The Dollar to Naira exchange rate in the black market continues to reflect pressure on the local currency as forex demand outweighs supply.
On Thursday, September 18th, 2025, the U.S. dollar traded at ₦1,518 per $1 for buying and ₦1,528 per $1 for selling, according to Naijaonpoint and verified reports from parallel market operators.
How Much is Dollar to Naira Today in Black Market?
As of Thursday, September 18th, 2025, the black market exchange rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,518 |
| Selling Rate | ₦1,528 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs. Official CBN Rate
The black market rate continues to be higher than the official rate set by the Central Bank of Nigeria (CBN). While the CBN provides a lower official exchange rate through licensed financial institutions, restricted access pushes businesses, importers, and individuals to the black market for quick access to dollars. This consistent gap between official and parallel rates has increased inflationary pressures in Nigeria’s economy.
Factors Driving the Black Market Dollar to Naira Rate
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High Forex Demand – Importers, students abroad, and businesses with international obligations sustain strong dollar demand.
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Weak Forex Inflows – Reduced oil receipts and declining reserves limit dollar supply at official windows.
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Speculation and Hoarding – Traders hold dollars expecting further naira depreciation.
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Inflation – Rising domestic inflation erodes naira value, making the dollar a more attractive store of wealth.
Economic Impact
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Importers pay higher costs for sourcing forex, leading to increased consumer prices.
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Students and families abroad spend more naira to cover tuition fees and living expenses.
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Manufacturers relying on imported raw materials see production costs rise.
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Consumers continue to feel the pinch as inflation erodes purchasing power.
Outlook for the Naira
Experts note that stabilizing the Dollar to Naira exchange rate will require boosting forex inflows, diversifying Nigeria’s exports, and implementing policy reforms that encourage foreign investment. Strengthening remittances and reducing import dependence are also seen as critical for easing black market pressure.
Disclaimer: Black market rates are unofficial and may vary across states and dealers. For official and regulated exchange rates, always refer to the Central Bank of Nigeria (CBN).