The Nigerian Naira maintained its recent stability against the United States Dollar in the black market today, Monday, June 16th, 2025, amid continued forex demand from importers, travelers and students.
The parallel market remains the most accessible and widely used platform for forex transactions in Nigeria, especially for those unable to meet the requirements of the official channels.
As of this morning, currency traders across Lagos, Abuja, Kano, and Port Harcourt are quoting the following Dollar to Naira black market exchange rate:
Buying Rate: ₦1,580 per $1
Selling Rate: ₦1,590 per $1
The rates show no significant change from the previous trading session, signaling a relatively balanced demand-supply environment for now.
How Much Is Dollar to Naira Today in Black Market?
Many Nigerians continue to search, “how much is dollar to naira today in black market?”, as the parallel market remains the go-to platform for securing foreign exchange. For today, Monday, June 16, 2025, the black market rate stands at ₦1,580 per dollar for buying and ₦1,590 per dollar for selling.
These rates are widely accepted across major street exchange points but may fluctuate slightly depending on location and transaction size. To access real-time exchange rates and reliable market updates, platforms like Naijaonpoint and Aboki Forex remain trusted sources.
Black Market vs. Official CBN Exchange Rate
While the black market continues to thrive, the Central Bank of Nigeria (CBN) maintains an official rate for dollar-to-naira transactions, currently hovering between ₦1,570 and ₦1,580 per dollar. However, access to this rate is restricted to approved sectors and requires documentation that many Nigerians find difficult to provide.
As a result, the black market remains a more convenient option, though it comes at a premium. The widening gap between the official and parallel market rates highlights ongoing inefficiencies in Nigeria’s forex allocation framework.
Why the Black Market Rate Remains Elevated
Despite today’s rate stability, the black market exchange rate remains high due to several persistent factors:
-
Restricted Access to Official FX: Many individuals and businesses cannot meet the requirements for CBN-authorized dollar allocations.
-
Sustained Import Demand: Nigeria’s economy relies heavily on imported goods, driving consistent demand for the U.S. Dollar.
-
Inflation and Economic Uncertainty: With the Naira’s value continuing to erode, more people are converting to foreign currencies to preserve value.
-
Informal Remittance Channels: Diaspora remittances often bypass official banking systems, contributing to liquidity in the black market.
-
Speculative Activity: Traders often hoard foreign currency in anticipation of higher future prices, reducing availability.
These factors ensure the black market remains not only relevant but dominant in Nigeria’s retail forex landscape.
Market Outlook and Economic Implications
Analysts project that the black market rate will remain volatile in the short term, pending significant changes in government policy or increased foreign inflows. The Central Bank’s ongoing efforts to stabilize the Naira through rate harmonization and targeted interventions have yet to bridge the supply gap.
Investors and businesses are advised to monitor the market closely, especially as fluctuations in crude oil prices, external reserves, and monetary policy continue to influence exchange rates.
To stay ahead of developments, visit Naijaonpoint for financial and economic analysis, check Aboki Forex for daily black market updates, and refer to the CBN for official exchange rates and policy changes.
Conclusion
For Monday, June 16th, 2025, the Black Market Dollar to Naira exchange rate is:
₦1,580 per dollar for buying
₦1,590 per dollar for selling
While the Naira shows some short-term stability in the black market, the broader forex situation remains fragile. With demand for dollars still exceeding supply, and access to official rates limited, the black market continues to play a central role in Nigeria’s foreign exchange system.
For the most accurate updates and forex insights, follow Naijaonpoint, check rates daily on Aboki Forex, and monitor official announcements from the Central Bank of Nigeria.
Leave a Comment