The Dollar to Naira exchange rate in the black market continues to show resilience under pressure as demand for foreign exchange remains high.
On Monday, September 1st, 2025, the U.S. dollar is trading at ₦1,535 per $1 for buying and ₦1,545 per $1 for selling, according to Naijaonpoint and leading parallel market dealers.
How Much is Dollar to Naira Today in Black Market?
As of today, the black market exchange rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,535 |
| Selling Rate | ₦1,545 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs Official CBN Rate
The black market rate continues to trade higher than the official rate published by the Central Bank of Nigeria (CBN). While the CBN manages a lower official rate, limited dollar supply and allocation restrictions force many businesses and individuals to rely on the parallel market to meet their forex needs.
This persistent gap between official and black market rates reflects the ongoing strain on Nigeria’s forex reserves, as well as the growing demand for dollars in key sectors of the economy.
Factors Driving the Black Market Exchange Rate
-
High Import Dependency – Nigeria’s reliance on imported goods fuels constant demand for the dollar.
-
Declining Forex Reserves – Lower inflows from crude oil exports have constrained official supply.
-
Speculative Dollar Hoarding – Traders hold foreign currency in anticipation of further depreciation of the naira.
-
Inflationary Pressures – Rising inflation makes the U.S. dollar a safer store of value.
Impact on Nigerians and Businesses
-
Import Costs: Importers face higher costs, which are passed on to consumers through higher prices.
-
Tuition and Travel: Students abroad and travelers must budget more naira for dollar conversions.
-
Local Industries: Manufacturers relying on imported raw materials see increased operational expenses.
-
Consumers: Households continue to feel the impact of inflation as goods and services become more expensive.
Outlook for the Naira
Experts believe that without strong policy reforms, improved forex inflows, and diversification of exports, the black market will remain the dominant source of foreign exchange. Addressing inflation, boosting non-oil revenues, and strengthening investor confidence are key to stabilizing the Dollar to Naira exchange rate in the long term.
Disclaimer: Black market exchange rates are unofficial and vary across locations. For regulated rates, always consult the Central Bank of Nigeria (CBN).