The Nigerian Naira continues to experience volatility in the parallel foreign exchange market with the black market exchange rate showing sustained pressure due to ongoing demand for the U.S. dollar.
As of today, Wednesday, May 28, 2025, the Naira has weakened slightly in the unofficial market, following persistent economic and forex supply challenges.
The current Dollar to Naira black market exchange rate is as follows:
| Currency |
Buying Rate (₦) |
Selling Rate (₦) |
| Dollar to Naira |
1,610 |
1,620 |
These figures reflect the rates available in major informal exchange hubs across Lagos, Abuja, Kano, and Port Harcourt, and may vary slightly depending on dealer location and transaction volume.
How Much is Dollar to Naira Today in Black Market?
As of Wednesday, May 28, 2025, the black market exchange rate stands at ₦1,610 per dollar for buying and ₦1,620 per dollar for selling. This remains one of the most frequently searched updates by Nigerians amid forex scarcity and widening disparities between official and parallel rates.
The black market remains a vital component of Nigeria’s foreign exchange ecosystem, with millions depending on it for access to foreign currencies due to limited allocation from official channels.
To get accurate and up-to-date daily exchange rates, Nigerians are encouraged to monitor trusted sources like Investors King and Aboki Forex.
Black Market vs. CBN Official Rate
Despite efforts by the Central Bank of Nigeria (CBN) to manage exchange rate fluctuations, the gap between the official and black market rates remains wide. The official CBN rate is significantly lower than the black market rate, making it inaccessible for many individuals and businesses who do not qualify under official forex allocation criteria.
This divergence continues to fuel the parallel market as the most realistic source of FX for importers, students, travelers, and SMEs.
Factors Driving the Black Market Rate
Several underlying factors continue to influence the black market exchange rate, including:
-
Limited foreign exchange reserves
-
Reduced oil revenues and dollar inflow
-
Increased demand for foreign currency by importers and international students
-
CBN restrictions and bottlenecks in the official FX market
-
Market speculation and reduced investor confidence
These factors have collectively led to greater reliance on the black market, contributing to the current exchange rate pressure.
Market Forecast and Economic Impact
Financial analysts and currency observers note that without aggressive FX reforms and increased foreign inflows, the Naira could face further depreciation in the coming months. The unofficial market is expected to remain active, with daily fluctuations driven by economic announcements, oil price movements, and demand-supply dynamics.
Platforms like Investors King continue to track market changes and provide real-time updates to help Nigerians stay informed.
Conclusion
For Wednesday, May 28, 2025, the black market Naira to Dollar exchange rate is:
-
₦1,610/$1 (Buying)
-
₦1,620/$1 (Selling)
With the foreign exchange situation still uncertain, staying informed is crucial. Visit Investors King and Aboki Forex for daily black market rate updates and insights. For government-approved exchange rates and policy directions, refer to the official CBN website.
As Nigerians continue to navigate forex challenges, transparency, market reform, and improved forex liquidity remain critical for long-term stability.
