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Naira Under Pressure As Dollar Sells For ₦1,495 In Black Market.
According to Nivo News, the naira continued to fluctuate against the US dollar in the parallel market on Tuesday, October 28, 2025. Reports from traders at the Lagos black market, also known as the Aboki FX market, revealed that the dollar was sold at ₦1,495 and bought at ₦1,480.....KINDLY READ THE FULL STORY HERE▶
While the black market rate remains significantly higher than the official rate, the Central Bank of Nigeria (CBN) has reiterated that it does not recognize transactions conducted in the parallel market. The apex bank continues to urge individuals and businesses seeking foreign exchange to make use of official channels through their respective financial institutions.
At the official CBN window, the dollar traded between ₦1,445 and ₦1,456 on Tuesday. However, rates vary across different banks and forex platforms, depending on market demand and liquidity.
Market analysts noted that persistent dollar scarcity and increasing demand for foreign exchange among importers are key factors contributing to the ongoing pressure on the naira.
Below is the summary of today’s exchange rates:
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Black Market Rate: ₦1,495 (selling) | ₦1,480 (buying)
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CBN Rate: ₦1,456 (highest) | ₦1,445 (lowest)
According to Nivo News, forex traders have advised individuals to confirm prevailing rates before making transactions, as market prices are subject to rapid changes driven by market forces and government policies.
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