Naira Stabilizes at ₦1,502-₦1,508 Per Dollar in Black Market on September 15, 2025
The Nigerian Naira maintained relative stability in the black market on Monday, trading at an average rate of ₦1,502 to ₦1,508 per US Dollar, according to real-time updates from parallel market traders and currency tracking platforms.
This marks a slight appreciation from the weekend’s close, where dealers were buying at ₦1,506 and selling at ₦1,522, reflecting cautious optimism amid ongoing foreign exchange interventions by the Central Bank of Nigeria (CBN).
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Aboki traders – the informal currency exchangers who set parallel market rates – reported brisk but controlled activity in major cities like Lagos, Abuja, and Port Harcourt. “Demand is steady, but supply from diaspora remittances is keeping things balanced today,” said a Lagos-based Bureau de Change operator, speaking on condition of anonymity.
The rates, often tracked via apps like AbokiFX, hovered around ₦1,502.98 early in the day, with buying at ₦1,501.85 and selling up to ₦1,508.61 in peer-to-peer crypto-linked trades.
| Currency Pair | Buy Rate (₦) | Sell Rate (₦) | Change from Sept 14 |
|---|---|---|---|
| USD/NGN | 1,501.85 | 1,508.61 | +0.5% (appreciation) |
| EUR/NGN | 1,762.31 | 1,762.48 | Stable |
| GBP/NGN | 2,037.00 | 2,037.63 | +0.2% |
| CAD/NGN | 1,085.54 | 1,085.73 | Stable |
The parallel market, which operates outside official channels, continues to serve as a lifeline for small businesses, travellers, and families funding overseas education or remittances.
However, the Naira remains under pressure from Nigeria’s persistent trade deficit and inflation hovering near 25%, with economists projecting a year-end rate closer to ₦1,600 if oil prices – a key export driver – dip below $60 per barrel.
For comparison, the official CBN rate stood at around ₦1,550 last week, highlighting the persistent premium on black market transactions.
Market watchers attribute today’s steadiness to increased dollar inflows from non-oil exports and CBN’s recent forex auctions, which injected over $500 million into the system last month. “We’re seeing a six-month high in stability, but volatility could return with the MPC meeting next week,” noted a forex analyst from TheCityCeleb.com.
Businesses are advised to hedge against fluctuations and stick to licensed dealers to avoid scams, as intra-day swings of up to 10 naira per dollar are common.
As Nigeria navigates its economic recovery, all eyes remain on global cues, including U.S. Federal Reserve rate decisions, which could further influence capital flows into emerging markets, such as Africa’s largest economy.
This report is based on aggregated data from parallel market sources and is for informational purposes only. Exchange rates may vary by location and time.
