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The value of the naira continued to fluctuate against the United States dollar in the parallel market on Friday, October 24, 2025, with traders in Lagos exchanging the greenback for ₦1,500 per dollar at the selling window and ₦1,485 per dollar at the buying window.
This information was gathered from dealers in the Bureau De Change (BDC) segment of the market, who noted that demand for dollars remains strong due to import-related needs and limited access to official foreign exchange channels.
However, the Central Bank of Nigeria (CBN) has repeatedly cautioned Nigerians against patronizing the parallel market, stressing that it does not officially recognize rates quoted outside the regulated banking system. The apex bank has urged individuals and businesses seeking foreign exchange to transact through authorized financial institutions.
Dollar to Naira Black Market Rate Today (October 24, 2025)
Buying Rate: ₦1,485 per $1
Selling Rate: ₦1,500 per $1
Dollar to Naira Official CBN Rate Today (October 24, 2025)
Highest Rate: ₦1,463 per $1
Lowest Rate: ₦1,455 per $1
It is important to note that exchange rates may vary slightly depending on the location, volume of transaction, and dealer involved. As such, buyers and sellers are advised to confirm current rates before carrying out foreign exchange transactions.
Analysts say the persistent pressure on the naira can be traced to declining dollar inflows, reduced oil earnings, and increased demand for foreign currency for imports, school fees, and travel. Despite recent CBN interventions, including efforts to unify exchange rates and attract diaspora remittances through official channels, the gap between the black market and official rates remains significant.
