The Nigerian Naira recorded a modest appreciation against the U.S. Dollar in the black market to start the new trading week.
As of today, Monday, June 9th, 2025, foreign exchange traders in Lagos, Abuja, and other major cities reported a slight dip in the dollar’s selling price, reflecting temporary easing in demand or increased street-level supply.
According to reliable sources, the current black market exchange rate stands as follows:
Buying Rate: ₦1,585 per $1
Selling Rate: ₦1,595 per $1
While the Naira continues to struggle against global currencies in formal markets, the recent stability in the parallel market offers some short-term relief to individuals and small businesses relying on the black market for their forex needs.
How Much Is Dollar to Naira Today in Black Market?
Nigerians continue to ask, “how much is dollar to naira today in black market?” in their quest for real-time exchange rate information for transactions like tuition payments, international travel, medical expenses, and import-related purchases.
As of Monday, June 9, 2025, the Dollar to Naira black market rate is ₦1,585 for buying and ₦1,595 for selling. These rates, while marginally better than last week’s average, still reflect Nigeria’s continued dependence on the black market for accessible foreign exchange.
Daily updates can be found on reliable platforms such as Investors King and Aboki Forex, both of which track market fluctuations and provide real-time parallel market data.
Black Market vs. CBN Official Exchange Rate
The persistent disparity between the black market and the official rate issued by the Central Bank of Nigeria (CBN) remains a challenge for Nigeria’s currency stability. While the official rate stands around ₦1,570–₦1,585 per dollar as of the latest figures, access to this rate remains limited and bureaucratically constrained.
Due to tight foreign exchange policies, delays in FX approvals, and limited CBN allocations, most individuals and SMEs are forced to turn to the black market to meet their foreign currency needs. This consistent demand keeps the black market vibrant and its rates closely watched.
Factors Affecting the Dollar to Naira Black Market Rate
The following economic and policy-related issues continue to shape the value of the Naira in the black market:
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Insufficient Dollar Supply: Ongoing dollar scarcity at official channels leads to increased pressure on the parallel market.
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Import Dependency: Nigeria’s reliance on imported goods and services sustains consistent demand for foreign currencies.
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Inflation and Weak Investor Confidence: Persistent inflation and policy uncertainty have weakened the Naira’s purchasing power, making the dollar a preferred store of value.
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Diaspora Remittances via Informal Channels: Many Nigerians in the diaspora send money home through non-banking channels, which feed the black market.
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Speculative Activity: In periods of uncertainty, hoarding and speculation often drive up exchange rates, even when supply temporarily improves.
These conditions make the black market a major barometer for real-world currency valuation in Nigeria, even as the government pushes for exchange rate unification.
Market Outlook for the Week
As the week begins, analysts forecast that the Naira may experience relative calm in the parallel market if dollar supply remains steady and demand does not spike. However, without sustainable FX reforms, consistent inflows from oil exports, or a boost in investor confidence, the gains recorded today may be short-lived.
The Central Bank is expected to continue its efforts to stabilize the Naira through controlled FX auctions and monetary tightening. But until more transparent, investor-friendly policies are in place, the black market will remain the most accessible avenue for forex in Nigeria.
Conclusion
For Monday, June 9th, 2025, the Dollar to Naira black market exchange rate is:
₦1,585 per dollar for buying
₦1,595 per dollar for selling
The modest appreciation of the Naira in today’s black market provides a brief window of relief. However, the structural factors driving Nigeria’s dependence on the black market remain unchanged.
To stay informed, follow Investors King for daily economic updates, check Aboki Forex for real-time black market rates, and refer to the CBN for official FX policies and exchange rates.
