The Naira continued to experience volatility in the foreign exchange market as the U.S. dollar maintained strong demand across commercial hubs in Nigeria.
On Wednesday, October 1st, 2025, the Dollar to Naira exchange rate in the black market opened at ₦1,480 per dollar for buying and ₦1,490 per dollar for selling.
This reflects a marginal appreciation compared to recent sessions, as traders report improved dollar liquidity in parts of Lagos and Abuja. However, the persistent gap between official and parallel market rates remains a concern for businesses and households.
How Much is Dollar to Naira Today in Black Market
As of today, the Dollar to Naira black market rate stands at:
-
Buying Rate: ₦1,480 per $1
-
Selling Rate: ₦1,490 per $1
These figures represent the rates quoted by parallel market operators, which serve as the main access point for many Nigerians seeking foreign currency. Despite CBN interventions, the black market continues to dominate real-time pricing due to limited access at official windows. For official figures, refer to the Central Bank of Nigeria (CBN).
Dollar to Naira Exchange Rate: Official vs Black Market
-
Black Market Rate: ₦1,480 / ₦1,490
-
Official Rate (CBN): See the CBN website for updated official rates.
-
Market Tracking Platforms: Naijaonpoint and Aboki Forex provide daily real-time updates on the Dollar to Naira exchange rate.
The disparity highlights the ongoing liquidity challenges in Nigeria’s forex market, as demand continues to outpace available supply at the official window.
Implications for Nigerians
-
Businesses and Importers: Companies reliant on imports continue to feel the impact of higher black market rates, with rising input costs passed down to consumers.
-
Students and Travelers: Those paying tuition fees or travel expenses in foreign currency face higher conversion costs, increasing financial strain.
-
Consumers: Inflationary pressure persists as rising forex costs drive up the prices of goods and services in the domestic market.
-
Investors: Uncertainty in the forex market continues to affect confidence in Nigeria’s investment climate.
Factors Driving the Black Market Rate
-
Dollar Demand: Importers, businesses, and individuals continue to drive parallel market demand.
-
Limited Official Supply: Restricted access to official forex windows forces many to the black market.
-
Speculation: Traders and individuals hedging against Naira depreciation increase dollar purchases.
-
Inflation and Policy Uncertainty: Macroeconomic instability further fuels reliance on the parallel market.
Conclusion
The Dollar to Naira black market exchange rate today, Wednesday, October 1st, 2025, stands at ₦1,480 buying and ₦1,490 selling. Despite marginal improvements, the gap between official and black market rates persists, reflecting the continued strain on Nigeria’s forex market.
For accurate and timely updates, Nigerians are advised to follow trusted platforms like Naijaonpoint, Aboki Forex, and the CBN.
The outlook suggests that without stronger dollar inflows, Nigeria’s exchange rate volatility will remain a pressing economic challenge.