The Dollar to Naira exchange rate in the Black Market showed slight depreciation on Friday, May 23rd 2025, as demand for the U.S. dollar increased due to import settlements and end-of-week bulk transactions.
Despite minor fluctuations earlier in the week, the Naira continued to trade under pressure in the parallel market amid limited foreign exchange inflows.
Dollar to Naira Exchange Rate Today – Black Market
According to updates from local currency traders and market tracking platforms like Aboki Forex, the black market Dollar to Naira exchange rate today stands at:
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Buying Rate: ₦1,620 per US Dollar
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Selling Rate: ₦1,630 per US Dollar
This ₦10 spread reflects ongoing volatility, especially in commercial hubs such as Lagos, Abuja, Port Harcourt, and Kano, where forex demand remains strong.
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 currently ₦1,620 for buying and ₦1,630 for selling. These rates vary slightly by region and dealer but remain the benchmark across most informal exchange points in Nigeria.
Black Market vs Official Exchange Rate
While the Black Market continues to trade above ₦1,600, the Central Bank of Nigeria (CBN) maintains the official exchange rate around ₦1,470 per dollar. This significant spread of over ₦150 highlights persistent structural issues in the country’s foreign exchange system, including limited dollar liquidity and heavy reliance on oil earnings.
Due to ongoing restrictions in the official market, many individuals and businesses prefer the black market for quick and accessible dollar transactions.
For real-time exchange rate updates and economic insights, visit Investors King.
Key Drivers of Today’s Black Market Rate
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Rising Import and Travel Demand: Increased requests for dollars by importers and travelers contribute to consistent pressure on the Naira.
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Forex Supply Constraints: Despite higher crude oil prices, Nigeria’s foreign reserves have not grown significantly, limiting CBN’s intervention capability.
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Speculative Activity: Traders are hedging against potential inflation and policy shifts, resulting in increased dollar hoarding.
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Uncertainty in Economic Reforms: Investors are cautiously awaiting more concrete moves from the government to unify and stabilize the exchange rate.
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Diaspora Inflows: Although remittances provide some relief, they remain insufficient to offset the growing demand in the black market.
Outlook for Dollar to Naira Movement
Market analysts expect the Naira to remain under pressure in the short term unless the CBN injects significant liquidity into the forex market or implements a clear policy shift that boosts investor confidence. The upcoming Monetary Policy Committee (MPC) meeting is expected to influence forex dynamics, especially if interest rate adjustments or exchange management reforms are introduced.
Meanwhile, businesses and consumers will continue to monitor both official and parallel rates closely as they plan their financial activities.
Conclusion
As of Friday, May 23rd 2025, the Dollar to Naira black market exchange rate is ₦1,620 for buying and ₦1,630 for selling. While this represents a marginal decline for the Naira, forex pressure remains elevated due to constrained supply and persistent demand.
To stay updated on Dollar to Naira exchange rates, CBN policies, and Nigeria’s financial market trends, visit Investors King.
Disclaimer: Black market rates are unofficial and may vary by location, trader, and transaction size. Always confirm with reliable sources before making foreign currency transactions.
