The Nigerian currency continued its recent momentum as the Naira slightly appreciated against the U.S. dollar in the parallel market.
On Thursday, October 2nd, 2025, the Dollar to Naira exchange rate in the black market traded at ₦1,470 per dollar for buying and ₦1,480 per dollar for selling.
This represents a modest gain compared to earlier in the week, as traders reported improved dollar liquidity in select markets. However, the gap between the official exchange rate and the black market persists, underscoring structural challenges within Nigeria’s foreign exchange framework.
How Much is Dollar to Naira Today in Black Market
As of Thursday morning, the Dollar to Naira black market rate stands at:
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Buying Rate: ₦1,470 per $1
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Selling Rate: ₦1,480 per $1
These rates reflect the prevailing quotes across major commercial hubs, including Lagos and Abuja. Despite interventions by the Central Bank of Nigeria, many individuals and businesses continue to rely on the parallel market to meet their dollar needs. For official data, see the Central Bank of Nigeria (CBN).
Dollar to Naira Exchange Rate: Black Market vs Official
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Black Market Rate: ₦1,470 / ₦1,480
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Official Rate (CBN): Refer to CBN for updated rates.
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Market Monitoring Platforms: Daily updates are available on Naijaonpoint and Aboki Forex.
The sustained difference between the two markets highlights supply shortfalls at official channels, pushing demand into the black market.
Implications for the Economy
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Importers and Businesses: Rising costs from parallel market sourcing continue to affect manufacturers and importers, with higher expenses passed on to consumers.
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Consumers: Inflationary pressure persists, driven by elevated forex costs impacting food, fuel, and essential commodities.
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Students and Travelers: Nigerians studying abroad or making international payments are compelled to buy dollars at higher black market rates, raising living and tuition expenses.
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Investors: Market volatility creates uncertainty for investors, affecting capital flows and overall economic stability.
Key Drivers of the Black Market Rate
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Forex Demand vs Supply: Continuous demand from importers and individuals far outpaces official supply.
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Speculation: Traders and households hedging against further Naira depreciation increase demand for dollars.
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Oil Revenue and Reserves: Nigeria’s reliance on crude oil exports leaves forex inflows vulnerable to global oil price swings.
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Macroeconomic Instability: Inflationary pressures and policy uncertainty further fuel the black market.
Conclusion
The Dollar to Naira black market exchange rate today, Thursday, October 2nd, 2025, stands at ₦1,470 buying and ₦1,480 selling. While the Naira gained slightly against the dollar, the wide disparity between official and parallel market rates reflects the ongoing challenges in Nigeria’s forex system.
For timely updates on Dollar to Naira, Nigerians are encouraged to follow Naijaonpoint, Aboki Forex, and the CBN.
Until significant reforms strengthen dollar inflows and reduce reliance on imports, volatility in the parallel market will likely persist.