The Nigerian Naira posted a marginal gain against the U.S. Dollar in the black market on Friday, June 6th, 2025, as traders in major exchange hubs recorded a slight decline in the dollar’s value.
The latest movement signals continued fluctuations in Nigeria’s parallel foreign exchange market, which remains driven by strong demand and limited dollar supply.
As of today, currency dealers in Lagos, Abuja, and Kano are buying the dollar at ₦1,590 and selling at ₦1,600, marking a ₦5 appreciation from the previous day’s rate. This adjustment, though minor, brings some level of temporary relief to importers and individuals sourcing forex for international transactions.
How Much Is Dollar to Naira Today in Black Market?
Many Nigerians continue to ask, “how much is dollar to naira today in black market?” as they search for the most accurate and up-to-date information to plan business transactions, pay school fees abroad, or make international payments.
For Friday, June 6, 2025, the black market dollar to naira exchange rate is:
Buying Rate: ₦1,590 per dollar
Selling Rate: ₦1,600 per dollar
These rates may vary slightly based on location, volume, and dealer margins. However, they reflect the most consistent values observed across Nigeria’s parallel currency trading centers.
For real-time updates, platforms like Investors King and Aboki Forex remain the most trusted sources for accurate daily black market exchange rates.
Black Market vs. CBN Official Rate
Despite slight changes in black market prices, the disparity between parallel market rates and the official rate set by the Central Bank of Nigeria (CBN) remains significant. The CBN’s official rate currently sits between ₦1,580 and ₦1,590 per dollar, depending on the trading session and available FX supply.
However, most Nigerians—especially small and medium-sized businesses, students, and travelers—are unable to access forex at the official rate due to documentation hurdles and limited allocation, making the black market their primary option for meeting FX needs.
Why the Black Market Rate Continues to Dominate
The dominance of the black market in Nigeria’s forex ecosystem is driven by several economic and regulatory realities:
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Restricted Access to Official Forex: The demand for FX far exceeds supply at the official window, pushing many to informal markets.
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High Import Dependency: Nigeria’s reliance on imported goods sustains constant demand for the U.S. Dollar.
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Weak Naira Confidence: With inflation eroding purchasing power, more Nigerians prefer holding foreign currency.
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Diaspora Remittances via Informal Channels: Many Nigerians abroad send money through black market routes that offer better conversion rates than banks.
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Policy Instability: Unpredictable monetary policy and multiple exchange rate regimes have made investors and traders lean toward the black market.
These factors continue to put upward pressure on the black market rate, even when slight gains are recorded, as seen today.
Market Outlook for June 2025
Despite the marginal appreciation of the Naira today, analysts are cautious about the sustainability of these gains. Without a stable influx of foreign exchange through oil exports, investments, or multilateral funding, the Naira could face renewed pressure in the weeks ahead.
Efforts by the government to attract foreign direct investment and unify the exchange rate system are still in progress. However, the market continues to respond primarily to short-term supply and demand dynamics.
Nigerians are advised to remain updated on daily rates through platforms like Investors King for economic news and Aboki Forex for parallel market rates. For official updates, visit the CBN regularly.
Conclusion
For Friday, June 6th, 2025, the Black Market Dollar to Naira exchange rate is:
₦1,590 per dollar for buying
₦1,600 per dollar for selling
While the Naira has gained slightly today in the black market, the long-term outlook remains uncertain due to structural challenges in Nigeria’s forex management system. The black market continues to serve as the most accessible platform for forex transactions in the country.
Stay informed with Investors King for daily financial insights, check Aboki Forex for current black market rates, and visit the Central Bank of Nigeria for official updates and policy guidance.
