The naira continued to trade at a weaker position against the United States dollar at the Lagos parallel market, popularly known as the black market.
Checks with operators at various Bureau De Change (BDC) outlets in Lagos revealed that the dollar was sold for ₦1,500, while buyers exchanged the greenback at ₦1,485 per dollar. This reflects the ongoing pressure on the local currency amid sustained demand for foreign exchange in the informal market.
Currency traders attributed the disparity in rates to limited dollar supply and increased demand from importers, travelers, and individuals seeking foreign exchange for personal and business transactions. 
It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market. The apex bank has repeatedly warned Nigerians against patronizing the parallel market, advising those in need of foreign exchange to obtain it through their respective commercial banks and other approved channels.
At the official foreign exchange market, the naira traded at relatively stronger levels. According to data from the CBN, the highest exchange rate recorded was ₦1,420 per dollar, while the lowest stood at ₦1,416 per dollar during the same period.
The wide gap between the official and parallel market rates continues to highlight persistent challenges in Nigeria’s foreign exchange system, including dollar liquidity constraints and speculative trading activities.
Market observers caution that exchange rates may vary slightly depending on location, volume of transaction, and the dealer involved. As a result, the actual price at which individuals buy or sell foreign currency may differ from the rates quoted.
