The Nigerian Naira continues to face downward pressure as the foreign exchange demand outpaces available supply in the parallel market.
As of today, Friday, May 31st, 2025, the black market exchange rate for the U.S. Dollar to Naira reflects sustained weakness of the local currency, driven by persistent forex scarcity and inflationary trends.
In the black market, currency dealers across Lagos, Abuja, and other major cities are quoting the following rates:
Buying Rate: ₦1,620 per $1
Selling Rate: ₦1,630 per $1
These rates underscore the widening gap between the official Central Bank of Nigeria (CBN) rate and the parallel market rate, a divergence that continues to influence pricing decisions for businesses and consumers across Nigeria.
How Much Is Dollar to Naira Today in Black Market?
The most frequently asked question by Nigerians needing foreign exchange remains: “how much is dollar to naira today in black market?”
As of Friday, May 31, 2025, the dollar is being bought at ₦1,620 and sold at ₦1,630 in the black market. This rate is determined by prevailing market forces, including demand from importers, travelers, and individuals seeking forex for personal and business purposes.
This rate is considerably higher than the CBN’s official rate, which remains inaccessible to many who do not qualify for foreign exchange under the formal banking and government-regulated channels.
For daily updates, many Nigerians rely on trusted financial platforms like Naijaonpoint and Aboki Forex.
Official Rate vs. Black Market Exchange Rate
The official exchange rate provided by the Central Bank of Nigeria (CBN) remains significantly lower than the black market rate. While the CBN’s rates hover between ₦1,580 to ₦1,600 per dollar in recent weeks, the parallel market has surged past the ₦1,630 mark.
This wide gap reflects the persistent shortage of forex at the official window and the inability of the CBN to meet growing retail and corporate demand. Consequently, the black market has become the primary source of foreign exchange for a large portion of the population.
Why the Black Market Rate Continues to Rise
The growing reliance on the black market is fueled by several underlying economic and structural issues:
Forex Allocation Shortages – Limited access to official FX due to reduced reserves has forced individuals and businesses to seek alternatives.
Import Dependence – Nigeria’s heavy reliance on imported goods increases dollar demand.
Inflation and Currency Devaluation – Rising inflation has diminished purchasing power and confidence in the Naira.
Diaspora Inflows and Remittances – Preference for black market channels over official remittance platforms contributes to parallel market volatility.
Policy Uncertainty – Unpredictable monetary and fiscal decisions continue to unsettle investor confidence and affect forex inflows.
Until these issues are addressed with coherent macroeconomic reforms, the Naira will likely remain volatile, especially in the black market.
Economic Outlook
As Nigeria ends the month of May 2025, economic stakeholders continue to monitor FX trends closely. Despite recent talks of reform and foreign investment inflows, the reality on the ground remains unchanged — demand for dollars far exceeds supply, and the black market is where most of that demand is being met.
Analysts suggest that unless there is a significant injection of foreign exchange into the economy or a strategic policy shift by the CBN, the Naira may experience further depreciation in the weeks ahead.
Market participants are advised to monitor rate movements through reputable financial intelligence platforms such as Naijaonpoint and Aboki Forex for timely updates. For policy directives and the official exchange rate, visit the CBN website.
Conclusion
For Friday, May 31st, 2025, the Dollar to Naira black market exchange rate is:
₦1,620/$1 (Buying)
₦1,630/$1 (Selling)
The persistent gap between official and parallel market rates underscores the ongoing economic pressures facing Nigeria’s monetary system. With uncertainty still looming over the FX market, staying informed through reliable financial sources is essential.
Bookmark Naijaonpoint and check Aboki Forex daily for the latest black market exchange rates and market insights. For official updates, visit the CBN.
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