Current Black Market Dollar (USD) To Naira (NGN) Exchange Rate

 

The Nigerian currency continued to fluctuate against the United States dollar on Saturday, September 6, 2025, with significant differences recorded between the parallel market and the official exchange window.

Black Market (Parallel Market) Rates

Checks across major Bureau De Change (BDC) operators in Lagos revealed that the dollar traded at ₦1,518 for buying and ₦1,510 for selling. This reflects the ongoing volatility in the parallel market, which has become the go-to option for many Nigerians seeking foreign exchange for business and personal needs.

However, financial experts consistently caution that the Central Bank of Nigeria (CBN) does not recognize the parallel market as an official channel for forex transactions. The apex bank insists that all legitimate foreign exchange dealings must be conducted through authorized financial institutions.

Official CBN Rates

At the official CBN window, the naira traded within a range of ₦1,508 to ₦1,529 per dollar. The official rate, though relatively more stable, still shows signs of pressure as demand for foreign currency continues to outpace supply.

Why the Rates Differ

The disparity between black market and official rates is largely driven by scarcity of forex at official windows, pushing individuals and businesses to rely on the parallel market. Analysts argue that unless liquidity improves in the official market, the gap between the two rates may persist.

What This Means for Nigerians

For importers, travelers, and students paying fees abroad, the parallel market remains the quickest access point to dollars, though at a higher cost. On the other hand, the CBN’s clampdown on illegal forex dealers aims to stabilize the currency and prevent speculative activities.

Key Takeaway

As of September 6, 2025, the dollar trades at:

• ₦1,518 (buying) and ₦1,510 (selling) at the black market.

• ₦1,508 – ₦1,529 within the official CBN-approved window.

Nigerians are advised to confirm rates before transactions, as prices may vary across locations and financial institutions.