The Nigerian naira continues to struggle against the US dollar, with black market rates reaching new highs. According to reports from Bureau De Change (BDC) operators in Lagos, the dollar is being bought at ₦1515 and sold at ₦1525 as of March 6, 2025.
This surge reflects the ongoing foreign exchange crisis, with demand for the greenback far outpacing supply. Market analysts note that the naira's depreciation is fueled by inflationary pressures, dwindling foreign reserves, and speculative trading.
While the Central Bank of Nigeria (CBN) insists that the official market remains the only recognized exchange platform, many Nigerians continue to rely on the parallel market due to forex scarcity at banks.
With rates projected to fluctuate between ₦1502 and ₦1525, economic experts warn of further depreciation unless decisive measures are taken to stabilize the currency.