The Dollar to Naira exchange rate in the black market continues to be under pressure as forex demand outpaces official supply.
On Monday, September 15th, 2025, the U.S. dollar traded at ₦1,518 per $1 for buying and ₦1,528 per $1 for selling, according to Naijaonpoint and confirmed reports from parallel market dealers.
How Much is Dollar to Naira Today in Black Market?
The black market exchange rates for Monday, September 15th, 2025 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 remains significantly above the official exchange rate set by the Central Bank of Nigeria (CBN). While the CBN maintains a lower official rate through its regulated windows, limited supply and access challenges have left businesses, importers, and individuals relying heavily on the parallel market. This widening gap highlights persistent structural issues in Nigeria’s foreign exchange market.
Why the Black Market Rate Remains High
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Limited Forex Supply – Lower oil revenues and reserves reduce official forex availability.
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High Dollar Demand – Importers, travelers, and international students sustain demand.
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Speculation & Hoarding – Traders stockpile dollars in anticipation of further depreciation.
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Inflation Pressures – Rising inflation weakens confidence in the naira and drives demand for dollar hedging.
Economic Implications
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Importers face rising costs for goods and raw materials, leading to higher consumer prices.
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Families and students abroad need more naira to cover tuition and overseas expenses.
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Manufacturers dependent on imported inputs face tighter profit margins.
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Consumers continue to experience higher inflation, reducing purchasing power.
Outlook for the Naira
Analysts believe that stabilizing the Dollar to Naira exchange rate will depend on policy reforms that increase forex inflows, diversify exports, and attract foreign investment. Encouraging diaspora remittances and reducing import dependency are also critical to narrowing the gap between official and black market rates.
Disclaimer: Black market exchange rates are unofficial and may vary by dealer or location. For official and regulated rates, always refer to the Central Bank of Nigeria (CBN).