The Nigerian Naira experienced a slight depreciation against the United States Dollar in the black market today, Wednesday, June 18th, 2025 following renewed demand pressure from importers and individuals seeking foreign exchange for international transactions.
As official forex channels remain constrained, the parallel market continues to serve as the most accessible option for Nigerians in need of dollars.
According to street traders and forex dealers in Lagos, Abuja, Kano, and Port Harcourt, the Dollar to Naira black market exchange rate is currently:
Buying Rate: ₦1,600 per $1
Selling Rate: ₦1,610 per $1
This represents a ₦10 increase from Tuesday’s rate, indicating heightened demand and limited supply in the informal currency market.
How Much Is Dollar to Naira Today in Black Market?
The common question among Nigerians remains, “how much is dollar to naira today in black market?”. As of Wednesday, June 18, 2025, the dollar is being bought at ₦1,600 and sold at ₦1,610 in the black market. These rates vary slightly depending on the volume of the transaction and the location of the exchange.
For accurate daily updates, reliable forex tracking platforms such as Naijaonpoint and Aboki Forex offer real-time exchange rate reports across Nigeria’s parallel markets.
Black Market vs. Official CBN Exchange Rate
Despite ongoing efforts by the Central Bank of Nigeria (CBN) to stabilize the Naira, the gap between the official and black market rates remains significant. The CBN official exchange rate currently ranges between ₦1,570 and ₦1,585 per dollar. However, access to FX through official channels remains restricted, with allocations often insufficient to meet national demand.
As a result, the black market continues to play a dominant role in Nigeria’s forex environment, offering faster and more flexible access to foreign currency—albeit at a higher price.
Why the Black Market Exchange Rate Remains High
Several economic factors contribute to the persistently high demand for dollars in the black market:
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Limited Access to Official FX: Many businesses and individuals cannot meet the documentation requirements for CBN-regulated forex transactions.
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Import Dependency: Nigeria’s reliance on imported goods ensures continuous dollar demand in the informal market.
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Inflation and Devaluation: As inflation weakens the Naira’s purchasing power, more people seek to protect value by converting to dollars.
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Diaspora Remittances: Informal remittance channels offering better exchange rates than official banks help fuel black market liquidity.
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Investor Concerns: Uncertainty over forex policy, coupled with limited FX inflows, continues to erode investor confidence.
These dynamics make the black market a reflection of real-time economic pressures in Nigeria’s forex ecosystem.
Market Outlook
Analysts suggest that without a significant increase in dollar supply—either through oil revenue, foreign investments, or policy reforms—the Naira will remain under pressure. The recent uptick in black market rates signals a delicate balance, with any shock likely to cause further depreciation.
To make informed financial decisions, Nigerians are advised to follow platforms like Naijaonpoint for expert financial reporting, monitor daily rates on Aboki Forex, and consult the CBN for official policies and foreign exchange guidelines.
Conclusion
For Wednesday, June 18th, 2025, the Black Market Dollar to Naira exchange rate is:
₦1,600 per dollar for buying
₦1,610 per dollar for selling
With demand for foreign exchange remaining high and official channels still limited, the black market continues to dictate the real cost of dollars in Nigeria. As the exchange rate outlook remains volatile, staying informed is essential for businesses, importers, and individuals managing cross-border financial obligations.
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