Naira Stays Firm at ₦1,530 to Dollar in Black Market on September 19, 2025

The Nigerian Naira continued to trade at a relatively stable rate against the US Dollar in the parallel market on Friday, with black market operators quoting a buying rate of ₦1,535 and a selling rate of ₦1,530 per dollar.

This marks a minor appreciation from the previous day’s rates, offering a brief respite for traders and importers grappling with ongoing currency volatility.

According to sources from Bureau De Change (BDC) operators in Lagos, the rates reflect subdued trading activity influenced by recent Central Bank of Nigeria (CBN) interventions and seasonal demand patterns.

The parallel market, often referred to as the “Aboki” rate due to its informal network of street traders, has seen the Naira hover around the ₦1,530 mark for much of the week, a slight improvement from mid-September levels, where it dipped below ₦1,500 at times.

Yesterday’s trading on September 18 saw similar stability, with the Naira buying at ₦1,535 and selling at ₦1,530, unchanged from the prior session. This consistency comes after a period of fluctuations earlier in the month, where rates briefly climbed to ₦1,540 on September 17 before easing back.

Market analysts attribute the steadiness to improved dollar inflows from remittances and oil exports, though experts warn that underlying pressures from inflation and foreign reserve depletion could prompt renewed depreciation. “The Naira is treading water for now, but without sustained CBN support, we could see it weaken further by month’s end,” said an economist at a Lagos-based financial firm.

For context, the official CBN rate remains more favourable, at around ₦1,500 per dollar; however, many Nigerians rely on the black market for faster access to foreign currency. This disparity continues to fuel debates on currency unification and economic reforms under the current administration.

As trading wraps up today, all eyes are on weekend developments, including potential announcements from the CBN that could influence next week’s rates. Stay tuned for updates as the market evolves.