Naira Stays Flat at ₦1,535 to Dollar in Black Market on September 16, 2025

The Nigerian Naira showed minimal fluctuation in the parallel market today, with the US Dollar trading at an average selling rate of ₦1,535 against the local currency, according to reports from Bureau De Change operators and street traders known as “Aboki” in major cities including Lagos, Abuja, and Port Harcourt.

This rate marks a slight stabilization from Monday’s levels, where the Dollar was bought at ₦1,522 and sold at ₦1,506, reflecting persistent demand for foreign exchange amid Nigeria’s economic challenges.

Market sources indicate that buying rates hovered around ₦1,515 to ₦1,520 today, while selling rates remained capped at ₦1,535 to ₦1,550 in some locations, influenced by limited dollar inflows and seasonal remittance patterns.

The black market, often a barometer for grassroots economic sentiment, continues to outpace official Central Bank of Nigeria (CBN) rates, which stood at approximately ₦1,506 per Dollar in recent interbank sessions.

Analysts attribute the Naira’s relative calm to recent CBN interventions aimed at curbing speculation. However, broader factors like inflation hovering above 30% and reduced oil revenues due to global price volatility are keeping pressure on the currency.

“Traders are cautious today, with no major sell-offs or buys pushing the rate beyond last week’s highs of ₦1,550,” said a Lagos-based Aboki operator, speaking on condition of anonymity.

“But if remittances slow further ahead of the holiday season, we could see it edge up to ₦1,550 by week’s end.”

For context, exchanging $1,000 in the parallel market today would cost around ₦1,535,000, underscoring the Naira’s depreciation of over 20% year-to-date against the Dollar. This comes as the federal government pushes reforms to boost foreign reserves, currently at $35 billion, through diaspora bond issuances and export incentives.

Market participants are watching upcoming CBN policy announcements for signals on further rate adjustments. In the meantime, the Euro traded at ₦1,770–₦1,800, and the British Pound at ₦2,090–₦2,130 in the black market.

Rates are indicative and subject to real-time variations; always verify with licensed dealers for transactions.