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See Dollar To Naira Exchange Rate Today Monday, September 29, 2025 (Black Market And CBN Rates)
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 —
The former Governor of Kaduna State, Mallam Nasir El-Rufai was on Thursday arraigned before the Federal High Court in Abuja by the Department of State Services (DSS) over allegations bordering on unlawful interception of communications and threats to national security.
El-Rufai, who appeared before Justice Joyce Abdulmalik, denied all five counts contained in the amended charge filed against him by the prosecution. The case was brought by counsel to the DSS, Oluwole Aladedoye (SAN), who informed the court that the earlier three-count charge had been replaced with an expanded five-count amended charge dated April 13.
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According to the prosecution, the amended charges include allegations that the former governor unlawfully intercepted communications linked to the National Security Adviser, Nuhu Ribadu, without proper authorisation. He was also accused of engaging in activities involving technical systems that allegedly posed risks to public safety and national security.
El-Rufai, however, maintained his not-guilty plea when the charges were read in court.
At the proceedings, his counsel, Oluwole Iyamu (SAN), confirmed receipt of the amended charge and did not oppose its substitution for the earlier filing. The court subsequently struck out the initial three-count charge and proceeded with the new counts.
A key point of contention arose when the prosecution requested that the identities of two witnesses be protected through the use of pseudonyms, citing security concerns. The defence strongly objected, arguing that such a move would undermine the defendant’s constitutional right to fair hearing and to know his accusers.
The defence also challenged the prosecution’s request for consecutive hearing dates, stating that it could limit adequate access to legal representation, especially given El-Rufai’s ongoing custody under the Independent Corrupt Practices and Other Related Offences Commission.
Additionally, the defence informed the court of a pending bail application, noting that an earlier missing affidavit had been recovered and submitted. While the prosecution did not oppose the bail request, it urged the court to dismiss a separate application filed by the defence seeking to quash the amended charge, describing it as lacking merit.
The defence further asked the court to compel the prosecution to disclose its proof of evidence to enable proper preparation for trial, but the request was also opposed.
After listening to submissions from both sides, Justice Abdulmalik adjourned the matter to May 18, 19, and 20 for hearing.
President Bola Tinubu has formally written to the Senate, seeking approval for a $516.3 million foreign syndicated loan to support the construction of the Sokoto–Badagry highway.
In a communication read by the President of the Senate, Godswill Akpabio, on Thursday, President Tinubu requested a resolution in line with Sections 16 and 21 of the Debt Management Office (Establishment) Act, 2011, to enable the Federal Government to secure the financing for Sections 1, Phase 1A, and 1B of the project. The loan facility is to be arranged through Deutsche Bank AG.
President Tinubu explained that the superhighway project is a flagship initiative under his administration’s Renewed Hope Agenda, designed to enhance national connectivity, reduce travel time, and improve the movement of goods across key economic corridors.
The proposed 1,000-kilometre road will link Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos states, connecting Illela to Badagry.
He noted that the financing arrangement will be backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), while the Federal Government will provide counterpart funding of over 265 billion naira for land acquisition, compensation, and related infrastructure.
According to the president, the loan is structured for nine years, including a three-year grace period, with an interest rate pegged at the Chicago Mercantile Exchange SOFR plus 5.3 per cent per annum. The Federal Executive Council has already approved the financing plan.
Following the presentation of the request at plenary, Akpabio referred the matter to the Senate Committee on Local and Foreign Debts, directing it to report back within one week.
Endorsing the move, the Senate President said that it is better to borrow for projects to improve road safety and foster national integration.
Chairman of the Nigerian Union of Teachers (NUT), FCT chapter, Comrade Abdullahi Shafa, speaking after the meeting of the union leaders with the FCT Minister, Nyesom Wike, today.
He hailed the FCT minister for his quick intervention.
Watch:
Angry El-Rufai Protests Move To Shield Witnesses In NSA Phone-Tapping Case
Tinubu wants Senate’s approval of $516m fresh loan for Sokoto–Badagry Highway
FCT Teachers Strike: NUT Hails Wike Over Intervention In Education Sector(Video)
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