Dollar to Naira Black Market Exchange Rate Today, Thursday, October 16th 2025

The Naira showed mild resilience against the U.S. dollar in the parallel market on Thursday after a slight depreciation earlier in the week.

As of October 16th 2025, the Dollar to Naira Black Market exchange rate traded at ₦1,490 per dollar for buying and ₦1,500 per dollar for selling, based on figures gathered from key foreign exchange dealers in Lagos and Abuja.

Market operators noted mixed activity through early trading hours, with a slight improvement in dollar availability but sustained demand from importers and travelers. The Naira’s performance reflects a cautious market outlook as traders continue to navigate the persistent gap between the official and parallel exchange rates.

Dollar to Naira Black Market Rate Overview

Data compiled from trading activities and verified by Naijaonpoint.

How Much Is Dollar to Naira Today in Black Market

Today, the Dollar to Naira Black Market exchange rate stands at ₦1,490 for buying and ₦1,500 for selling. These figures reflect ongoing trading in Nigeria’s parallel market, where demand for the U.S. dollar remains strong amid tight official supply.

While the Naira’s rate has remained relatively stable this week, traders say uncertainty surrounding foreign exchange policy and inflows continues to drive black market activity. For the most accurate official rates, check the Central Bank of Nigeria (CBN).

Why the Dollar to Naira Black Market Rate Matters

The black market rate serves as a practical indicator of Nigeria’s real-time forex situation, especially when official channels fail to meet demand. Several factors are influencing the current performance of the Naira:

• Limited Dollar Liquidity: Commercial banks are still struggling to meet foreign exchange requests, forcing individuals and businesses to rely on the parallel market.

• High Import Demand: Nigeria’s dependence on imported goods and raw materials keeps the pressure high on the Naira.

• Speculative Activity: Traders holding dollars in anticipation of further depreciation add volatility to the market.

• Inflation Concerns: Rising prices across key commodities push investors to store value in stronger currencies.

• Oil Market Fluctuations: With oil still accounting for the bulk of Nigeria’s foreign earnings, fluctuations in global crude prices directly impact dollar inflows.

Economic Implications

The Naira’s ongoing weakness in the black market continues to weigh on Nigeria’s economy. Businesses face increased costs, inflation remains elevated, and investment sentiment is subdued.

• Importers face higher operating expenses due to the rising cost of sourcing dollars.

• Consumers are grappling with costlier goods and services.

• Students and Travelers are paying more for tuition and travel expenses abroad.

• Investors remain cautious, waiting for signs of stability before committing to long-term projects.

Analysts believe that until Nigeria strengthens dollar inflows through exports, remittances, and investment, the parallel market will continue to dictate the country’s effective exchange rate.

Outlook

Experts forecast that the Naira may continue trading between ₦1,480 and ₦1,505 in the near term as dollar demand remains steady. However, any significant CBN intervention or improvement in crude oil earnings could trigger a short-term rebound.

Long-term stability, they say, will require aligning monetary and fiscal policies, diversifying revenue sources, and ensuring transparency in foreign exchange management.

Conclusion

The Dollar to Naira Black Market exchange rate today, Thursday, October 16th 2025, is ₦1,490 for buying and ₦1,500 for selling, showing relative stability in the parallel market after recent fluctuations.

For verified daily updates on Dollar to Naira, visit Naijaonpoint, Aboki Forex, and the CBN.

As Nigeria’s forex market remains under close watch, traders and businesses continue to adjust their strategies amid the ongoing tug-of-war between supply, demand, and policy reforms.