The naira continued to struggle against the United States dollar on Sunday, September 7, 2025, with a wide gap between the official market and the parallel market rates.
At the official market, data from multiple sources showed the exchange rate hovering between ₦1,525 and ₦1,530 per dollar. Figures from the Central Bank and currency trackers such as XE, Wise, and Trading Economics placed the dollar around ₦1,528 on average.
In contrast, the black market (parallel market) offered slightly different figures. Checks across Lagos, Abuja, and other major cities showed that traders were buying the dollar at ₦1,500 and selling at ₦1,530. This means anyone selling $100 at the parallel market would receive about ₦153,000.
Breakdown of Exchange Rates – September 7, 2025
| Market Type | Buying Rate | Selling Rate |
|---|---|---|
| Official Market | — | ₦1,525 – ₦1,530 |
| Black Market | ₦1,500 | ₦1,530 |
Persistent Gap Between Official and Black Market Rates
The difference between the official and black market rates highlights the ongoing challenges in Nigeria’s foreign exchange market. While the government has tried to stabilize the naira through policy interventions, demand for dollars in the informal market remains strong, keeping the parallel rate under pressure.
Economic observers note that the naira’s performance has implications for businesses, importers, students paying tuition abroad, and households that rely on foreign remittances. The rising cost of dollars directly affects the price of goods and services in Nigeria, fueling inflationary pressures.
Dollar to Naira Conversion Table (Sept 7, 2025)
| USD ($) | Official Rate (NGN 1,528) | Black Market Buying (NGN 1,500) | Black Market Selling (NGN 1,530) |
|---|---|---|---|
| $100 | NGN 152,800 | NGN 150,000 | NGN 153,000 |
| $200 | NGN 305,600 | NGN 300,000 | NGN 306,000 |
| $300 | NGN 458,400 | NGN 450,000 | NGN 459,000 |
| $400 | NGN 611,200 | NGN 600,000 | NGN 612,000 |
| $500 | NGN 764,000 | NGN 750,000 | NGN 765,000 |
| $600 | NGN 916,800 | NGN 900,000 | NGN 918,000 |
| $700 | NGN 1,069,600 | NGN 1,050,000 | NGN 1,071,000 |
| $800 | NGN 1,222,400 | NGN 1,200,000 | NGN 1,224,000 |
| $900 | NGN 1,375,200 | NGN 1,350,000 | NGN 1,377,000 |
| $1,000 | NGN 1,528,000 | NGN 1,500,000 | NGN 1,530,000 |
What This Means for Nigerians
For many Nigerians, the black market rate is the most accessible, as official allocations remain difficult to obtain. This creates a dual exchange rate system where the naira’s real value on the streets differs from the government’s official benchmark.
As of today, the parallel market continues to dictate daily transactions, especially for importers and individuals needing quick access to foreign exchange.