The Dollar to Naira exchange rate in the black market continues to highlight Nigeria’s forex supply challenges, with many individuals and businesses relying on the parallel market for transactions.
On Tuesday, September 2nd, 2025, the U.S. dollar traded at ₦1,540 per $1 for buying and ₦1,550 per $1 for selling, according to Naijaonpoint and reports from major dealers in Lagos and Abuja.
How Much is Dollar to Naira Today in Black Market?
As of Tuesday, September 2nd, 2025, the black market exchange 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 exchange rate published by the Central Bank of Nigeria (CBN). While the CBN maintains tighter controls and a lower rate at official windows, limited access and allocation restrictions force most importers, businesses, and students abroad to turn to the parallel market, where prices reflect actual demand and supply pressures.
Key Drivers of the Black Market Dollar to Naira Rate
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Strong Dollar Demand – Importers, international students, and businesses paying foreign obligations drive daily demand.
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Forex Scarcity – Limited inflows from oil exports and declining reserves constrain official supply.
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Inflation – Rising domestic inflation encourages saving in dollars to preserve value.
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Speculation and Hoarding – Traders keep dollars in anticipation of further naira depreciation.
Implications for Nigerians and the Economy
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Cost of Living: Higher exchange rates increase the price of imported food, fuel, and goods.
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Education & Travel: Families paying tuition abroad or funding international travel face higher expenses.
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Business Operations: Manufacturers relying on imported raw materials experience rising costs.
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Consumers: The higher cost of goods and services reduces household purchasing power.
Outlook for the Naira
Analysts believe that without strong reforms, diversification of exports, and increased foreign direct investment, the pressure on the naira will persist. Boosting diaspora remittances and implementing effective fiscal policies are also key to narrowing the gap between the Dollar to Naira black market and official exchange rates.
Disclaimer: Black market rates are unofficial and can vary across states and cities. For regulated exchange rates, always check the Central Bank of Nigeria (CBN).