The Dollar to Naira exchange rate in the black market remains a key talking point as forex scarcity continues to weigh on Nigeria’s economy.
On Thursday, September 11th, 2025, the U.S. dollar traded at ₦1,525 per $1 for buying and ₦1,535 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 Thursday, September 11th, 2025, the black market exchange rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,525 |
| Selling Rate | ₦1,535 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs. Official CBN Rate
The black market rate continues to outpace the official exchange rate published by the Central Bank of Nigeria (CBN). While the CBN maintains lower rates through its regulated channels, access is restricted, leaving many importers, businesses, and individuals with no choice but to source forex from the black market. This persistent gap underscores Nigeria’s foreign exchange challenges.
Factors Influencing the Black Market Rate
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Strong Dollar Demand – Importers, travelers, and students studying abroad create constant pressure on the naira.
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Limited Forex Inflows – Oil earnings remain unstable, reducing Nigeria’s dollar supply.
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Speculation and Hoarding – Traders keep dollars in anticipation of further naira depreciation.
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Inflation – Rising domestic inflation pushes individuals and businesses to hedge against naira weakness by holding dollars.
Economic Implications
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Importers face rising costs, which are passed on to consumers through higher prices.
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Families and students abroad spend more naira to cover tuition and living expenses.
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Manufacturers relying on imported raw materials deal with increasing production costs.
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Households continue to struggle as inflation eats into disposable income.
Outlook for the Naira
Analysts suggest that Nigeria’s naira stability will depend on stronger forex inflows, diversification of exports, and policy reforms that attract foreign investment. Boosting remittances and reducing import dependency are also seen as key to easing pressure on the Dollar to Naira exchange rate in the long run.
Disclaimer: Black market rates are unofficial and vary across cities and traders. For official and regulated rates, always check the Central Bank of Nigeria (CBN).