The Dollar to Naira exchange rate in the black market remains a key concern as Nigeria continues to face foreign exchange shortages.
On Monday, September 8th, 2025, the U.S. dollar traded at ₦1,530 per $1 for buying and ₦1,540 per $1 for selling, according to Naijaonpoint and reports from major parallel market operators.
How Much is Dollar to Naira Today in Black Market?
As of today, Monday, September 8th, 2025, the black market exchange rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,530 |
| Selling Rate | ₦1,540 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs. Official CBN Rate
The black market rate continues to trade well above the official rate provided by the Central Bank of Nigeria (CBN). While the CBN maintains a lower official exchange rate, limited supply and strict access policies leave many importers, businesses, and individuals dependent on the parallel market, where demand dictates pricing.
This persistent gap between the official and parallel markets fuels inflationary pressures and increases the cost of living, especially for households that rely on imported goods.
Factors Influencing the Dollar to Naira Black Market Rate
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Limited Forex Supply – Nigeria’s declining oil revenues reduce available foreign exchange.
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High Demand – Importers, international students, and travelers continue to drive demand for the dollar.
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Inflationary Pressures – Rising inflation weakens confidence in the naira, pushing many to store wealth in dollars.
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Speculation – Traders hoard dollars in anticipation of further depreciation of the naira.
Economic Impact on Nigerians and Businesses
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Importers face higher costs for goods and raw materials, which are passed on to consumers.
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Families with students abroad pay more to meet tuition and living costs.
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Manufacturers depending on imported inputs experience rising production costs.
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Consumers continue to feel the pinch as inflation drives up the cost of everyday essentials.
Outlook for the Naira
Analysts maintain that the naira will remain volatile in the black market until forex inflows improve significantly. Measures such as diversifying exports, attracting foreign direct investment, and strengthening diaspora remittances are essential to stabilizing the Dollar to Naira exchange rate.
Disclaimer: Black market rates are unofficial and vary across different dealers and locations. For official and regulated exchange rates, always check the Central Bank of Nigeria (CBN).