The Dollar to Naira exchange rate in the black market continues to reflect the pressure on Nigeria’s foreign exchange ecosystem.
As of today, Monday, May 12th 2025, the Naira weakened slightly against the U.S. Dollar in the parallel market, driven by persistent demand and limited official supply.
Dollar to Naira Exchange Rate Today – Black Market
According to market data obtained from currency traders and Aboki Forex, the current black market exchange rates are:
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Buying Rate: ₦1,615 per US Dollar
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Selling Rate: ₦1,625 per US Dollar
These rates indicate a ₦10 spread, with the exchange market reacting to supply shortages and speculation ahead of upcoming monetary policy decisions.
How Much is Dollar to Naira Today in Black Market?
For Nigerians asking, “how much is dollar to naira today in black market?”, the answer is that one U.S. Dollar sells for ₦1,625 and is bought at ₦1,615 in the parallel market. These rates may vary slightly depending on your location and the volume of the transaction, but they remain generally consistent across Lagos, Abuja, Port Harcourt, and other major cities.
Official Rate vs. Black Market Rate
In comparison, the official exchange rate as provided by the Central Bank of Nigeria (CBN) currently stands around ₦1,470 per dollar. The widening gap of over ₦150 between the official and black market rates highlights the sustained mismatch between demand and supply in the formal forex window.
This disparity continues to encourage businesses and individuals who cannot access forex officially to rely on the black market for their transactions.
For reliable economic updates and market trends, visit Investors King.
Why the Black Market Rate Keeps Rising
Several factors continue to influence the black market Dollar to Naira rate:
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Forex Supply Constraints: The CBN’s limited forex intervention has left growing demand unmet in the official market.
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Import-Driven Demand: Businesses continue to source dollars to import goods, raw materials, and services, adding pressure to the exchange rate.
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Inflation and Market Speculation: With inflation still elevated, many Nigerians prefer holding value in foreign currency, especially the U.S. dollar.
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Low Confidence in Policy Clarity: Investors and market participants are awaiting clearer signals from the CBN on long-term foreign exchange reforms.
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Global Factors: Despite crude oil trading above $85 per barrel, Nigeria’s external reserves have yet to show a significant upward trend, limiting liquidity.
Outlook for Dollar to Naira Exchange Rate
Market analysts forecast continued Naira weakness unless the federal government implements stronger policies to attract forex inflows. The upcoming Monetary Policy Committee (MPC) meeting is expected to influence forex expectations, especially if new reforms or interest rate adjustments are announced.
Analysts believe that addressing Nigeria’s structural forex challenges, including boosting non-oil exports, improving diaspora remittance channels, and restoring investor confidence, are crucial for long-term Naira stability.
Conclusion
As of Monday, May 12th 2025, the Black Market Dollar to Naira exchange rate stands at ₦1,615 for buying and ₦1,625 for selling. This reflects ongoing stress in Nigeria’s forex supply chain, with many individuals and businesses relying on parallel market sources to meet their foreign currency needs.
For daily updates on Dollar to Naira rates, financial analysis, and economic developments, visit Investors King.
Disclaimer: Black market exchange rates vary by location and transaction size. Confirm current rates before making any large currency exchanges.
