The Nigerian Naira remains under pressure in the foreign exchange market as the black market continues to reflect higher demand for U.S. Dollars.
As of Wednesday, June 4th, 2025, the Dollar to Naira exchange rate in the black market shows little change compared to the previous day, indicating sustained pressure on Nigeria’s local currency.
Traders in key currency hubs such as Lagos, Kano, Abuja, and Port Harcourt report that the Naira is trading at the following rates today:
Buying Rate: ₦1,610 per $1
Selling Rate: ₦1,620 per $1
This rate continues to highlight the widening gap between the parallel market and the official exchange window, forcing individuals and businesses to rely heavily on the black market to meet their foreign exchange needs.
How Much Is Dollar to Naira Today in Black Market?
Many Nigerians searching for “how much is dollar to naira today in black market” want real-time updates to make informed decisions regarding forex transactions, school fees payments abroad, travel expenses, and import transactions.
As of today, Wednesday, June 4, 2025, the black market exchange rate stands at ₦1,610 for buying and ₦1,620 for selling. These figures are consistent across major street currency dealers but may vary slightly based on volume and location.
You can monitor reliable sources like Investors King and Aboki Forex for verified daily updates on black market forex trends.
Black Market vs. Official CBN Exchange Rate
Despite regulatory efforts by the Central Bank of Nigeria (CBN) to stabilize the Naira, the spread between the official rate and the black market rate remains wide. While today’s parallel market rate is ₦1,620 per dollar, the CBN official rate hovers between ₦1,580 and ₦1,600, depending on the volume of FX inflows and policy adjustments.
The persistent shortage of foreign exchange in the official window has pushed many Nigerians to seek faster and more flexible options via the black market. This demand keeps the unofficial rate significantly elevated, especially in times of macroeconomic uncertainty or rising inflation.
Why the Black Market Rate Remains High
The black market continues to dominate currency conversion in Nigeria due to a combination of structural and economic factors:
Limited Access to Official FX: Many Nigerians cannot access foreign exchange at the official CBN rate due to strict requirements and limited supply
Increased Demand from Importers and Students: Businesses and individuals sourcing foreign currency for imports, medical bills, tuition, and travel continue to patronize the black market
Inflation and Currency Devaluation: Persistent inflation and weak economic outlook reduce public confidence in the Naira, increasing demand for stable foreign currencies like the Dollar
Unstable Oil Revenue: Nigeria’s main source of forex earnings, crude oil, remains vulnerable to global market fluctuations
Diaspora Remittance Flows via Informal Channels: Many Nigerians abroad send money through informal networks offering better exchange rates, further boosting the black market
Market Outlook
Analysts believe the Naira’s outlook will remain weak in the short term unless there are significant improvements in forex reserves, policy stability, and external capital inflows. The government has made efforts to attract foreign investment and unify the exchange rate regime, but the implementation of these reforms remains slow.
Until a more transparent and accessible FX policy is in place, the black market will continue to influence the real cost of dollars in Nigeria.
To stay ahead of market trends, users are encouraged to check daily updates on Investors King and Aboki Forex. For policy announcements, FX circulars, and official benchmarks, visit the CBN.
Conclusion
For Wednesday, June 4th, 2025, the black market dollar to naira exchange rate is:
₦1,610 per dollar (Buying)
₦1,620 per dollar (Selling)
As the Naira continues to trade under pressure, the parallel market remains the most accessible FX source for many Nigerians. While the government continues to pursue reforms, exchange rate unification and improved dollar supply remain critical for long-term stability.
For accurate market insights, bookmark Investors King and monitor live rates via Aboki Forex. For official exchange rates and policy guidance, refer to the Central Bank of Nigeria.
