The Dollar to Naira exchange rate in the black market remains volatile as demand continues to outstrip supply in Nigeria’s foreign exchange market.
On Thursday, September 25th, 2025, the U.S. dollar traded at ₦1,490 per $1 for buying and ₦1,500 per $1 for selling, according to dealers and data compiled by Naijaonpoint.
How Much is Dollar to Naira Today in Black Market?
As of Thursday, September 25th, 2025, the parallel market rates 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 and the official exchange rate published by the Central Bank of Nigeria (CBN) continues to widen. While the CBN provides a lower official rate, limited access to forex at the official window compels businesses, importers, and individuals to source from the parallel market.
This reliance on the black market contributes to inflationary pressure, driving up the cost of imported goods, school fees, and travel-related expenses.
Factors Driving the Black Market Dollar to Naira Exchange Rate
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High Demand for USD – Persistent need for dollars by businesses and individuals.
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Reduced Forex Inflows – Lower oil revenue and weak reserves impacting supply.
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Speculative Trading – Hoarding of dollars by traders expecting further naira depreciation.
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Inflation Concerns – Naira’s weakness encourages a shift to USD as a store of value.
Economic Implications for Nigerians
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Importers face higher costs in sourcing goods from abroad.
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Students and families abroad continue to pay more in naira equivalents.
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Travelers bear rising ticket costs and expenses due to forex shortages.
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Households struggle as inflation erodes purchasing power further.
Outlook for the Dollar to Naira Rate
Analysts maintain that for the naira to stabilize, Nigeria must diversify its economy, attract foreign direct investment, and boost non-oil exports. Inflows from diaspora remittances and policies to strengthen investor confidence will be critical in easing pressure on the forex market.
Disclaimer: Black market exchange rates are unofficial and may vary across different states and traders. For official rates, always check with the Central Bank of Nigeria (CBN).