The exchange rate between the U.S. dollar and the Nigerian naira remained volatile on Wednesday, September 3, 2025, with sharp differences between the official and parallel market windows.
At the Lagos parallel market (black market), currency traders, also known as Bureau De Change (BDC) operators, quoted the naira at:
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₦1,535 per dollar for buying
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₦1,518 per dollar for selling
This reflects ongoing fluctuations in demand and supply across informal forex trading hubs.
CBN Official Rate
On the official side, the Central Bank of Nigeria (CBN) maintained a tighter spread, with the exchange rate ranging between:
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₦1,520 per dollar (highest)
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₦1,518 per dollar (lowest)
Important Note
The CBN has consistently warned against transacting in the black market, emphasizing that it does not officially recognize the parallel market. The regulator insists that all legitimate foreign exchange transactions should be conducted through authorized financial institutions such as commercial banks.
However, due to limited forex availability within the official window, many Nigerians and businesses continue to rely heavily on the black market, where rates are determined by street-level demand and supply.
What This Means for You
It’s important to note that the exact rate at which individuals buy or sell foreign currency can vary depending on location, time of day, and volume of the transaction. The figures reported here are averages sourced from BDC operators in Lagos.
The persistent gap between the black market and CBN rates continues to fuel debates about the effectiveness of Nigeria’s forex policies, with stakeholders urging for reforms that could stabilize the naira, boost investor confidence, and reduce reliance on informal markets.
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