Dollar Trades at ₦1,485 at Black Market as Forex Pressures Persist

The Nigerian naira weakened further against the United States dollar at the parallel market on Monday, December 15, 2025, with the exchange rate closing at ₦1,485 per dollar, reflecting sustained pressure on the local currency amid tight foreign exchange supply.

Checks at the Lagos parallel market, popularly known as the black market or Aboki FX, showed that Bureau De Change (BDC) operators sold the dollar at ₦1,485, while buyers purchased the greenback at ₦1,480. The spread reflects continued demand for foreign currency from individuals and businesses unable to access dollars through official channels.

Market operators attributed the persistent depreciation of the naira at the parallel market to limited dollar liquidity, rising import demand, and cautious sentiment among forex dealers. Many traders said the demand for dollars remained strong, particularly from importers and travellers seeking foreign exchange for overseas transactions.

The black market continues to play a significant role in Nigeria’s forex landscape, despite repeated warnings from monetary authorities against its use. For many Nigerians, the parallel market remains the fastest and most accessible source of foreign currency, especially when allocations from banks fall short of demand.

However, the Central Bank of Nigeria (CBN) has consistently stated that it does not recognise the parallel market. The apex bank has directed individuals and businesses seeking foreign exchange to approach their respective banks and authorised dealers for legitimate forex transactions.

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In recent months, the CBN has reiterated its commitment to stabilising the naira through market-driven reforms, increased transparency in the foreign exchange market, and efforts to boost dollar inflows from exports and remittances. Despite these measures, the gap between official and parallel market rates has remained a key concern for analysts and investors.

Financial experts note that movements in the black market often reflect broader economic fundamentals, including inflationary pressures, external reserves levels, and confidence in monetary policy. They argue that sustained stability in the naira will depend largely on improving foreign exchange supply through higher crude oil earnings, non-oil exports, and increased foreign investment inflows.

Meanwhile, currency dealers advised individuals and businesses to exercise caution when engaging in parallel market transactions, given the risks associated with unregulated forex trading. They also urged the authorities to continue reforms aimed at deepening liquidity in the official market to reduce reliance on the black market.

As of Monday, the naira’s performance at the parallel market underscores ongoing challenges in Nigeria’s foreign exchange market, even as policymakers pursue strategies to restore confidence and ease pressure on the local currency.