The Dollar to Naira exchange rate continues to dominate Nigeria’s forex discussions as demand for foreign exchange exceeds official supply.
On Tuesday, September 9th, 2025, the U.S. dollar traded at ₦1,528 per $1 for buying and ₦1,538 per $1 for selling, according to News About Nigeria and updates from major black market dealers.
How Much is Dollar to Naira Today in Black Market?
As of Tuesday, September 9th, 2025, the black market exchange rates are:
| Dollars to Naira |
Exchange Rate Today |
| Buying Rate |
₦1,528 |
| Selling Rate |
₦1,538 |
(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 set by the Central Bank of Nigeria (CBN). While the CBN maintains a lower official rate through authorized banks and dealers, limited access and strict allocation policies push businesses, students, and travelers to rely on the black market. This creates a persistent gap that impacts inflation and everyday costs for Nigerians.
Why the Black Market Rate Remains High
-
Strong Dollar Demand – Importers, international students, and travelers drive consistent demand.
-
Limited Forex Inflows – Reduced oil revenues and weaker foreign reserves constrain CBN’s supply.
-
Speculation and Hoarding – Traders hold dollars in anticipation of further depreciation of the naira.
-
Inflationary Pressures – With domestic inflation rising, dollars are seen as a safer store of value.
Economic Implications for Nigerians
-
Import Costs: Higher black market rates raise the cost of imported food, fuel, and goods.
-
Education & Travel: Families funding tuition and international travel must spend more naira per dollar.
-
Manufacturers: Those relying on imported raw materials face higher operating costs.
-
Consumers: Inflation continues to erode purchasing power, raising the cost of living.
Outlook for the Naira
Analysts predict that unless Nigeria strengthens forex inflows through exports, remittances, and foreign direct investments, the pressure on the naira will persist. Structural reforms, improved investor confidence, and diversification beyond oil exports are key to narrowing the gap between the official and black market Dollar to Naira rates.
Disclaimer: Black market exchange rates are unofficial and may vary across cities and dealers. For regulated and official exchange rates, always consult the Central Bank of Nigeria (CBN).
