The Dollar to Naira exchange rate in the black market remains a major concern for Nigeria’s economy as forex scarcity continues to push more individuals and businesses toward parallel market operators.
On Friday, September 19th, 2025, the U.S. dollar traded at ₦1,525 per $1 for buying and ₦1,535 per $1 for selling, according to Naijaonpoint and reports from key parallel market sources.
How Much is Dollar to Naira Today in Black Market?
As of Friday, September 19th, 2025, the black market exchange rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,525 |
| Selling Rate | ₦1,535 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs. Official CBN Rate
The black market continues to trade well above the official exchange rate set by the Central Bank of Nigeria (CBN). Limited access at the official window leaves importers, students, and travelers with little choice but to rely on the parallel market. This gap between the official and black market exchange rates fuels inflation, raises the cost of imports, and impacts household purchasing power.
Drivers of the Black Market Dollar to Naira Rate
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High Import Demand – Nigeria’s heavy reliance on imported goods sustains strong dollar demand.
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Limited Forex Inflows – Declining oil revenues and weaker reserves continue to strain supply.
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Speculation & Hoarding – Traders keep dollars in anticipation of further naira depreciation.
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Inflationary Pressures – Rising inflation reduces the naira’s value and increases dollar demand.
Impact on Nigerians and Businesses
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Importers are forced to pay more to source goods and raw materials.
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Families and students abroad need higher naira amounts to meet tuition and living expenses.
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Manufacturers using imported inputs face rising costs that cut into profit margins.
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Consumers feel the pressure as prices of goods and services continue to rise.
Outlook for the Naira
Experts maintain that narrowing the gap between official and black market exchange rates will depend on increased forex inflows, diversification of exports, and reforms that attract foreign direct investment. Boosting diaspora remittances and reducing Nigeria’s reliance on imports are also crucial to stabilizing the Dollar to Naira rate over time.
Disclaimer: Black market rates are unofficial and may vary across states and traders. For official and regulated rates, always check the Central Bank of Nigeria (CBN).