The Dollar to Naira exchange rate in the black market remained volatile as forex scarcity continues to pressure Nigeria’s parallel currency exchange environment.
As of today, Wednesday, May 21st 2025, the Naira recorded a slight appreciation, reversing Tuesday’s losses amid minor improvements in liquidity and moderated demand.
Dollar to Naira Exchange Rate Today – Black Market
According to data from currency traders and updates from Aboki Forex, the current black market exchange rates are:
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Buying Rate: ₦1,620 per US Dollar
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Selling Rate: ₦1,630 per US Dollar
The ₦10 spread remains consistent with recent market trends, although the rate represents a slight gain for the Naira compared to the previous trading session.
How Much is Dollar to Naira Today in Black Market?
For those searching how much is dollar to naira today in black market, the answer is ₦1,620 for buying and ₦1,630 for selling as of Wednesday, May 21st 2025. Rates may vary slightly across locations including Lagos, Abuja, Port Harcourt, and Kano depending on transaction size and dealer availability.
Official vs. Black Market Exchange Rates
While the black market rate continues to hover above ₦1,600, the Central Bank of Nigeria (CBN) maintains the official Dollar to Naira exchange rate at around ₦1,470 per dollar. The persistent disparity of over ₦150 between the two markets reflects continued inefficiencies in Nigeria’s official forex supply and demand imbalance.
With many Nigerians unable to access dollars via banks or official windows, the Black Market remains the primary alternative for personal and business-related foreign currency needs.
To follow daily currency trends and expert insights, visit Investors King.
Key Factors Influencing Today’s Black Market Exchange Rate
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Moderate Improvement in Liquidity: Some dollar inflows from diaspora remittances and small-scale exports are helping to ease pressure temporarily.
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Import Demand Remains High: Nigeria’s import-dependent economy continues to create constant demand for U.S. dollars.
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Uncertainty Around Policy Reform: Investors remain cautious as timelines for foreign exchange reforms remain unclear.
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Hedging Against Inflation: With inflation still elevated, businesses and individuals are using forex as a store of value, pushing demand.
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Limited Intervention by CBN: The central bank’s reduced forex intervention at the Investors’ and Exporters’ window has left demand unmet.
Outlook for Dollar to Naira Black Market Rates
Analysts believe the short-term outlook for the Naira remains fragile unless foreign exchange inflows improve and investor confidence is restored. Attention remains focused on the Central Bank’s next Monetary Policy Committee (MPC) meeting, which may influence expectations around interest rates, forex reforms, and liquidity management.
Sustainable improvement in the official market—through export diversification, remittance incentives, and investor inflows—will be necessary to stabilize the Naira long term and narrow the gap between official and black market rates.
Conclusion
As of Wednesday, May 21st 2025, the Dollar to Naira black market exchange rate stands at ₦1,620 for buying and ₦1,630 for selling. Despite marginal improvements, the forex market remains under pressure from structural supply shortages and high import-driven demand.
For the latest Dollar to Naira exchange rate updates, financial news, and forex analysis, visit Investors King.
Disclaimer: Black market rates are unofficial and vary by region and transaction volume. Always confirm rates with reliable sources before proceeding with foreign exchange transactions.
