The Dollar to Naira exchange rate in the black market continues to reflect the challenges of Nigeria’s foreign exchange system as demand outweighs official supply.
On Thursday, September 4th, 2025, the U.S. dollar is trading at ₦1,540 per $1 for buying and ₦1,550 per $1 for selling, according to data from Naijaonpoint and independent parallel market trackers.
How Much is Dollar to Naira Today in Black Market?
As of Thursday, September 4th, 2025, the black market rates are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,540 |
| Selling Rate | ₦1,550 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs Official CBN Rate
The black market rate remains higher than the official rate set by the Central Bank of Nigeria (CBN). While the CBN provides a lower official rate, restricted access means that importers, students, and travelers often turn to the parallel market where rates are dictated by demand and supply. This persistent gap continues to shape inflationary pressures and business costs in Nigeria.
Why the Black Market Rate is High
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Forex Scarcity – Dollar inflows remain limited due to declining oil revenues.
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High Import Demand – Nigeria’s dependence on imports sustains dollar demand.
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Inflation Pressures – Rising inflation makes the dollar a safer store of value.
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Speculation and Hoarding – Traders hold on to dollars expecting further naira depreciation.
Effects on Nigerians and Businesses
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Importers face higher costs for raw materials and finished goods.
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Students and travelers spend more naira to source forex for tuition and travel.
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Households feel the pressure of rising prices as businesses pass on increased costs.
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Investors remain cautious due to exchange rate volatility.
Outlook for the Naira
Experts believe the naira will remain under pressure in the parallel market until Nigeria diversifies its forex sources, boosts exports, and improves investor confidence. Policies that attract foreign direct investment and strengthen non-oil revenue are vital for stabilizing the Dollar to Naira exchange rate.
Disclaimer: Black market rates are unofficial and can vary across different states. For official and regulated rates, always check with the Central Bank of Nigeria (CBN).