On Sunday, November 2, 2025, the US dollar traded against the Nigerian naira at ₦1450 for sales and ₦1440 for purchases in Lagos parallel markets. Bureau de Change operators reported these rates amid ongoing currency fluctuations.
CBN Rejects Black Market Forex
Nigeria’s Central Bank maintains its position against recognizing parallel market exchange rates. The CBN advises individuals needing foreign currency transactions to conduct them through authorized banking channels rather than the unofficial market.
Understanding Forex Regulations
The gap between official and black market rates continues as Nigeria navigates currency challenges. Financial experts urge caution when engaging in unofficial forex trades due to regulatory risks and volatility.
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