As of today, Friday, April 25, 2025, the Nigerian foreign exchange market continues to witness volatility as the Naira struggles to gain momentum against the United States Dollar.
In the black market, also known as the parallel market, the Dollar to Naira exchange rate stands:
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Buying Rate: ₦1,595
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Selling Rate: ₦1,610
This reflects ongoing pressure on the Nigerian currency driven by multiple macroeconomic challenges and demand-supply imbalance.
Despite several interventions by the Central Bank of Nigeria (CBN), foreign exchange scarcity persists across official channels, prompting many businesses and individuals to turn to the black market for immediate access to the dollar. This has sustained a wide margin between the official rate and black market rate.
How Much is Dollar to Naira Today in Black Market?
The question “how much is dollar to naira today in black market” remains one of the most frequently asked by importers, students, and business operators. As of today, Friday, April 25, 2025, the dollar is bought at ₦1,595 and sold at ₦1,610 in the black market. These rates are based on information gathered from key black market hubs in Lagos, Abuja, and other commercial cities.
The black market serves as a crucial avenue for those who are unable to access dollars through official channels due to restrictions or limited supply. However, the use of the black market is not without risk, as rates are highly volatile and unregulated.
For real-time updates, platforms like Aboki Forex provide reliable information on black market rates. Monitoring these platforms allows individuals and businesses to make better-informed decisions regarding currency exchange.
Official CBN Exchange Rate
In contrast, the official exchange rate from the Central Bank of Nigeria (CBN) stands at around ₦1,602.30 per dollar. This rate applies primarily to authorized dealers and institutions operating through the CBN’s approved foreign exchange windows.
Despite government efforts to unify rates and stabilize the market, the black market continues to thrive due to excess demand and the inability of the CBN to meet all forex requests through official channels. The disparity between official and parallel market rates underscores ongoing concerns about liquidity, investor confidence, and capital inflows.
You can check the official exchange rate and monetary policy updates directly from the CBN website.
Market Drivers Behind Exchange Rate Movements
Several underlying factors continue to influence the dollar to naira exchange rate in the black market:
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Forex Supply Deficit: Nigeria’s foreign reserves remain under pressure due to reduced oil exports, a key source of dollar inflows. This scarcity forces demand to spill into the parallel market.
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Speculation and Hoarding: Fear of further devaluation prompts some individuals and businesses to hoard foreign currency, leading to increased demand in unofficial markets.
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High Import Dependency: Nigeria’s heavy reliance on imported goods puts persistent pressure on the dollar, especially for transactions related to fuel, equipment, pharmaceuticals, and education.
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Macroeconomic Instability: Inflation, fiscal deficits, and uncertainties in government policies contribute to currency depreciation and discourage foreign investment.
Why the Black Market Remains Dominant
Despite regulatory warnings, the black market continues to thrive. Its appeal lies in faster access, flexibility, and minimal documentation. For most Nigerians, especially SMEs and international travelers, the black market provides a more accessible alternative compared to the official route, which often involves delays and strict conditions.
While using the black market is not illegal, the Central Bank consistently discourages it due to its destabilizing impact on the broader economy. Stakeholders are advised to conduct transactions with caution and verify rates through trusted platforms like Investors King, which offers consistent updates and expert insights on foreign exchange trends.
Conclusion
The Dollar to Naira black market exchange rate today, Friday, April 25, 2025, continues to reflect the persistent imbalance in Nigeria’s foreign exchange ecosystem. With the dollar selling as high as ₦1,610, market watchers emphasize the need for policy reform, diversification of forex sources, and improved confidence in the financial system.
Until such structural issues are addressed, the black market will remain a major reference point for forex transactions in Nigeria. For accurate updates, always check platforms like Investors King, Aboki Forex, and CBN before making currency exchange decisions.
