The Dollar to Naira exchange rate in the black market remains a key focus for businesses, importers, and individuals who rely on parallel market transactions due to limited foreign exchange availability at official channels.
As of today, Saturday, August 16th, 2025, the U.S. dollar is trading at ₦1,550 per $1 for buying and ₦1,560 per $1 for selling, according to verified data from Naijaonpoint and parallel market trackers.
How Much is Dollar to Naira Today in Black Market?
Below are today’s Dollar to Naira black market exchange rates:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,550 |
| Selling Rate | ₦1,560 |
(Source: Naijaonpoint, CBN)
Black Market vs. CBN Official Rate
While the black market reflects the true demand and supply dynamics of foreign exchange, it significantly diverges from the official rates published by the Central Bank of Nigeria (CBN).
The official rate is generally lower but access is restricted, pushing many Nigerians into the parallel market to meet dollar needs for imports, travel, and business operations.
Why is the Naira Weakening in the Black Market?
The continuous depreciation of the naira in the black market is driven by several factors:
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Limited FX supply due to declining oil revenue inflows.
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High demand for dollars from importers and individuals.
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Speculation and hoarding, which worsen scarcity.
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Inflationary pressures that erode the naira’s purchasing power.
Implications for Nigerians
The rising Dollar to Naira rate increases the cost of imported goods, airfare, and tuition payments for Nigerians studying abroad. Businesses depending on foreign raw materials face higher production costs, while households continue to feel the squeeze from rising prices of essential goods.
Outlook for the Naira
Analysts note that until Nigeria diversifies its revenue base, strengthens local production, and improves FX inflows, the gap between the official and black market rates will persist. Short-term relief could depend on CBN interventions and policy reforms aimed at stabilizing the economy.
Disclaimer: Black market rates are unofficial and highly volatile. For accurate official rates, always refer to the Central Bank of Nigeria.