The Dollar to Naira exchange rate at the black market remains a major talking point for Nigerians, businesses, and investors as the month of March ends.
Foreign exchange scarcity and market volatility have continued to shape the dynamics of Nigeria’s currency market despite various interventions by the Central Bank of Nigeria (CBN).
How Much is Dollar to Naira Today in Black Market?
Today, Monday, 31st March 2025, the Dollar to Naira black market exchange rate stands at:
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Buying Rate: ₦1,550 per $1
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Selling Rate: ₦1,560 per $1
These rates reflect the continued pressures in the unofficial market, where demand consistently outpaces supply. The official rate, monitored by the CBN, remains relatively lower but insufficient to meet the forex demands of many Nigerians.
For updated market information, you can also check Investors King, Aboki Forex, and other forex tracking platforms.
Dollar to Naira Black Market — Why the Gap?
The persistent gap between the official and black market rates is driven by:
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Forex Scarcity: Many Nigerians and businesses still rely on the black market due to insufficient dollar supply from the official channels.
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Import-Driven Economy: Nigeria’s heavy dependence on imported goods intensifies demand for foreign currencies, especially the dollar.
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Speculative Trading: Black market traders adjust prices daily based on market sentiments, hoarding, and perceived risks.
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Policy Uncertainty: Frequent policy shifts regarding forex management have made investors cautious, leading them to opt for the black market.
CBN’s Intervention in the Forex Market
The Central Bank of Nigeria has intensified efforts to stabilize the Naira, including interventions through the official Investors’ and Exporters’ (I&E) window and the introduction of market reforms. However, the scarcity of dollars, coupled with weak oil revenues and reduced foreign inflows, continues to limit the effectiveness of these efforts.
CBN Governor Olayemi Cardoso recently reaffirmed that while stabilizing the exchange rate is a priority, market realities require gradual adjustments to ensure lasting results.
Impact on Businesses and the Nigerian Economy
The black market remains the last resort for many importers, students studying abroad, and Nigerians needing foreign exchange for personal or business needs. The reliance on this channel has increased the cost of doing business as companies have to factor in higher exchange rates into the pricing of goods and services.
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Rising Inflation: Imported goods are more expensive due to the costly black market rates.
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Reduced Purchasing Power: Nigerians now pay more for basic items as the naira weakens.
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Investment Risks: Investors remain wary due to exchange rate volatility and difficulty in repatriating foreign exchange.
Outlook for April 2025
As we head into April, market analysts expect:
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Further fluctuations in the black market depending on forex inflows and CBN interventions.
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Increased demand for the dollar ahead of Ramadan and Easter celebrations.
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Continued divergence between the official and parallel market rates unless supply significantly improves.
Platforms like Investors King and Aboki Forex will continue to provide up-to-date Dollar to Naira rates.
Final Note
While the official exchange rate remains the benchmark for businesses and investors, the black market is likely to continue playing a vital role in Nigeria’s forex landscape. Market participants and the general public are advised to stay informed and watch for policy updates from the CBN to navigate the volatility.
