The Dollar to Naira exchange rate in the black market remains under pressure as forex scarcity continues to affect Nigeria’s economy.
On Friday, September 12th, 2025, the U.S. dollar is trading at ₦1,520 per $1 for buying and ₦1,530 per $1 for selling, according to Naijaonpoint and reports from major parallel market dealers.
How Much is Dollar to Naira Today in Black Market?
As of Friday, September 12th, 2025, the black market rates are as follows:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,520 |
| Selling Rate | ₦1,530 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs. Official CBN Rate
The black market exchange rate continues to trade well above the official rate published by the Central Bank of Nigeria (CBN).
Access to forex at official channels remains limited to specific sectors, leaving most Nigerians—importers, manufacturers, students, and travelers—reliant on the black market.
This persistent gap between the official and parallel market rates fuels inflationary pressures and increases the cost of living.
Factors Driving the Black Market Dollar to Naira Rate
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Limited Forex Supply – Declining oil revenues reduce CBN’s capacity to stabilize the market.
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High Demand for Dollars – Importers, travelers, and international students sustain pressure on the naira.
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Speculation and Hoarding – Traders hoard forex in anticipation of further depreciation.
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Inflationary Pressures – Rising inflation erodes consumer purchasing power, increasing dollar demand.
Economic Impact
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Importers face higher costs, which trickle down into consumer prices.
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Families and students abroad pay more naira to cover tuition and other foreign obligations.
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Manufacturers relying on imported raw materials face escalating production costs.
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Households feel the pinch as inflation continues to rise, reducing disposable income.
Outlook for the Naira
Analysts emphasize that stabilizing the naira will require improved forex inflows, diversification of exports, and policies that attract foreign direct investment. Boosting diaspora remittances and reducing dependency on imports are also key to narrowing the gap between the official and black market Dollar to Naira exchange rates.
Disclaimer: Black market rates are unofficial and vary by location and trader. For official exchange rates, always check the Central Bank of Nigeria (CBN).