The Dollar to Naira exchange rate in the black market continues to show pressure on the naira as demand for foreign exchange remains strong.
On Monday, September 22nd, 2025, the U.S. dollar traded at ₦1,505 per $1 for buying and ₦1,515 per $1 for selling, according to Naijaonpoint and reports from trusted parallel market operators.
How Much is Dollar to Naira Today in Black Market?
As of Monday, September 22nd, 2025, the black market exchange rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,505 |
| Selling Rate | ₦1,515 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs Official CBN Rate
The parallel market rate remains considerably higher than the official exchange rate published by the Central Bank of Nigeria (CBN). While the CBN provides a regulated rate through licensed institutions, limited access and strict allocation guidelines mean that importers, students, and travelers rely heavily on the black market. This gap between the official and black market rates continues to fuel inflationary pressures across the economy.
Factors Driving the Black Market Rate
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Strong Demand for Forex – Importers, manufacturers, and families paying foreign tuition sustain demand.
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Declining Forex Inflows – Nigeria’s oil revenue volatility and weak reserves limit official supply.
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Speculative Hoarding – Traders hold dollars to hedge against possible naira depreciation.
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Rising Inflation – Persistent inflation reduces naira confidence, boosting demand for the dollar.
Economic Implications
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Importers face higher costs, which increases commodity prices in local markets.
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Students abroad and families need more naira to meet tuition and living expenses.
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Manufacturers relying on imported inputs are squeezed by rising costs.
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Consumers continue to feel the impact as household purchasing power declines.
Outlook for the Naira
Analysts highlight that stabilizing the Dollar to Naira exchange rate requires stronger forex inflows, economic diversification, and reforms that attract foreign direct investment. Expanding non-oil exports and boosting remittances are also critical to narrowing the gap between official and black market rates.
Disclaimer: Black market rates are unofficial and vary across states and dealers. For official and regulated exchange rates, always check the Central Bank of Nigeria (CBN).