The Nigerian naira continued to experience fluctuations in the foreign exchange market on Saturday, November 8, 2025, as the dollar traded higher in the parallel market, commonly known as the black market.
According to information gathered from currency dealers at the Lagos Bureau De Change (BDC), the exchange rate stood at ₦1,460 per US dollar for selling and ₦1,440 per dollar for buying. This indicates that those seeking to purchase dollars in cash from the parallel market paid as much as ₦1,460, while traders buying from individuals offered ₦1,440.
However, it is important to note that the Central Bank of Nigeria (CBN) does not officially recognize transactions conducted in the black market. The apex bank has consistently urged individuals and businesses seeking foreign exchange to do so through authorized channels — primarily their respective commercial banks — in order to promote transparency and stability in the forex system.
Dollar to Naira Black Market Rate Today
| Market Type | Buying Rate | Selling Rate |
|---|---|---|
| Parallel Market (Black Market) | ₦1,440 | ₦1,460 |
Dollar to Naira CBN Rate Today
| Market Type | Lowest Rate | Highest Rate |
|---|---|---|
| Official CBN Window | ₦1,434 | ₦1,438 |
Market Analysis
The disparity between the official CBN rate and the black-market rate continues to reflect the persistent pressure on Nigeria’s foreign exchange reserves and the high demand for the US dollar among importers and travelers. Despite several interventions and policy reforms by the CBN, the gap between both rates remains significant.
Currency analysts attribute the naira’s weakness to speculative trading, insufficient dollar inflows, and limited foreign investment in the Nigerian economy. The situation has also been compounded by rising inflation, which erodes consumer purchasing power and increases the cost of imports.
Important Notice
Exchange rates vary across different locations and dealers. The figures quoted here are based on reports from Lagos BDC operators and may differ slightly from those in Abuja, Kano, Port Harcourt, or other parts of the country.
