The Dollar to Naira exchange rate in the black market remains a critical concern for businesses and households as Nigeria continues to face persistent forex shortages.
On Wednesday, September 17th, 2025, the U.S. dollar traded at ₦1,515 per $1 for buying and ₦1,525 per $1 for selling, according to Naijaonpoint and major parallel market dealers.
How Much is Dollar to Naira Today in Black Market?
As of Wednesday, September 17th, 2025, the black market exchange rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,515 |
| Selling Rate | ₦1,525 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs. Official CBN Rate
The parallel market rate continues to trade significantly higher than the official rate published by the Central Bank of Nigeria (CBN). While the CBN provides lower rates through authorized banks and Bureau de Change operators, access remains limited. Importers, businesses, and families paying tuition abroad are increasingly forced to rely on the black market, which operates on demand and supply dynamics.
Factors Driving the Black Market Dollar to Naira Rate
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Strong Dollar Demand – Importers, students, and businesses meeting foreign obligations sustain demand pressure.
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Limited Forex Inflows – Weak oil revenues and low reserves continue to constrain dollar supply.
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Speculative Hoarding – Traders hold dollars, anticipating further naira depreciation.
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Inflationary Pressures – Persistent inflation makes the U.S. dollar a more reliable store of value.
Economic Implications
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Importers face higher costs for sourcing goods and raw materials, leading to rising consumer prices.
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Students and families abroad must spend more naira to cover tuition and living costs.
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Manufacturers depending on imported raw materials are squeezed by rising expenses.
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Consumers experience reduced purchasing power as inflation continues to climb.
Outlook for the Naira
Experts suggest that stabilizing the Dollar to Naira exchange rate will require structural reforms, diversification of Nigeria’s economy, and policies that attract foreign investment. Boosting non-oil exports and encouraging remittances are also seen as critical to reducing dependence on the black market.
Disclaimer: Black market exchange rates are unofficial and may vary across states and dealers. For official and regulated rates, always refer to the Central Bank of Nigeria (CBN).