The Dollar to Naira exchange rate in the black market remains a major point of concern for individuals and businesses as Nigeria’s forex demand continues to outstrip official supply.
On Tuesday, September 9th, 2025, the U.S. dollar traded at ₦1,528 per $1 for buying and ₦1,538 per $1 for selling, according to Naijaonpoint and reports from trusted parallel market operators.
How Much is Dollar to Naira Today in Black Market?
As of Tuesday, September 9th, 2025, the black market rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,528 |
| Selling Rate | ₦1,538 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs Official CBN Rate
The black market rate continues to trade above the official rate provided by the Central Bank of Nigeria (CBN). While the CBN offers a lower official rate through authorized channels, strict access requirements mean that many Nigerians—importers, travelers, and students—turn to the black market for quicker access to dollars. This gap between official and parallel rates widens inflationary pressures and creates challenges for businesses dependent on imports.
Factors Influencing the Dollar to Naira Black Market Rate
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Strong Dollar Demand – Driven by importers, students abroad, and individuals funding international obligations.
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Limited Forex Supply – Reduced inflows from oil sales and declining reserves continue to strain supply.
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Speculation and Hoarding – Traders hoard dollars in expectation of further depreciation of the naira.
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Inflationary Pressures – Rising inflation reduces naira’s purchasing power, encouraging demand for dollars.
Economic Implications
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Importers face higher costs that are transferred to consumers through rising prices.
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Students abroad and their families pay more naira to cover tuition and living costs.
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Manufacturers relying on imported raw materials experience higher production expenses.
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Households continue to struggle as inflation erodes disposable income.
Outlook for the Naira
Analysts believe that stabilizing the Dollar to Naira exchange rate requires stronger forex inflows, diversification of exports, and increased investor confidence. Policy reforms, boosting diaspora remittances, and attracting foreign investment are key to reducing reliance on the black market and narrowing the gap with the official CBN rate.
Disclaimer: Black market exchange rates are unofficial and may vary across different states and dealers. For official exchange rates and policies, always refer to the Central Bank of Nigeria (CBN).