The Dollar to Naira exchange rate continues to fluctuate in the black market as Nigeria’s foreign exchange supply struggles to meet growing demand.
As of Thursday, May 8th 2025, the black market rate has seen a modest shift amid economic uncertainty and ongoing pressure on the Naira.
Dollar to Naira Exchange Rate Today – Black Market
According to market information gathered from leading currency traders and verified sources including Aboki Forex, the black market exchange rate is currently:
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Buying Rate: ₦1,620 per US Dollar
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Selling Rate: ₦1,610 per US Dollar
This inverted pricing pattern, where the buying rate exceeds the selling rate, may indicate discrepancies in market reporting or irregular supply-demand dynamics in specific trading zones.
How Much is Dollar to Naira Today in Black Market?
For those asking, “how much is dollar to naira today in black market?”, the answer as of today, Thursday, May 8th 2025, is ₦1,620 for buying and ₦1,610 for selling. These rates may vary slightly based on location, transaction volume, and negotiation strength.
In major forex hubs across Lagos, Abuja, and Port Harcourt, dollar trading remains active, with most transactions still conducted outside official banking channels due to limited dollar supply from the Central Bank of Nigeria (CBN).
Official vs. Black Market Dollar to Naira Rate
While the black market rate continues to climb, the official rate from the CBN remains significantly lower. As of the latest update, the official rate is approximately ₦1,470 per dollar, creating a spread of over ₦140 compared to the unofficial market.
This persistent gap between the official and black market exchange rates reflects the pressure on Nigeria’s forex reserves and the continuing demand from importers, businesses, and individuals unable to access dollars through regulated channels.
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Factors Influencing the Black Market Exchange Rate
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Forex Scarcity: The CBN’s reduced intervention in the official market is forcing many to source dollars through informal avenues.
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Rising Import Costs: Importers are driving demand for dollars to finance goods and raw materials amid rising global shipping and commodity costs.
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Speculation and Hoarding: With uncertainty around government policies and economic reform timelines, some investors and traders are hoarding dollars to hedge against further Naira depreciation.
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Oil Revenue Volatility: While oil prices have remained above $85 per barrel, inconsistent production levels and oil theft issues have limited Nigeria’s forex inflows.
Outlook on the Dollar to Naira Exchange Rate
Analysts expect the Naira to remain under pressure in the short term unless the federal government and CBN take decisive steps to boost investor confidence, increase forex liquidity, and stabilize the monetary environment. Ongoing reforms, fiscal policy clarity, and external funding inflows will be crucial in narrowing the black market premium.
Additionally, the upcoming Monetary Policy Committee (MPC) meeting may provide clearer direction on interest rates and currency stabilization efforts.
Conclusion
The black market Dollar to Naira rate today, Thursday, May 8th 2025, stands at ₦1,620 for buying and ₦1,610 for selling. This reflects continued volatility and forex access challenges in Nigeria. As businesses and individuals adjust to fluctuating rates, staying informed through trusted platforms like Investors King is essential for timely decisions.
Note: Exchange rates are highly volatile and may change based on location and transaction volume. Always verify with multiple sources before conducting large transactions.
