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The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) continues to attract nationwide attention, given its impact on trade, imports, and the general economy. On Tuesday, September 23, 2025, the gap between the Central Bank of Nigeria (CBN) official rate and the parallel market (black market) remains wide, reflecting persistent pressure on foreign exchange supply.
News Week Nigeria reports that while the CBN maintained a relatively stable official rate, the black market exchange rate showed higher figures, with dealers adjusting prices in response to rising demand and limited dollar availability.
Dollar to Naira Exchange Rate Today
Black Market (Aboki FX / Parallel Market)
- Buying Rate: ₦1,510 per $1
- Selling Rate: ₦1,524 per $1
These figures are based on information from Lagos and Abuja traders, who noted strong demand from importers and businesses.
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CBN / Official Market
- CBN Rate: ₦1,493 per $1
The official CBN rate continues to trail the parallel market by approximately ₦30 to ₦35, creating difficulties for businesses unable to access sufficient forex through official channels.
Why the Gap Persists
The continued disparity between official and parallel market rates can be traced to several key factors:
- Limited Dollar Supply – Nigeria’s reliance on oil exports means forex inflows remain volatile.
- High Import Demand – Importers often turn to the parallel market when CBN allocations fall short.
- Speculation and Hoarding – Traders in the informal market sometimes raise prices in anticipation of further naira depreciation.
- Inflationary Pressures – Rising prices of goods and services push businesses to seek dollars urgently, especially for imported commodities.
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Impact on Nigerians
- Businesses: Importers of goods, especially automobiles, electronics, and raw materials, face increased costs.
- Consumers: Higher forex rates fuel inflation, raising the cost of imported food, fuel, and daily essentials.
- Investors: Uncertainty in exchange rate stability discourages long-term investment inflows.
Efforts to Stabilize the Market
The CBN has consistently emphasized its commitment to stabilizing the naira. Measures in recent months include:
- Tightened monetary policies to control inflation.
- Forex interventions to support the official window.
- Engagement with stakeholders to curb speculative trading.
Despite these moves, analysts note that bridging the gap between the CBN rate and the black market will require increased dollar inflows, stronger export diversification, and confidence in the banking system.
Dollar to Naira Outlook
For September 2025, forex traders project continued volatility. The naira’s strength will depend on:
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- Global oil price movements.
- Diaspora remittances inflows.
- Effectiveness of government reforms in forex management.
Until then, the parallel market is likely to remain the reference point for many Nigerians seeking access to the dollar.
