The exchange rate between the United States dollar (USD) and the Nigerian naira (NGN) continues to fluctuate in the parallel market, with traders in Lagos reporting fresh figures for Monday, November 3, 2025.
According to data obtained from Bureau De Change (BDC) operators, the black market (parallel market) exchange rate stood at:
Buying rate: ₦1,445 per US dollar
Selling rate: ₦1,450 per US dollar
This means that individuals purchasing dollars from black market dealers in Lagos paid around ₦1,450 for each dollar, while those selling to them received ₦1,445 per dollar. CBN Official Exchange Rate
Meanwhile, at the Central Bank of Nigeria (CBN) window, the official exchange rate for the day remained relatively stable, fluctuating between ₦1,430 and ₦1,440 to the dollar.
The CBN has consistently emphasized that it does not recognize or endorse transactions carried out in the parallel market, warning individuals and businesses against patronizing unlicensed forex dealers. The apex bank advises all forex users to carry out their currency exchanges only through authorized financial institutions such as commercial banks or licensed BDCs.
Market Insights
Forex traders attribute the continued volatility in the parallel market to increased demand for dollars by importers and travelers, coupled with limited supply. The widening gap between the official and black market rates has become a recurring concern among economic analysts, who say it reflects underlying weaknesses in Nigeria’s foreign exchange management system.
Disclaimer
Please note that black market rates vary across different cities and dealers. The rates quoted above represent average figures obtained from major parallel market hubs in Lagos and may differ slightly from rates in Abuja, Kano, Port Harcourt, and other regions.
