The Nigerian Naira lost slight ground against the U.S. dollar in the parallel market on Thursday as foreign-exchange demand rose across key commercial hubs.
As of October 23rd 2025, the Dollar to Naira Black Market exchange rate stood at ₦1,470 per dollar for buying and ₦1,480 per dollar for selling, according to data from major currency traders in Lagos and Abuja.
Despite the minor depreciation, traders described market activity as stable, with liquidity levels improving gradually compared to early October. The continued gap between the official and black-market rates, however, shows that Nigeria’s foreign-exchange challenges remain unresolved.
Black Market Dollar to Naira Rate Overview
| Date | Market Type | Buying (₦) | Selling (₦) | Change |
|---|---|---|---|---|
| Thursday, Oct 23, 2025 | Black Market | 1,470 | 1,480 | -₦10 ▼ |
| Monday, Oct 22, 2025 | Black Market | 1,460 | 1,470 | – |
| Official (CBN) | — | — | — | See CBN |
Figures confirmed by Naijaonpoint.
How Much Is Dollar to Naira Today in Black Market
Today, Thursday, October 23rd 2025, the Dollar to Naira Black Market exchange rate is ₦1,470 for buying and ₦1,480 for selling. Dealers report steady transactions through the morning session, with most buyers sourcing foreign currency for import payments and travel needs.
The modest decline reflects stronger demand for dollars at the end of the week, a typical pattern as importers settle outstanding obligations. For the latest official rates, visit the Central Bank of Nigeria (CBN).
Key Drivers of the Current Exchange Rate
Economic analysts point to several forces shaping this week’s movement in the Dollar to Naira Black Market:
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Sustained Demand Pressure: Importers and manufacturers continue to rely heavily on the black market to obtain dollars for trade financing.
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Speculative Trading: Some traders anticipate further depreciation, creating short-term demand spikes.
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Tight Liquidity: Despite CBN efforts, dollar availability at official windows remains limited, pushing buyers into the parallel market.
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Oil Revenue Stability: While oil prices have held near $83 per barrel, cash inflows to Nigeria’s reserves remain below pre-pandemic levels.
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Inflationary Trends: Rising inflation continues to erode confidence in the Naira, driving households and investors to hold foreign currency as a hedge.
Economic Implications
The parallel-market movement has ripple effects across different sectors of the Nigerian economy:
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Importers: Slightly higher rates increase operating costs and contribute to elevated prices for goods.
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Consumers: Currency weakness fuels inflationary pressure, reducing purchasing power for households.
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Students & Travelers: Individuals paying tuition or medical bills abroad face higher exchange costs.
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Investors: Volatility discourages long-term foreign investment, though short-term speculative inflows may persist.
Analysts maintain that narrowing the gap between the official and black market rates will be critical for controlling inflation and improving investor sentiment.
Market Outlook
Market watchers expect the Naira to trade between ₦1,465 and ₦1,485 per dollar over the next few days, assuming stable oil receipts and continued remittance inflows. Traders anticipate that the CBN could intensify dollar sales through banks and Bureau de Change operators to cushion demand.
However, structural reforms remain essential. Diversifying export income, strengthening local manufacturing, and improving policy consistency will determine whether the current exchange-rate stability can be sustained into Q4 2025.
Conclusion
The Dollar to Naira Black Market exchange rate today, Thursday, October 23rd 2025, stands at ₦1,470 for buying and ₦1,480 for selling, showing mild depreciation from earlier in the week.
For credible daily updates on Dollar to Naira, visit Naijaonpoint, Aboki Forex, and the CBN.
While the Naira’s performance remains relatively stable, achieving lasting strength will require increased foreign-exchange inflows, export diversification, and steady policy execution. Until then, the black market will continue to serve as the key barometer of Nigeria’s real currency value.