The Dollar to Naira black market exchange rate remains a major focus for businesses, students, and travelers in Nigeria.
On Wednesday, September 24th, 2025, the U.S. dollar traded at ₦1,505 per $1 for buying and ₦1,515 per $1 for selling, according to reports from parallel market dealers and Naijaonpoint.
How Much is Dollar to Naira Today in Black Market?
As of Wednesday, September 24th, 2025, the black market exchange rates stand as follows:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,505 |
| Selling Rate | ₦1,515 |
(Source: Naijaonpoint)
Dollar to Naira: Black Market vs Official CBN Rate
The exchange rate in the black market continues to diverge significantly from the official rate published by the Central Bank of Nigeria (CBN). While the CBN maintains stricter currency controls, accessibility at the official window is limited, leading many Nigerians to rely on black market dealers to meet urgent foreign exchange needs.
This persistent gap between the official and parallel markets not only fuels inflation but also impacts consumer goods, tuition fees for students abroad, and travel expenses.
Factors Influencing the Black Market Dollar to Naira Rate
Several underlying issues continue to shape the Dollar to Naira movement in the black market:
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Strong Forex Demand – Importers and businesses driving demand beyond official supply.
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Limited Dollar Inflows – Declining foreign reserves and lower oil export revenues.
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Speculation – Traders hoard dollars anticipating further depreciation.
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Inflation Hedge – Individuals seek dollars as a safer store of value.
Economic Impact on Nigerians
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Importers are paying more to bring goods into Nigeria.
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Students abroad face rising costs in paying tuition and living expenses.
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Travelers pay higher ticket fares due to dollar scarcity.
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Households continue to feel the inflationary impact as prices of goods rise.
Outlook for the Naira
The outlook for the naira depends largely on Nigeria’s ability to boost dollar inflows through improved oil exports, remittances, and foreign direct investment. Analysts warn that unless significant reforms and consistent supply measures are introduced, the gap between the official CBN rate and the black market will continue.
Disclaimer: Black market exchange rates are unofficial and can vary depending on location and dealers. For official and regulated rates, always refer to the Central Bank of Nigeria (CBN).