The Dollar to Naira exchange rate in the black market continues to reflect Nigeria’s forex demand pressures. As of today, Wednesday, August 20th, 2025, the naira traded at ₦1,535 per $1 for buying and ₦1,545 per $1 for selling, according to News About Nigeria and other market trackers.
How Much is Dollar to Naira Today in Black Market?
The black market exchange rates for today are:
| Dollars to Naira |
Exchange Rate Today |
| Buying Rate |
₦1,535 |
| Selling Rate |
₦1,545 |
(Source: News About Nigeria)
Dollar to Naira Black Market vs. Official CBN Rate
The black market rate is significantly higher than the official exchange rate provided by the Central Bank of Nigeria (CBN). While the CBN supplies forex through official channels, demand consistently outweighs supply, forcing individuals and businesses to turn to the parallel market.
This persistent gap between the black market and official rate has been a challenge for importers, manufacturers, students, and Nigerians with international obligations.
Key Factors Driving the Dollar to Naira Exchange Rate
Several factors contribute to the current exchange rate situation in Nigeria:
-
High Demand for Dollars: Importers, travelers, and international students continue to drive demand.
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Limited Forex Supply: Declining inflows from oil revenues and restricted CBN interventions.
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Speculation & Hoarding: Market players anticipate further naira depreciation.
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Inflation & Economic Uncertainty: Rising prices encourage dollar hedging as a store of value.
Impact on Nigerians and Businesses
The wide disparity between the official and black market Dollar to Naira rates affects multiple sectors:
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Import Costs: Businesses pay more to import goods, increasing market prices.
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Education & Travel: Families and individuals seeking tuition or travel dollars face higher costs.
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Inflation: Persistent pressure on household incomes due to rising prices of imported goods.
Outlook for the Naira
Analysts suggest that stabilizing the naira will require stronger policies, increased forex inflows, and renewed investor confidence. Encouraging exports, boosting diaspora remittances, and diversifying away from oil dependency remain critical strategies.
Disclaimer: Black market rates are unofficial and may change frequently. For reliable official rates, always check the Central Bank of Nigeria (CBN).
