The Dollar to Naira black market exchange rate remains under pressure as limited forex supply continues to drive volatility in Nigeria’s parallel market.
On Monday, September 29th, 2025, the U.S. dollar traded at ₦1,490 per $1 for buying and ₦1,500 per $1 for selling, according to reports from traders and data monitored by Naijaonpoint.
How Much is Dollar to Naira Today in Black Market?
As of Monday, September 29th, 2025, the exchange rates in the parallel market are as follows:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,490 |
| Selling Rate | ₦1,500 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs Official CBN Rate
The disparity between the black market rate and the official rate provided by the Central Bank of Nigeria (CBN) persists, reflecting deep challenges in Nigeria’s foreign exchange system. The CBN maintains a lower official rate, but access remains highly restricted, forcing businesses, students, and households to rely on the black market.
This wide gap continues to affect inflation, import prices, and consumer purchasing power.
Key Factors Driving the Dollar to Naira Black Market Exchange Rate
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Forex Scarcity – Limited access at official windows fuels dependence on the black market.
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High Import Demand – Nigeria’s heavy reliance on imports drives demand for the U.S. dollar.
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Speculation and Hoarding – Traders hold on to dollars, anticipating further depreciation of the naira.
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Inflation Pressures – The weakening naira pushes individuals to save in dollars as a hedge.
Economic Impact on Nigerians
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Importers face rising costs, which are passed on to consumers.
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Students abroad pay higher tuition fees due to weaker naira.
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Travelers spend more for tickets and allowances in dollars.
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Households continue to experience rising prices as inflation worsens.
Outlook for the Naira
The outlook for the Dollar to Naira exchange rate depends on Nigeria’s ability to boost dollar inflows through oil exports, remittances, and investment inflows. Without structural reforms and stronger foreign reserves, analysts warn that pressure on the naira will remain high.
Disclaimer: Black market exchange rates are unofficial and may vary depending on dealers and location. For official rates, always consult the Central Bank of Nigeria (CBN).