The Dollar to Naira exchange rate in the black market remains under pressure as limited dollar supply continues to drive demand in Nigeria’s parallel forex segment.
As of today, Friday, May 16th 2025, the Naira weakened slightly against the U.S. Dollar, reflecting ongoing liquidity challenges in the official market and increased activity from importers, travelers, and investors.
Dollar to Naira Exchange Rate Today – Black Market
Based on data from currency dealers and verified sources including Aboki Forex, the black market Dollar to Naira exchange rate is as follows:
-
Buying Rate: ₦1,620 per US Dollar
-
Selling Rate: ₦1,630 per US Dollar
This ₦10 spread highlights the continued demand-driven volatility in the unofficial market, where many individuals and businesses source forex due to constraints in the regulated system.
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 is ₦1,620 to buy and ₦1,630 to sell. These rates may vary slightly depending on your location and transaction size, but they are broadly representative of pricing in key markets such as Lagos, Abuja, Kano, and Port Harcourt.
Official Rate vs Black Market Dollar to Naira Rate
Meanwhile, the official Dollar to Naira exchange rate provided by the Central Bank of Nigeria (CBN) remains significantly lower, currently averaging around ₦1,470 per dollar. The persistent gap of over ₦150 highlights challenges in Nigeria’s foreign exchange management and policy execution.
Due to limited access to the official market, importers, small businesses, and even tuition payers are turning to the black market to meet their foreign exchange needs.
For daily updates on Nigeria’s forex market, economic news, and financial analysis, visit Investors King.
Key Drivers of the Dollar to Naira Black Market Rate
-
Dollar Scarcity: Inadequate forex supply from the CBN has made it difficult for businesses and individuals to access foreign currency via banks.
-
Rising Import Demand: Nigeria’s heavy reliance on imported goods continues to fuel demand for dollars.
-
Speculative Activity: Investors are hedging against future devaluation by converting Naira holdings to dollars.
-
Uncertainty in Reforms: While economic reform efforts are underway, unclear timelines and inconsistent implementation have slowed investor confidence.
-
Oil Revenue Impact: Despite relatively stable oil prices, Nigeria’s foreign reserves have not risen significantly, limiting the CBN’s ability to defend the Naira.
Outlook for Dollar to Naira in the Parallel Market
Analysts expect that the Naira will remain under pressure in the black market in the short term unless forex liquidity improves substantially. The Central Bank’s forthcoming Monetary Policy Committee (MPC) meeting and potential policy decisions will be closely watched for any shift that could impact dollar supply, inflation, and currency stability.
Until broader structural reforms are implemented to encourage non-oil exports and boost foreign capital inflows, the disparity between the official and parallel rates is likely to persist.
Conclusion
As of Friday, May 16th 2025, the Dollar to Naira black market exchange rate stands at ₦1,620 for buying and ₦1,630 for selling. This reflects the ongoing foreign exchange challenges in Nigeria and reinforces the need for sustainable, market-driven reforms to support Naira stability.
To stay informed on daily Dollar to Naira rates, CBN updates, and economic trends, visit Investors King.
Disclaimer: Exchange rates are subject to market fluctuations. Always verify current rates with reliable sources before making currency exchange decisions.
