The Nigerian currency continued to experience fluctuations against the United States dollar in the parallel market (popularly called the black market), with Bureau De Change (BDC) operators in Lagos reporting new figures for today.
As of Saturday, September 27, 2025, the dollar is being sold at ₦1,505 and bought at ₦1,485 in the black market. These rates were confirmed by traders who operate in key exchange hubs within Lagos.
Official CBN Exchange Rate vs. Black Market
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market, warning Nigerians that foreign exchange transactions should strictly be carried out through authorized banks and official channels.
According to data released by the apex bank, the official exchange rate of the naira to the dollar today stands at:
Highest Rate: ₦1,487 per $1
Lowest Rate: ₦1,471 per $1
This highlights the wide gap between the regulated CBN rate and the unregulated parallel market rate, which continues to influence market sentiment.
Why the Black Market Rate Matters
Despite repeated warnings by the CBN, many Nigerians and businesses rely heavily on the parallel market because of limited access to forex through official banking channels. Importers, students studying abroad, and even travelers often turn to BDC operators to meet their foreign exchange needs, which in turn sustains demand at the black market.
The persistent difference between the black market and CBN rates remains a key driver of speculation, inflationary pressures, and overall instability in Nigeria’s currency market.
Key Takeaway
Black Market Rate (Lagos, Sept 27, 2025): ₦1,505 (selling) | ₦1,485 (buying)
CBN Official Rate: ₦1,487 (highest) | ₦1,471 (lowest)
Disclaimer: Exchange rates vary depending on location, demand, and individual BDC operators. The figures provided here represent market averages at the time of reporting and may differ slightly from what you encounter when buying or selling forex.