The Dollar to Naira exchange rate in the black market continues to reflect persistent pressure on the local currency as demand for foreign exchange remains strong.
On Friday, September 5th, 2025, the U.S. dollar traded at ₦1,535 per $1 for buying and ₦1,545 per $1 for selling, according to Naijaonpoint and major parallel market trackers.
How Much is Dollar to Naira Today in Black Market?
As of Friday, September 5th, 2025, the black market exchange rates are as follows:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,535 |
| Selling Rate | ₦1,545 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs. Official CBN Rate
The black market rate remains significantly higher than the official rate set by the Central Bank of Nigeria (CBN). The CBN provides a lower official rate through banks and authorized dealers, but strict allocation rules and limited supply push many Nigerians—importers, businesses, and students—to the parallel market for quick access to dollars.
This widening gap between the official and black market rates has contributed to rising inflation, increased import costs, and reduced purchasing power across the economy.
Factors Driving the Black Market Dollar to Naira Rate
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High Dollar Demand – Importers, international students, and businesses with foreign obligations are driving up demand.
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Low Forex Inflows – Declining oil revenues and reduced reserves limit CBN’s supply capacity.
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Speculation and Hoarding – Traders hold dollars in expectation of further depreciation of the naira.
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Inflationary Pressures – Rising inflation weakens the naira’s value, making the U.S. dollar more attractive.
Economic Impact on Nigerians and Businesses
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Importers are paying higher costs for goods and raw materials.
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Students abroad and travelers need more naira to meet tuition and travel expenses.
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Manufacturers dependent on imported inputs see higher production costs.
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Consumers feel the impact through higher prices of essential goods and services.
Outlook for the Naira
Analysts predict that unless Nigeria diversifies its economy, boosts non-oil exports, and attracts foreign investment, the naira will remain under pressure in the parallel market. Strengthening diaspora remittances and improving forex allocation policies are also critical to stabilizing the Dollar to Naira exchange rate.
Disclaimer: Black market rates are unofficial and may vary across different states and dealers. For official and regulated exchange rates, always consult the Central Bank of Nigeria (CBN).