to stabilize that rate via FX interventions remains crucial.
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