The Dollar to Naira exchange rate in the Black Market continues to draw attention as demand for foreign currency remains high across Nigeria.
On Friday, August 8th 2025, the Nigerian Naira showed a slight weakening trend against the United States Dollar in the parallel market, often referred to as the Black Market.
With limited access to foreign exchange through official channels, the Black Market has remained the most active platform for many Nigerians—ranging from business owners to students and travelers—seeking to convert their naira to dollars.
How Much is Dollar to Naira Today in Black Market?
As of today, Friday, August 8th 2025, the Dollar to Naira exchange rate in the Black Market is quoted as follows:
These rates reflect figures from major currency dealers across Lagos, Abuja, and other urban trading hubs. The continuous gap between the Black Market and the official rates underscores ongoing challenges in Nigeria’s foreign exchange system.
For reliable daily updates on exchange rates, visit Naijaonpoint, check Aboki Forex, or follow the Central Bank of Nigeria (CBN) for official data.
Dollar to Naira: Parallel Market vs Official Rate
The CBN official exchange rate remains significantly lower than the rates seen in the Black Market. As of the latest update, the CBN’s Investors & Exporters (I&E) window shows a range between ₦1,520 – ₦1,540 per dollar.
Despite recent interventions and monetary tightening by the CBN, access to forex at official windows remains limited, driving many to seek alternatives in the unregulated market.
Why the Black Market Exchange Rate Remains Relevant
Several factors continue to sustain the relevance of the Black Market in Nigeria’s FX ecosystem:
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Limited FX Availability in Banks: Many Nigerians complain of inadequate forex allocation from commercial banks.
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Unmet Demand from Importers: The country’s heavy reliance on imports fuels a daily demand for dollars.
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Diaspora Inflows: Some remittances are exchanged in the Black Market to get better value.
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Tourism and Travel: Individuals traveling abroad often find it faster to get foreign currency through parallel dealers.
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Speculative Holdings: Traders and businesses often hold dollars to hedge against naira devaluation.
Economic Implications of Naira Volatility
Fluctuations in the Dollar to Naira exchange rate can have significant implications for inflation, import costs, and overall economic stability. As the naira weakens, the cost of goods and services—especially imported ones—rises, impacting the purchasing power of average Nigerians.
The CBN has reiterated its commitment to stabilizing the foreign exchange market, but success hinges on increased supply, enhanced transparency, and structural reforms to boost non-oil exports and attract foreign investments.
Conclusion
For Friday, August 8th 2025, the Dollar to Naira Black Market Exchange Rate stands at:
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₦1,555 per dollar for buying
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₦1,565 per dollar for selling
The Naira remains under pressure in the Black Market due to persistent dollar demand and limited supply from official sources. Nigerians are encouraged to monitor verified platforms like Naijaonpoint, Aboki Forex, and the CBN for real-time updates and credible forex market data.