As of Friday, April 4, 2025, the Dollar to Naira black market exchange rate has slightly adjusted following fluctuations in the parallel market over the last few days.
According to reliable street sources and independent market trackers, the rates are as follows:
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Buying Rate: ₦1,540 per US Dollar
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Selling Rate: ₦1,550 per US Dollar
These rates represent the current trend in Nigeria’s black market, also referred to as the parallel market, where foreign currency is exchanged outside the official channels regulated by the Central Bank of Nigeria (CBN).
How Much is Dollar to Naira Today in Black Market?
Many Nigerians continue to ask, “How much is Dollar to Naira today in black market?” The answer varies depending on your location and exchange source, but the average rate across Lagos, Abuja, Port Harcourt, Kano, and Onitsha as tracked by Aboki Forex and verified by market observers remains within the ₦1,540 to ₦1,550 range.
These black market rates differ from the official rates published by the Central Bank of Nigeria, which continue to reflect a significantly stronger naira due to regulated interventions.
Official Exchange Rate vs. Black Market Rate
While the official exchange rate provided by the CBN may hover between ₦1,300 and ₦1,400, the parallel market operates at a premium due to the ongoing scarcity of foreign exchange, bureaucratic bottlenecks, and increased demand from individuals and importers unable to access forex through banks.
Visit Investors King for daily updates on Nigeria’s forex market, including both black market and official exchange rates.
What is Driving the Dollar to Naira Black Market Rate?
Several critical factors continue to affect the value of the naira against the US dollar in the black market:
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Forex Scarcity: Despite multiple CBN reforms and interventions, demand for foreign exchange remains high and unmet in the official market, pushing many to rely on the parallel market.
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Import Dependency: Nigeria’s heavy reliance on imported goods increases the pressure on forex reserves, as businesses scramble for dollars to fulfill their obligations.
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Remittances and Speculation: Nigerians in the diaspora often send money through informal channels to maximize exchange value, which further fuels the black market. Speculators also take advantage of naira volatility.
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Inflation and Interest Rates: High inflation weakens the naira’s purchasing power, while rising interest rates in the US strengthen the dollar, creating a widening gap between the two currencies.
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Government Policies: Reforms by the Tinubu-led administration have attempted to unify the exchange rate, but the short-term effects have seen persistent volatility and uncertainty in the FX market.
What This Means for Nigerians
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Travelers and Students Abroad: Those paying for tuition or travel expenses continue to feel the impact of the exchange rate disparity. Many turn to the black market to meet urgent needs, often at a significant premium.
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Importers and Retailers: The cost of importing goods has increased drastically, leading to price hikes in essential items, electronics, and auto parts.
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Local Businesses: Businesses that rely on foreign inputs face a growing burden, affecting their profit margins and competitiveness.
CBN’s Position and Interventions
The Central Bank of Nigeria continues to stress that the official window remains the primary and legal means of accessing forex. However, in practice, limited liquidity and administrative delays force many into the parallel market.
Recent statements by CBN Governor Yemi Cardoso indicate a commitment to restoring market confidence and stabilizing the naira through improved transparency and reforms, including the introduction of market-determined rates.
Conclusion
The Dollar to Naira black market exchange rate remains a major point of focus for individuals, businesses, and policymakers in Nigeria. As of April 4, 2025, the buying and selling rates are ₦1,540 and ₦1,550, respectively, reflecting continued pressure on the naira in the face of persistent dollar demand.
For the most accurate updates and real-time tracking, visit Aboki Forex, Investors King, and the CBN website regularly.
