Black Market Dollar to Naira Rate Today (November 23 2025)

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The exchange value of the US dollar against the Nigerian naira remains one of the most closely watched economic indicators for traders, businesses, and individuals across the country. Daily changes in the foreign exchange market often influence financial planning, import costs, and commercial transactions.

In Nigeria, many people monitor two main exchange windows: the official market supervised by the Central Bank of Nigeria (CBN) and the parallel market, often referred to as the black market or Aboki FX.

According to information obtained from currency dealers in Lagos, trading activity in the parallel market on Saturday, November 22, 2025, showed a slight variation between buying and selling prices for the US dollar.

Gossip News Now reports that Bureau De Change operators indicated the following average exchange levels within the Lagos street market:

Parallel Market Dollar Rates

Foreign exchange traders reported that the US dollar changed hands at the following approximate values:

₦1,473 per dollar when selling to buyers
₦1,460 per dollar when purchasing dollars from customers

These figures represent the common spread maintained by dealers in the informal forex market and may differ slightly depending on negotiation and location.

Official CBN Reference Range

While the parallel market continues to attract attention, the Central Bank of Nigeria maintains its own official exchange window. Data associated with the regulated system showed the naira trading within the following band against the dollar:

Exchange Indicator	Rate (₦ per $1)
Highest official rate	₦1,462
Lowest official rate	₦1,453

The official market values are often lower than those seen in the street market, reflecting differences in supply and access to foreign currency.

CBN’s Position on Parallel Market Transactions

The Central Bank has consistently maintained that the black market operates outside the country’s regulated foreign exchange framework. As a result, the apex bank does not officially recognise transactions conducted through that channel.

Authorities therefore encourage Nigerians seeking foreign currency to rely on authorised banks and financial institutions where transactions can be properly monitored and regulated.

Why Exchange Rates May Differ

Currency prices in Nigeria are rarely uniform across all locations. Several factors can cause fluctuations between reported rates and the actual price offered by dealers.

Some of the common influences include:

Local demand for dollars in a specific area
Availability of foreign currency with dealers
Negotiation between buyers and sellers
Volume of transactions in the market

Because of these variables, the amount paid for dollars in one location may be slightly higher or lower than the commonly reported figures.

Commentary and Analysis

The continued gap between official and parallel market exchange rates reflects the broader challenges within Nigeria’s foreign exchange system. Limited supply of dollars through official channels often pushes individuals and businesses to explore alternative markets.

Economists frequently point out that stabilising the naira requires stronger export earnings, improved investor confidence, and increased foreign currency inflows. Until such conditions improve, the parallel market is likely to remain a major reference point for everyday forex transactions in the country.

For businesses that rely heavily on imported goods, daily monitoring of these rates has become essential for pricing decisions and financial planning.