The naira weakened further against the United States dollar in the parallel market on Saturday, 20th September 2025, trading at ₦1,530/$1 for buyers and ₦1,520/$1 for sellers, according to updates from forex trackers including NairaToday and AbokiFX.
At the official window, the Central Bank of Nigeria (CBN) maintained the exchange rate at around ₦1,490/$1, a level that continues to fall short of what is obtainable on the streets.
The pound sterling also traded higher in the parallel market, exchanging at about ₦1,950/£1, while the euro was quoted at ₦1,650/€1.
Analysts attribute the persistent gap between official and black market rates to forex shortages, rising demand from importers and travellers, and speculative trading.
Currency dealers in Lagos and Abuja noted that rates often fluctuate multiple times within a single day, advising buyers and sellers to confirm from reliable platforms such as AbokiFX, NairaToday, and NgnRates before making transactions.
The naira’s decline has direct effects on businesses and households. Importers face higher costs of goods, manufacturers struggle with rising input prices, and inflation continues to erode household spending power. For students and travellers abroad, more naira is now required to meet tuition, living expenses, and other foreign currency obligations.
The exchange rate has become more than just a market figure it reflects the broader economic pressures facing Nigeria and highlights the impact of global currencies on everyday life.
