Naira Currency Hits ₦1,605/$ in Black Market
Cracks in the Mirror: On Saturday, June 21, 2025, the dollar traded at ₦1,587 (buy) and ₦1,605 (sell) on the Lagos black market, according to Naija News. This comes despite the Central Bank of Nigeria’s insistence that only official channels should be used for foreign exchange, where the dollar ranged between ₦1,545 and ₦1,552.
Black market rates rose to ₦1,605 per dollar on June 21, surpassing official CBN rates.
Official rates hovered between ₦1,545 (lowest) and ₦1,552 (highest), per CBN data.
The CBN maintains that black market trades are not recognised and advises using banks for FX.
The rate gap continues to reflect ongoing pressure on Nigeria’s currency and FX policy limitations.
Cracks in the Mirror appear each time the official image of economic stability shatters against the lived reality on the streets. The divergence between black market and CBN rates isn’t just financial; it reflects public trust, broken systems, and quiet desperation.
Naija News
