The Nigerian Naira continued its downward slide against the US Dollar in the parallel market on Monday, October 13, 2025, with traders reporting a selling rate of ₦1,504 and a buying rate of ₦1,485 per dollar at the Lagos Black Market (Aboki FX).
According to Bureau De Change (BDC) operators, the sustained pressure on the naira has been fueled by rising demand for foreign exchange among importers and speculators.
In contrast, data from the Central Bank of Nigeria (CBN) placed the official exchange rate between ₦1,448 and ₦1,463, creating a wide gap of over ₦50 between the official and parallel market rates.
The CBN continues to caution Nigerians against trading in the black market, urging individuals to access foreign exchange through official channels such as banks and licensed forex dealers.
Experts predict further depreciation if the government does not intervene with effective monetary policies to strengthen the local currency.
| Dollar to Naira Rate (October 13, 2025) | Market Type | Buying Rate | Selling Rate |
|---|---|---|---|
| Lagos Black Market (Aboki FX) | Parallel Market | ₦1,485 | ₦1,504 |
| Central Bank of Nigeria (CBN) | Official Rate | ₦1,448 | ₦1,463 |
Note: Exchange rates vary across cities and dealers. Always confirm rates before transactions.
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