The Nigerian naira continues to face pressure in the foreign exchange market as the U.S. dollar maintains strength against it in the parallel market.
Checks from traders at the Lagos Bureau De Change (BDC) hubs on Wednesday, October 1, 2025, revealed that the dollar is being sold at ₦1,490 while buyers can exchange it at ₦1,470 in the black market.
This rate underscores the persistent gap between the official Central Bank of Nigeria (CBN) exchange rate and that of the parallel market. 
Black Market (Aboki FX) Dollar to Naira Rate
Buying: ₦1,470
Selling: ₦1,490
CBN Official Dollar to Naira Rate
According to the Central Bank of Nigeria:
Highest Rate: ₦1,480
Lowest Rate: ₦1,470
The CBN has repeatedly cautioned Nigerians against patronizing the parallel market, stressing that only transactions carried out through authorized banks and licensed forex dealers are recognized.
Why This Matters
The widening disparity between the official and black market rates continues to affect importers, businesses, and everyday Nigerians. Many traders rely on the parallel market due to difficulties in accessing forex at official bank channels.
Financial experts have noted that the exchange rate situation reflects Nigeria’s ongoing struggle with forex supply, inflationary pressure, and dwindling foreign reserves.
Exchange rates may vary depending on the city, dealer, and volume of transaction. Always confirm the prevailing rate before carrying out any forex transaction.
