The Dollar to Naira exchange rate in the black market remains under pressure as forex scarcity continues to affect Nigeria’s economy.
On Tuesday, September 16th, 2025, the U.S. dollar traded at ₦1,520 per $1 for buying and ₦1,530 per $1 for selling, according to Naijaonpoint and reports from leading parallel market operators.
How Much is Dollar to Naira Today in Black Market?
As of Tuesday, September 16th, 2025, the black market exchange 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 parallel market rate continues to trade well above the official exchange rate set by the Central Bank of Nigeria (CBN). Access to forex at the official window remains limited, pushing businesses, students, and importers to rely heavily on the black market. This persistent gap between the official and black market rates contributes to inflationary pressures and raises the cost of living.
Key Drivers of the Black Market Exchange Rate
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High Dollar Demand – Importers, businesses, and individuals with international obligations sustain demand pressure.
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Weak Forex Inflows – Lower crude oil earnings and declining reserves strain supply.
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Speculative Hoarding – Traders hold dollars in anticipation of further depreciation.
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Inflation Pressures – Rising prices weaken naira value and drive forex demand.
Economic Implications
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Importers face rising costs of sourcing forex, leading to higher prices for goods.
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Students abroad and travelers require more naira to fund tuition and travel expenses.
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Manufacturers dependent on imported inputs experience increased production costs.
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Households feel the pinch as inflation continues to erode purchasing power.
Outlook for the Naira
Analysts believe that the outlook for the naira remains tied to Nigeria’s ability to diversify its economy, boost exports, and attract foreign investment. Strengthening remittances and implementing long-term reforms are seen as crucial steps to stabilizing the Dollar to Naira exchange rate.
Disclaimer: Black market rates are unofficial and may vary by location and dealer. For official exchange rates, always check the Central Bank of Nigeria (CBN).