The Nigerian naira continues to experience fluctuations against the U.S. dollar in the parallel market as traders and Bureau De Change (BDC) operators in Lagos quoted varying rates on Friday, November 7, 2025.
According to findings from several black market sources, the U.S. dollar was sold at ₦1,469 and bought at ₦1,445, reflecting the ongoing volatility in Nigeria’s foreign exchange market.
However, it is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the black market (also known as the parallel market). The apex bank has repeatedly advised individuals and businesses seeking foreign exchange to transact through authorized financial institutions, such as commercial banks, to ensure transparency and compliance with monetary regulations.
Dollar to Naira Black Market Rate Today
| Exchange Type | Rate (₦/USD) |
|---|---|
| Selling Rate | ₦1,469 |
| Buying Rate | ₦1,445 |
Dollar to Naira CBN Official Rate
According to data published by the Central Bank of Nigeria, the official exchange rate as of Friday, November 7, 2025, stood as follows:
| Exchange Type | Rate (₦/USD) |
|---|---|
| Highest Rate | ₦1,438 |
| Lowest Rate | ₦1,434 |
Market Overview and Analysis
The persistent gap between the official and parallel market rates highlights the pressure on Nigeria’s foreign exchange reserves and the continuous demand for the dollar by importers, businesses, and travelers.
Economic analysts attribute this situation to factors such as limited dollar supply, speculative trading, and the struggle of the CBN to maintain a stable exchange rate amidst rising inflation and declining oil revenues.
While the CBN continues to introduce policies aimed at unifying the exchange rate, the black market remains the preferred option for many Nigerians due to accessibility and faster transaction times. However, experts warn that overreliance on the parallel market could further weaken the naira and undermine monetary policy efforts.
Exchange rates may vary depending on location, volume of transaction, and negotiation power. It is advisable to confirm the latest rates before carrying out any foreign exchange transaction.
