By Prosper Olayiwola
Dollar to Naira Exchange Rate Today Monday September 29, 2025. The value of the Nigerian naira against the United States dollar continues to generate significant public interest as currency fluctuations affect businesses, households, and international transactions. On Monday, September 29, 2025, the exchange rate revealed another wide gap between the Central Bank of Nigeria (CBN) official rate and the black market (parallel market) rates. News Week Nigeria reports that while the CBN rate hovered around ₦1,479.66 per dollar, black market traders quoted the exchange rate at an average of ₦1,480 to ₦1,500 per dollar in major cities such as Lagos, Abuja, and Port Harcourt.
Black Market Dollar to Naira Rate Today According to market trackers and user-reported data, the dollar traded at: Buying rate: ₦1,480 – ₦1,490 Selling rate: ₦1,500 – ₦1,510 This range reflects the cost for individuals and businesses sourcing foreign exchange from Bureau De Change (BDC) operators and roadside traders. The black market remains the dominant avenue for many due to limited dollar availability through official channels.
Official CBN Exchange Rate On the other hand, the CBN official rate for September 29, 2025, stood at approximately:
Buying: ₦1,479.66 Selling: ₦1,480.66 This benchmark rate is mainly applied to government transactions, banks, and regulated foreign exchange dealings. However, most importers and ordinary Nigerians struggle to access dollars at this rate, forcing them to patronize the black market.
Mid-Market and Online Estimates Independent sources, including international currency conversion platforms, placed the mid-market estimate for the naira at around ₦1,492.49 per dollar. This figure sits between the official and black market rates, highlighting the disparity and ongoing volatility in Nigeria’s forex ecosystem.
Why the Disparity Persists The sustained gap between the official and parallel market exchange rates is driven by several factors:
Limited FX supply: Dollar inflows from oil revenues, exports, and remittances remain insufficient to meet local demand. Import dependency: Nigeria’s reliance on imported goods creates a consistent high demand for dollars. Speculation: Traders often hoard dollars, betting on future naira depreciation. Policy adjustments: CBN interventions, such as monetary tightening or easing, affect liquidity but have yet to close the gap.
Impact on Nigerians For many Nigerians, the black market exchange rate directly influences the cost of living.
Imported goods, fuel, tuition fees for students abroad, medical bills, and even e-commerce purchases are priced against the parallel rate rather than the official rate.
Small and medium-sized enterprises (SMEs) particularly feel the impact, as they often lack access to CBN allocations and must buy foreign currency at higher black market rates to sustain operations. Outlook Analysts note that until Nigeria improves its dollar supply through increased exports, foreign investment inflows, or effective fiscal and monetary policies, the gap between official and black market rates may remain.
The exchange rate is expected to stay volatile in the near term, with parallel market traders adjusting prices daily depending on market liquidity and demand pressures. Summary of Dollar to Naira Exchange Rates (Sept. 29, 2025) Market Type Buying Rate Selling Rate Black Market (BDC / Parallel) ₦1,480 – ₦1,490 ₦1,500 – ₦1,510 Official CBN Rate ₦1,479.66 ₦1,480.66 Mid-Market Estimate —