The Nigerian Naira strengthened slightly against the U.S. Dollar in the black market today, Saturday, June 28th, 2025, offering a bit of relief for individuals and businesses that rely on parallel market transactions to meet urgent foreign exchange needs.
The improvement comes after weeks of steady pressure on the local currency due to high demand and limited official dollar supply.
Currency dealers in major black market hubs including Lagos, Abuja, Kano, and Port Harcourt confirmed that the Dollar to Naira black market exchange rate today is:
Buying Rate: ₦1,560 per $1
Selling Rate: ₦1,570 per $1
This ₦10 spread highlights the ongoing gap between demand and supply, though today’s slight gain indicates temporary stability as the month draws to a close.
How Much Is Dollar to Naira Today in Black Market?
Nigerians continue to ask daily, “how much is dollar to naira today in black market?” especially those who need to pay school fees abroad, make import payments, or fund personal travel.
As of Saturday, June 28th, 2025, the black market rate stands at ₦1,560 per dollar for buying and ₦1,570 per dollar for selling. These rates can vary slightly depending on the city and the volume of the transaction but reflect the average range seen across Nigeria’s informal currency market.
For real-time updates and verified daily figures, visit News About Nigeria for national economic news and forex trends. You can also check Aboki Forex for live parallel market rates and confirm official benchmarks on the Central Bank of Nigeria (CBN) website.
Dollar to Naira: Black Market vs. Official CBN Rate
While the black market remains the go-to option for many Nigerians who cannot access dollars officially, the Central Bank of Nigeria (CBN) maintains an official Dollar to Naira exchange rate that is significantly lower.
Currently, the CBN official rate is around ₦1,550 to ₦1,560 per dollar, depending on transaction type and sector allocation. However, strict documentation requirements and limited allocations mean that most individuals and small businesses have no choice but to turn to the black market, which remains more flexible and responsive to real-time demand.
Why the Black Market Still Drives Dollar to Naira Rates
Despite today’s minor gain for the Naira, Nigeria’s black market remains active and crucial for meeting local forex demand. This is driven by:
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Restricted Access to Official FX: The CBN’s supply cannot match the growing demand for dollars by importers, students, and travelers.
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Import-Heavy Economy: Nigeria relies heavily on imports, keeping dollar demand high daily.
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Inflation and Weak Purchasing Power: Many people convert their savings to dollars to protect against inflation.
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Diaspora Inflows: Many Nigerians abroad use informal channels to send money back home due to better parallel market rates.
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Speculative Trading: Traders often hoard dollars in anticipation of further depreciation, creating artificial scarcity.
Until Nigeria sees improved foreign investment, higher non-oil exports, and stronger reserves, the black market will continue to set the practical Dollar to Naira rate for everyday people.
Outlook for the Naira
While today’s slight gain is a positive sign, experts caution that Nigeria’s forex market remains fragile. Without substantial and sustained inflows from oil revenue, diaspora remittances, or new foreign direct investments, the Naira will remain under pressure.
The Central Bank’s policy reforms and attempts at unifying the exchange rate must be supported by broader economic stability to reduce reliance on the black market.
To stay ahead of market movements and exchange rate updates, check daily news and analysis on News About Nigeria. For parallel market rates, track Aboki Forex, and always refer to the CBN for official benchmarks and policy directions.
Conclusion
For Saturday, June 28th, 2025, the Black Market Dollar to Naira exchange rate is:
₦1,560 per dollar for buying
₦1,570 per dollar for selling
Though today’s appreciation brings slight relief, the gap between the black market and official rates remains wide. As the demand for dollars continues to outpace supply, the parallel market will stay central to Nigeria’s forex landscape for the foreseeable future.
