The black market remains a critical reference point for many Nigerians tracking the performance of the naira against the U.S. dollar.
As of today, Thursday, August 14th, 2025, the Dollar to Naira exchange rate in the parallel market is ₦1,555 per $1 for buying and ₦1,565 per $1 for selling, according to data obtained from News About Nigeria and verified market sources.
These rates remain significantly higher than the official figures published by the Central Bank of Nigeria (CBN), reflecting the ongoing foreign exchange scarcity and demand pressures in Nigeria.
How Much is Dollar to Naira Today in Black Market?
Below are today’s black market exchange rates for the U.S. dollar to the Nigerian naira:
| Dollars to Naira |
Exchange Rate Today |
| Buying Rate |
₦1,555 |
| Selling Rate |
₦1,565 |
(Source: News About Nigeria, Aboki Forex)
Black Market vs. Official CBN Rate
While the official CBN exchange rate is generally much lower, the challenge for businesses and individuals is access. Many cannot obtain dollars at the official rate due to limited allocation, forcing them to source foreign currency from the black market where rates are determined by supply and demand.
This gap between the official and parallel market rates often drives inflationary pressures, especially on imported goods and services.
Factors Driving the Current Dollar to Naira Rate
Several underlying factors contribute to the high exchange rate in the black market, including:
-
Limited Dollar Supply: Reduced foreign reserves and strict allocation policies from the CBN.
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High Import Dependence: Demand for foreign goods sustains dollar pressure.
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Speculation: Traders hoarding dollars in anticipation of further naira depreciation.
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Inflation: The naira’s weakening value pushes individuals to store wealth in dollars.
Impact on Businesses and Consumers
The rising Dollar to Naira black market rate affects virtually every sector of the Nigerian economy:
-
Importers face higher costs for goods, which trickle down to consumers.
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Manufacturers reliant on imported raw materials experience increased production expenses.
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Households struggle with elevated prices for essential items, further squeezing disposable income.
Outlook for the Naira
Currency analysts suggest that short-term relief will depend on:
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CBN Forex Intervention – Increasing supply to the official market could narrow the rate gap.
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Oil Revenue Performance – Higher global oil prices could boost dollar inflows.
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Economic Reforms – Policies to strengthen local production and reduce import reliance.
Disclaimer: Black market rates are unofficial and subject to rapid fluctuations. For official rates and policies, visit the Central Bank of Nigeria.
