The Nigerian Naira strengthened slightly against the U.S. Dollar in the black market today, Thursday, June 5th, 2025, reflecting a modest improvement in dollar availability among street traders.
After weeks of consistent depreciation, this marginal recovery signals temporary relief for forex-seeking Nigerians amid ongoing pressure on the local currency.
According to dealers in Lagos, Abuja, and Kano, the black market exchange rate today stands as follows:
Buying Rate: ₦1,595 per $1
Selling Rate: ₦1,605 per $1
This development comes as many Nigerians continue to turn to the parallel market to meet their foreign exchange needs, owing to limited access through the official channels provided by the Central Bank of Nigeria (CBN).
How Much Is Dollar to Naira Today in Black Market?
A common question among individuals and businesses is, “how much is dollar to naira today in black market?” This reflects the growing reliance on the parallel market due to constraints at the official forex window.
As of Thursday, June 5, 2025, the Dollar to Naira black market rate is ₦1,595 per dollar for buying and ₦1,605 per dollar for selling. These rates may vary slightly based on location and transaction volume but remain fairly uniform across Nigeria’s key currency exchange points.
You can get reliable daily rate updates from platforms such as Investors King and Aboki Forex, which track fluctuations in the black market with real-time precision.
Black Market vs. Official CBN Rate
The disparity between the black market and official exchange rates persists. The Central Bank of Nigeria (CBN) continues to maintain an official rate that is significantly lower than what is obtainable in the black market. Currently, the official rate hovers around ₦1,580 to ₦1,595 per dollar, depending on daily adjustments and policy interventions.
Despite the recent minor gains in the black market, the wide gap between the two markets remains due to the limited supply of dollars at the official window and the high demand from importers, students, and travelers.
What Is Driving the Black Market Dollar to Naira Exchange Rate?
The movement in the black market rate is influenced by several economic and structural factors, including:
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Scarcity of Official Forex: Most Nigerians do not meet the requirements to access foreign currency through banks, pushing them to the black market.
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Rising Demand for Imports: High import dependency keeps demand for the U.S. Dollar elevated across sectors.
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Inflation and Devaluation: Ongoing inflationary pressure drives individuals and businesses to secure foreign currency as a store of value.
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Diaspora Remittances: Many recipients prefer to convert remittances at the black market rate, which offers more value than the official window.
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Speculation and Uncertainty: Lack of clarity on monetary policy reforms fuels speculative behavior among currency traders and businesses.
These underlying factors have created a sustained demand-supply imbalance, making the black market the dominant source of foreign exchange for most Nigerians.
Market Outlook and What to Expect
Although the Naira appreciated slightly in the black market today, analysts remain cautious about its sustainability. Nigeria’s foreign exchange market remains vulnerable to external shocks, declining oil revenues, and limited foreign investments.
In the absence of major reforms or significant inflow of forex from oil exports or external borrowings, the black market will continue to be the primary reference point for the real value of the Naira.
Market participants are advised to follow platforms like Investors King and Aboki Forex for timely and accurate updates on black market rates. For official exchange rates, regulatory guidelines, and monetary policy directions, visit the Central Bank of Nigeria (CBN).
Conclusion
For Thursday, June 5th, 2025, the Black Market Dollar to Naira exchange rate is:
₦1,595 per dollar for buying
₦1,605 per dollar for selling
This modest appreciation of the Naira provides short-term relief, but the challenges facing the foreign exchange market remain. Until supply improves and reforms take hold, the black market will continue to reflect the true cost of accessing foreign currency in Nigeria.
