The Dollar to Naira black market exchange rate continues to dominate discussions in Nigeria’s financial markets as forex demand remains elevated.
On Friday, September 26th, 2025, the U.S. dollar traded at ₦1,495 per $1 for buying and ₦1,505 per $1 for selling, according to dealers in Lagos and data compiled by Naijaonpoint.
How Much is Dollar to Naira Today in Black Market?
As of Friday, September 26th, 2025, the exchange rates in the black market are as follows:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,495 |
| Selling Rate | ₦1,505 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs CBN Official Rate
The black market rate is significantly higher than the official exchange rate provided by the Central Bank of Nigeria (CBN). While the CBN continues to regulate the official market, limited access to forex has left businesses, importers, and individuals relying on the parallel market. This disparity widens inflationary pressures, especially on imported goods, tuition fees, and travel expenses.
Factors Influencing the Dollar to Naira Exchange Rate
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Persistent Dollar Demand – Importers, students, and travelers continue to drive up demand.
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Limited Supply – Declining foreign reserves restrict the availability of dollars at official windows.
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Speculative Activities – Traders hoard dollars to profit from expected depreciation of the naira.
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Inflation Hedge – Many Nigerians prefer keeping savings in USD to protect against rising inflation.
Economic Implications
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Importers pay more to source goods abroad, impacting consumer prices.
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Students abroad face higher tuition and living expenses.
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Travelers experience increased costs for tickets and travel allowances.
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Households are under strain as inflation weakens purchasing power.
Outlook for the Naira
Analysts suggest that stabilizing the Dollar to Naira rate requires stronger forex inflows from oil exports, remittances, and foreign investment. Efforts to diversify the economy and reduce dependence on imports are also crucial in narrowing the gap between the official and black market rates.
Disclaimer: Black market rates are unofficial and may differ across states and traders. For official exchange rates, always check with the Central Bank of Nigeria (CBN).