The Dollar to Naira exchange rate in the black market opened the new week on a bearish note for the Naira, as rising demand continues to outweigh available supply.
As of Monday, May 19th 2025, the Naira weakened further against the U.S. Dollar amid unrelenting pressure from importers, travelers, and speculators.
Dollar to Naira Exchange Rate Today – Black Market
Based on data from street currency dealers and platforms such as Aboki Forex, the black market Dollar to Naira exchange rate is as follows:
-
Buying Rate: ₦1,625 per US Dollar
-
Selling Rate: ₦1,635 per US Dollar
This ₦10 spread is consistent with recent trends and reflects ongoing volatility in Nigeria’s parallel foreign exchange market.
How Much is Dollar to Naira Today in Black Market?
For those asking, how much is dollar to naira today in black market?, the rate is ₦1,625 for buying and ₦1,635 for selling as of May 19th 2025. Rates may slightly differ across major cities like Lagos, Abuja, Kano, and Port Harcourt, but remain largely within this range depending on transaction volume and negotiation.
Dollar to Naira: Black Market vs Official CBN Rate
In contrast to the black market, the Central Bank of Nigeria (CBN) continues to maintain the official Dollar to Naira exchange rate at approximately ₦1,470/$1. The difference of over ₦160 highlights the persistent challenges in Nigeria’s forex supply chain and the market’s growing reliance on unofficial sources.
Many individuals and businesses, especially those with urgent or unrestricted forex needs, continue to turn to the black market for transactions due to limited access to dollars through banks and licensed BDCs.
For accurate exchange rate updates and expert market analysis, visit Investors King.
Why the Naira Is Under Pressure in the Black Market
Several economic and policy factors are driving the continued depreciation of the Naira in the parallel market:
-
Forex Liquidity Shortages: The CBN’s limited supply of foreign currency to the official market has left a large portion of demand unmet.
-
Heavy Import Dependency: Nigeria’s reliance on imported goods and services increases pressure on the Naira as importers rush to secure dollars.
-
Inflation and Weak Investor Sentiment: Persistent inflation and low confidence in monetary policy direction have led to dollar hoarding and speculative activity.
-
Policy Uncertainty: Delays in implementing structural reforms and attracting FDI have reduced foreign inflows, worsening dollar scarcity.
-
Global Economic Trends: Although oil prices are relatively stable, Nigeria’s external reserves have not risen significantly, limiting the CBN’s intervention capacity.
Short-Term Outlook for the Naira
Analysts forecast continued weakness in the black market Dollar to Naira rate unless forex supply improves and investor confidence is restored. With the Central Bank’s Monetary Policy Committee (MPC) expected to meet soon, market participants will be watching closely for any policy shifts that could influence exchange rate dynamics.
Until meaningful reforms boost non-oil exports, attract foreign investment, and stabilize inflation, the Naira is expected to remain volatile across all forex segments.
Conclusion
As of Monday, May 19th 2025, the Dollar to Naira black market exchange rate is ₦1,625 for buying and ₦1,635 for selling. The continued pressure on the Naira underscores the urgent need for comprehensive forex policy reforms and improved dollar liquidity.
For daily Dollar to Naira exchange rate updates, economic news, and financial market coverage, visit Investors King.
Disclaimer: Exchange rates are based on market trends and may vary by location and transaction size. Always confirm current rates before making large forex transactions.
