By Business Desk
Nigeria’s foreign exchange market witnessed yet another dramatic twist on Sunday, September 28, 2025, as the naira struggled against the United States dollar in the parallel market, popularly known as the black market or Aboki FX.
According to bureau de change operators in Lagos, the dollar exchanged at ₦1,505 for sellers and ₦1,485 for buyers, reflecting the naira’s continued weakness and volatility despite government assurances of stability.
The Central Bank of Nigeria (CBN), however, maintains its hard stance on the parallel market, stressing that it does not recognize black market transactions. Instead, the apex bank insists that all legitimate forex demands must be processed through official banking channels.
While the black market dictates the pulse of daily commercial activities, especially for importers and businesses shut out of official allocations, the CBN rate remains significantly lower, creating a widening gap that fuels speculation and arbitrage.
Economic analysts warn that the widening disparity between the official and unofficial markets further pressures inflation, especially on essential goods, transport, and imported products.
Nigerians React as Cost of Living Bites Harder
From traders in Balogun Market to students paying school fees abroad, Nigerians continue to feel the brunt of the naira’s free fall. “Every week the rate changes, and it’s always against us. Prices in the market adjust immediately. It’s suffocating,” lamented a Lagos-based trader.
The Bigger Picture
The dollar-to-naira saga has become more than a financial headline—it is now a measure of public sentiment, investor confidence, and the everyday survival of millions. With the rate now climbing above ₦1,500 per dollar, questions loom over whether fresh monetary policies or international interventions will be enough to rescue the struggling currency.
For now, the black market continues to dictate the reality: ₦1,505 per $1.
PIONEER NEWS 