Black Market & CBN Dollar to Naira Rates for December 5 2025

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Nigeria’s foreign exchange market continues to draw public attention as traders and businesses closely monitor the daily movement of the dollar to naira exchange rate.

On December 5, 2025, the gap between the official exchange window and the parallel market remained noticeable, reflecting ongoing demand for foreign currency across different sectors of the economy.

According to Gossip News Now, foreign exchange dealers operating within Lagos reported new trading figures for the black market, often referred to as the parallel market.

Parallel Market Exchange Rates

Currency traders at various Bureau De Change (BDC) points disclosed the prevailing rates for the US dollar during transactions in the informal market.

The approximate figures recorded were:

Buying rate: around ₦1465 for $1
Selling rate: about ₦1475 for $1

These values represent the price range commonly observed among independent currency dealers during the trading period.

However, it is important to note that exchange rates in the parallel market are not fixed and can change based on location and demand.

Central Bank Official Exchange Window

While many Nigerians monitor black market rates, the Central Bank of Nigeria (CBN) maintains its own official exchange framework for financial institutions and authorised transactions.

At the official window, the dollar traded within a slightly lower range compared with the parallel market.

The recorded figures for the official market include:

Highest official rate: approximately ₦1450 per dollar
Lowest official rate: around ₦1446 per dollar

These rates typically apply to transactions processed through regulated financial institutions.

Why the Two Markets Differ

The difference between the official exchange window and the parallel market is largely driven by demand and accessibility.

Many individuals and businesses turn to the parallel market when they cannot easily obtain foreign currency through official channels.

Several factors can influence the exchange rate in the informal market, including:

fluctuations in demand for foreign currency
availability of dollars among currency traders
location of the transaction
negotiation between buyers and dealers

As a result, the rates quoted in the parallel market often vary slightly from one dealer to another.

CBN Position on the Parallel Market

The Central Bank of Nigeria has consistently maintained that the parallel market is not recognised as part of the country’s official foreign exchange system.

For this reason, the apex bank encourages individuals and organisations that require foreign currency to obtain it through authorised banks and official financial channels.

Commentary and Analysis

Nigeria’s exchange rate dynamics continue to reflect broader economic pressures related to foreign currency demand, trade flows, and financial policy adjustments.

The persistent difference between official and parallel market rates suggests that demand for foreign exchange still exceeds the supply available through regulated channels.

Analysts note that long-term stability in the naira may depend on a combination of policy reforms, increased foreign investment, and improved export earnings.

For businesses and individuals, monitoring both official and parallel market rates remains important for understanding the real cost of foreign currency in Nigeria’s evolving financial landscape.