The Nigerian foreign exchange market opened the new month with the Naira trading at slightly stronger levels against the U.S. Dollar in the black market.
As of Monday, June 2nd, 2025, currency dealers report that the exchange rate in the parallel market has adjusted mildly compared to the previous week, reflecting short-term market sentiment and speculative positioning.
In key markets across Lagos, Abuja, and Port Harcourt, the Dollar to Naira black market exchange rate is currently:
Buying Rate: ₦1,610 per $1
Selling Rate: ₦1,620 per $1
The rate shows a marginal gain for the Naira, though it remains well above the official rate from the Central Bank of Nigeria (CBN), further reinforcing the dual exchange rate environment in the country.
How Much Is Dollar to Naira Today in Black Market?
Many Nigerians continue to search the question, “how much is dollar to naira today in black market?”, especially as foreign exchange scarcity continues to limit access to the official market.
For today, Monday, June 2, 2025, the Naira is trading at ₦1,610/$1 for buying and ₦1,620/$1 for selling in the black market. These rates, while slightly better than previous days, remain significantly higher than the official rate provided by the Central Bank of Nigeria (CBN).
The sustained gap between official and black market exchange rates is a result of persistent structural challenges in Nigeria’s foreign exchange supply chain.
Black Market vs. Official CBN Exchange Rate
The black market remains the primary source of foreign exchange for most Nigerians due to the stringent restrictions on accessing FX via official channels. The CBN’s regulated exchange rate, which has hovered around ₦1,580 to ₦1,600 in recent weeks, is primarily accessible to select sectors and individuals meeting specific criteria.
This creates a two-tier system, with the parallel market offering a more realistic view of demand-supply conditions. The black market rate, which can be monitored via platforms such as Aboki Forex and Investors King, is thus widely followed by importers, travelers, and students seeking dollars for legitimate purposes.
Key Factors Driving Black Market Exchange Rates
The pricing of the dollar in the parallel market is driven by several underlying factors:
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Limited Forex Supply: The CBN’s inability to meet rising FX demands has pushed users to the informal market.
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Import Dependency: Nigeria’s heavy reliance on imported goods intensifies dollar demand across key sectors.
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Inflation Pressures: As inflation rises, confidence in the Naira weakens, triggering a preference for foreign currency.
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Diaspora Remittance Preferences: Many recipients prefer black market transactions due to better rates.
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Speculation and Hoarding: Market speculators often hoard dollars during times of economic uncertainty, further tightening supply.
These economic forces continue to influence daily fluctuations in the black market, with only limited short-term relief.
Outlook for June 2025
Analysts expect that without meaningful FX reforms, the Naira will continue to face pressure throughout June. The federal government and the Central Bank have both indicated plans to attract foreign capital and unify the FX market, but results remain limited in terms of improving forex liquidity.
Additionally, crude oil prices and external reserves will play a significant role in determining the strength of the Naira in the coming weeks. Any significant drop in oil earnings could widen the gap between the official and black market rates.
For real-time exchange rate updates and expert analysis, it is advisable to monitor platforms like Investors King and Aboki Forex, which provide reliable black market data. For official positions, reforms, and circulars, the CBN remains the authoritative source.
Conclusion
As of Monday, June 2nd, 2025, the Dollar to Naira black market exchange rate stands at:
₦1,610/$1 for buying
₦1,620/$1 for selling
The Naira’s slight recovery today is a welcome development, but the gap between the official and black market rates underscores the urgent need for coordinated policy actions. Until Nigeria can build robust FX reserves, reduce import dependence, and stabilize macroeconomic fundamentals, the parallel market will continue to dominate the exchange rate narrative.
Stay updated with Investors King and Aboki Forex for daily market insights. For official policies and benchmarks, visit the Central Bank of Nigeria.
