The Dollar to Naira exchange rate in the black market has continued to reflect volatility as foreign exchange demand outpaces official supply.
As of today, Friday, May 9th 2025, the Nigerian Naira weakened further in the parallel market, driven by pressure from importers, remittance seekers, and speculative activity.
Dollar to Naira Exchange Rate Today – Black Market
According to market data sourced from leading street traders and platforms like Aboki Forex, the exchange rate in the black market currently stands at:
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Buying Rate: ₦1,610 per US Dollar
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Selling Rate: ₦1,620 per US Dollar
This reflects a ₦10 spread between buying and selling, with traders adjusting their pricing in response to sustained dollar demand and tight foreign currency availability.
How Much is Dollar to Naira Today in Black Market?
For those searching “how much is dollar to naira today in black market?”, the answer is ₦1,620 to $1 for buyers and ₦1,610 for sellers. These rates are most common across major exchange hubs such as Lagos, Kano, Abuja, and Port Harcourt, although individual transactions may vary based on location and volume.
Comparison with Official Dollar to Naira Rate
In contrast, the official rate provided by the Central Bank of Nigeria (CBN) is significantly lower, hovering around ₦1,470/$1. The widening gap between the official and black market rates continues to raise concerns among analysts and business stakeholders.
While the CBN maintains a managed float regime to stabilize the Naira, supply constraints and growing demand have shifted much of the forex activity to the parallel market. For timely analysis and financial updates, visit Investors King.
Key Drivers of the Black Market Exchange Rate
Several macroeconomic and policy-related factors are influencing the Naira’s performance:
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Persistent FX Scarcity: The CBN’s reduced intervention in official windows has forced more businesses and individuals to turn to the black market.
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Inflationary Pressures: Rising domestic inflation is eroding purchasing power and undermining Naira stability.
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Import-Driven Demand: Importers continue to seek dollars to finance trade and raw material purchases, driving up pressure on the Naira.
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Policy Uncertainty: Investors remain cautious due to uncertainty surrounding foreign investment policy and economic reform timelines.
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Global Oil Dynamics: Although global oil prices remain above $85 per barrel, Nigeria’s foreign reserves have not expanded significantly, limiting the government’s ability to stabilize the forex market.
Outlook for Dollar to Naira Movement
Looking ahead, market analysts expect continued Naira weakness unless dollar liquidity improves in the official window. The Central Bank’s strategies, including efforts to attract diaspora remittances and foreign direct investment, will be critical in closing the gap between official and black market rates.
The anticipated Monetary Policy Committee (MPC) meeting later this month may also influence exchange rate expectations, particularly if interest rate adjustments or new forex management measures are announced.
Conclusion
As of Friday, May 9th 2025, the Dollar to Naira black market exchange rate stands at ₦1,620 for buying and ₦1,610 for selling. The persistent pressure on the Naira underscores the need for broader fiscal and monetary policy coordination to restore confidence in the forex market.
For daily updates on exchange rates, economic news, and investment insights, visit Investors King.
Disclaimer: Exchange rates are subject to rapid change based on market forces. Individuals are advised to verify rates through reliable sources before making currency transactions.
