The Dollar to Naira exchange rate in the black market continues to show signs of pressure as forex scarcity and investor demand drive fluctuations.
As of Sunday, May 11th 2025, the Nigerian Naira traded weaker in the parallel market amid persistent gaps between official and unofficial forex channels.
Dollar to Naira Exchange Rate Today – Black Market
Based on information from currency dealers and leading market trackers such as Aboki Forex, the Dollar to Naira exchange rate in the black market is:
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Buying Rate: ₦1,610 per US Dollar
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Selling Rate: ₦1,620 per US Dollar
This ₦10 spread indicates the ongoing volatility in the informal forex market, as traders respond to irregular supply and high dollar demand from importers, travelers, and remittance recipients.
How Much is Dollar to Naira Today in Black Market?
If you’re wondering how much is Dollar to Naira today in black market, the answer as of May 11th is ₦1,610 for buyers and ₦1,620 for sellers. These rates are consistent across major trading hubs such as Lagos, Abuja, Onitsha, and Kano but may vary slightly based on location and transaction size.
Official Exchange Rate vs Black Market Rate
While the black market exchange rate stands at ₦1,620/$1 (selling), the official exchange rate from the Central Bank of Nigeria (CBN) remains significantly lower. As of the last update, the CBN’s official rate hovered around ₦1,470/$1.
This wide gap of over ₦150 per dollar reflects continued challenges in Nigeria’s foreign exchange management and underscores the limitations of supply in the official forex windows. Businesses and individuals unable to access dollars through banks or official channels continue to rely on the parallel market.
For accurate financial reporting and market trends, visit Investors King.
Factors Driving Black Market Dollar to Naira Rates
Several factors continue to influence the Dollar to Naira rate in the black market:
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Forex Supply Constraints: The CBN’s limited intervention in the interbank market has left significant demand unmet, pushing more users to the black market.
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Strong Import Demand: The demand for dollars remains high among importers and manufacturers sourcing raw materials and equipment.
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Inflation and Speculation: Ongoing inflation and uncertainty about future monetary policy have triggered speculative dollar hoarding.
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Global Economic Conditions: Despite favorable oil prices, inconsistent production levels and weak reserve accretion have hindered forex supply.
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Investor Confidence: Delays in foreign exchange reform implementation have made investors cautious, reducing inflows.
Outlook on Dollar to Naira in Coming Days
Analysts expect the pressure on the Naira to continue in the short term, especially as the next Monetary Policy Committee (MPC) meeting approaches. The CBN is expected to clarify its position on exchange rate stability, interest rates, and potential reforms to attract forex inflows.
Until then, the parallel market will likely remain the main avenue for dollar access, sustaining the elevated black market rates.
Conclusion
The Dollar to Naira black market exchange rate today, Sunday, May 11th 2025, stands at ₦1,610 (buying) and ₦1,620 (selling), reflecting ongoing forex challenges in Nigeria. As long as official supply remains constrained and demand remains elevated, the black market will continue to dictate real-time exchange trends.
For daily updates on forex rates, market analysis, and monetary policy insights, visit Investors King.
Disclaimer: Exchange rates are subject to change based on market conditions. Always verify with reliable sources before conducting forex transactions.
