The Dollar to Naira exchange rate in the black market continues to trend upward as demand for foreign exchange rises.
As of today, Thursday, May 15th 2025, the Naira weakened further against the U.S. Dollar, driven by sustained pressure from importers, travelers, and forex speculators amid limited dollar supply through official channels.
Dollar to Naira Exchange Rate Today – Black Market
According to data from key currency dealers and Aboki Forex, the black market exchange rate is:
-
Buying Rate: ₦1,625 per US Dollar
-
Selling Rate: ₦1,635 per US Dollar
This ₦10 spread between buying and selling rates highlights the ongoing volatility in the parallel market, with dealers adjusting pricing based on rising demand and constrained availability.
How Much is Dollar to Naira Today in Black Market?
If you’re asking, “how much is dollar to naira today in black market?”, the answer for Thursday, May 15th 2025, is that the dollar is bought at ₦1,625 and sold at ₦1,635. These rates are typical in major forex trading hubs such as Lagos, Abuja, Onitsha, and Kano. However, variations may occur depending on volume and location.
Official vs. Black Market Dollar to Naira Rate
In contrast to the black market rate, the Central Bank of Nigeria (CBN) official exchange rate remains around ₦1,470/$1. The wide disparity of over ₦160 underscores the persistent gap between official supply and real market demand.
Due to the challenges in accessing forex from authorized dealers and banks, many individuals and businesses continue to depend on the parallel market for their currency needs.
For consistent updates on Dollar to Naira exchange rates and macroeconomic insights, visit Investors King.
Factors Driving the Current Black Market Rate
-
Forex Supply Deficit: Limited dollar availability through official CBN channels has pushed demand into the black market.
-
Import Demand: Importers of raw materials, finished goods, and capital equipment continue to seek dollars in large volumes.
-
Speculative Hoarding: As uncertainty lingers around monetary policy and inflation, individuals and corporates are stockpiling foreign currency.
-
Global Market Impact: While global oil prices remain favorable, Nigeria’s external reserves are not rising at a pace sufficient to ease forex pressure.
-
Policy Uncertainty: Investors and businesses are still awaiting comprehensive reforms to stabilize the exchange rate and boost dollar inflow.
Outlook on Dollar to Naira Movement
Analysts expect the Naira to remain under pressure in the near term, particularly in the absence of stronger CBN interventions or new foreign exchange reforms. The upcoming Monetary Policy Committee (MPC) meeting is expected to address key concerns regarding inflation, interest rates, and forex liquidity.
Until significant structural adjustments are implemented to attract foreign investment and improve non-oil exports, the black market will continue to be a major determinant of real-time exchange rates in Nigeria.
Conclusion
As of Thursday, May 15th 2025, the Dollar to Naira black market exchange rate stands at ₦1,625 (buying) and ₦1,635 (selling). The consistent rise in parallel market rates reflects broader macroeconomic challenges and underscores the need for policy clarity and improved forex supply.
For daily updates on the Dollar to Naira exchange rate, economic trends, and financial market developments, visit Investors King.
Disclaimer: Exchange rates are subject to change based on market conditions. Always confirm rates with credible sources before making large forex transactions.
