The Dollar to Naira exchange rate in the black market remains a critical focus as Nigerians continue to depend on the parallel market for foreign exchange.
On Thursday, August 28th, 2025, the U.S. dollar is trading at ₦1,542 per $1 for buying and ₦1,552 per $1 for selling, according to Naijaonpoint and reports from major currency traders across Lagos and Abuja.
How Much is Dollar to Naira Today in Black Market?
The latest black market exchange rates for Thursday, August 28th, 2025 are as follows:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,542 |
| Selling Rate | ₦1,552 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs Official CBN Rate
The black market rate continues to trade higher than the official exchange rate provided by the Central Bank of Nigeria (CBN). While the CBN maintains tighter control at official windows, limited allocations make it difficult for many businesses, importers, and students to access dollars at official rates. This forces heavy reliance on the parallel market, where demand outstrips supply.
Factors Driving the Black Market Exchange Rate
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Strong Dollar Demand: Importers, students paying tuition abroad, and travelers continue to drive up demand.
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Limited Supply: Lower forex inflows from oil and non-oil exports leave a gap in availability.
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Speculation and Hoarding: Market participants anticipate further naira depreciation, fueling higher rates.
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Inflation: Rising inflation weakens naira purchasing power, making the dollar more attractive.
Impact on Nigerians and the Economy
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Cost of Living: Imported goods are priced higher due to black market rates, fueling inflation.
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Education and Travel: Nigerians funding tuition fees and travel face higher forex costs.
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Businesses: Manufacturers dependent on foreign raw materials experience increased costs.
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Consumers: Rising commodity prices erode disposable incomes.
Outlook for the Naira
Economic experts suggest that without stronger policy measures and improved forex inflows, the naira will continue to face pressure in the parallel market. Efforts such as diversifying exports, boosting diaspora remittances, and attracting foreign investment are critical for stabilizing the Dollar to Naira exchange rate in the long run.
Disclaimer: Black market rates are unofficial and subject to rapid fluctuations. For official rates, always confirm with the Central Bank of Nigeria (CBN).