The Nigerian foreign exchange market continues to witness heightened volatility as the Naira struggles against the U.S. dollar.
On Tuesday, September 30th, 2025, the Dollar to Naira exchange rate in the parallel market (commonly referred to as the black market) opened at ₦1,492 per dollar for buying and ₦1,502 per dollar for selling.
The persistent gap between the black market and the official exchange window reflects the unresolved imbalance between Nigeria’s dollar supply and the surging demand across importation, travel, and remittance needs.
How Much is Dollar to Naira Today in Black Market
As of today, the Dollar to Naira black market rate is:
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Buying Rate: ₦1,492 per $1
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Selling Rate: ₦1,502 per $1
These rates represent the figures quoted by parallel market operators across Lagos, Abuja, and major commercial hubs.
While the Central Bank of Nigeria (CBN) continues to regulate and publish the official exchange rate, Nigerians and businesses frequently turn to the black market to access dollars due to limited liquidity at the official window. For reference, the latest official exchange rate is available on the CBN website.
Official Rate vs Black Market Rate
The differences between the official market and black market are as follows:
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Black Market Rate: ₦1,492 / ₦1,502
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Official Rate (CBN): Updates are published by the Central Bank of Nigeria.
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Market Trackers: Platforms such as Naijaonpoint and Aboki Forex provide daily, real-time updates on Dollar to Naira movements.
The wide disparity has raised concerns about speculative trading, inflationary pressures, and the long-term stability of the Nigerian economy.
Impact on Businesses and Individuals
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Importers: With most importers relying on the black market to fund international trade, higher exchange rates directly increase the cost of goods. This filters into consumer prices, worsening inflation.
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Manufacturers: Limited access to official rates has forced many manufacturers to source dollars from the parallel market, raising production costs.
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Students and Travelers: Nigerians studying abroad and those traveling face higher costs for tuition, rent, and living expenses when converting Naira to dollars.
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Investors: Volatility in the forex market creates uncertainty for investors and continues to weigh on Nigeria’s attractiveness as a foreign investment destination.
Broader Economic Outlook
Analysts argue that unless Nigeria diversifies its economy and reduces reliance on imports, pressure on the Naira will persist. The current gap between official and parallel rates suggests that the existing supply of foreign exchange is insufficient to meet demand.
The CBN has implemented several interventions, including monetary policy tightening, restrictions on forex access for certain imports, and direct dollar sales to commercial banks. However, these measures have not fully addressed the underlying issues.
Until supply improves through increased exports, remittances, or foreign inflows, the black market Dollar to Naira rate will remain a key indicator of real-time currency value in Nigeria.
Global and Local Factors Driving the Market
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Oil Prices: Nigeria’s foreign reserves rely heavily on crude oil revenue. Any decline in global oil prices translates into lower dollar inflows.
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Inflation: Rising inflation continues to weaken purchasing power and erode confidence in the Naira.
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Speculation: Many individuals and businesses buy dollars as a hedge against future depreciation, further driving up demand.
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Government Policy: Uncertainty around forex regulations often influences trading activities in both official and parallel markets.
Conclusion
The Dollar to Naira black market exchange rate today, Tuesday, September 30th, 2025, stands at ₦1,492 buying and ₦1,502 selling. The persistent gap between official and parallel rates highlights the structural challenges facing Nigeria’s forex system.
For Nigerians seeking reliable updates, platforms like Naijaonpoint and the CBN remain critical for monitoring daily currency movements.
The outlook suggests that unless fundamental reforms are implemented to strengthen dollar supply and reduce import dependency, the Naira will remain under pressure in the coming months.