The Dollar to Naira exchange rate in the black market continues to highlight the challenges in Nigeria’s forex market as demand remains strong.
On Friday, September 5th, 2025, the U.S. dollar traded at ₦1,540 per $1 for buying and ₦1,550 per $1 for selling, according to News About Nigeria and reports from key parallel market operators.
How Much is Dollar to Naira Today in Black Market?
As of today, Friday, September 5th, 2025, the black market exchange rates are:
| Dollars to Naira |
Exchange Rate Today |
| Buying Rate |
₦1,540 |
| Selling Rate |
₦1,550 |
(Source: News About Nigeria, Aboki Forex)
Dollar to Naira: Black Market vs Official CBN Rate
The black market exchange rate remains higher than the official rate published by the Central Bank of Nigeria (CBN). Access to forex through official channels remains limited, forcing businesses, importers, students, and travelers to rely on the parallel market. This gap between the official and black market rates continues to widen inflationary pressures in Nigeria.
Factors Driving the Black Market Exchange Rate
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Limited Forex Supply – Reduced inflows from crude oil exports constrain CBN’s ability to provide enough dollars.
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High Demand – Importers, students paying tuition abroad, and travelers drive persistent demand for the U.S. dollar.
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Speculative Hoarding – Traders stockpile dollars, expecting further naira depreciation.
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Inflationary Pressures – Rising inflation continues to weaken the value of the naira, making dollar holdings more attractive.
Economic Impact of the Dollar to Naira Black Market Rate
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Importers face higher costs when sourcing dollars, which translates to more expensive goods in Nigerian markets.
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Families and students abroad are forced to spend more naira to cover tuition and living expenses.
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Manufacturers dependent on imported raw materials experience rising production costs.
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Households deal with higher inflation as businesses pass on increased forex costs to consumers.
Outlook for the Naira
Analysts suggest that unless Nigeria strengthens its forex reserves and diversifies its economy beyond oil, the black market will remain the dominant source of foreign exchange. Policy reforms, improved non-oil exports, and attracting foreign direct investment are seen as key to reducing pressure on the Dollar to Naira exchange rate.
Disclaimer: Black market rates are unofficial and vary across states and traders. For official exchange rates, always refer to the Central Bank of Nigeria (CBN).
