The Nigerian Naira appreciated slightly against the U.S. Dollar in the black market on Thursday, June 12th, 2025, following moderate stability in demand across major currency trading hubs.
This development comes as Nigerians continue to rely on the parallel market due to limited access to foreign exchange through official government channels.
According to street traders and currency dealers in Lagos, Abuja, and Kano, today’s Dollar to Naira black market exchange rate is:
Buying Rate: ₦1,585 per $1
Selling Rate: ₦1,595 per $1
The ₦10 drop in the selling rate compared to the previous day provides a brief relief for individuals and businesses sourcing foreign currency from the black market.
How Much Is Dollar to Naira Today in Black Market?
One of the most searched questions by Nigerians is, “how much is dollar to naira today in black market?”—a reflection of the population’s dependence on the parallel market for quick access to forex.
As of Thursday, June 12, 2025, the Dollar is being bought at ₦1,585 and sold at ₦1,595 in the black market. These rates are fairly uniform across major cities but may vary slightly based on dealer location and volume of the transaction.
For the most accurate and timely exchange rate updates, platforms like Investors King and Aboki Forex remain trusted sources.
Black Market vs. CBN Official Rate
The black market continues to serve as a crucial source of foreign exchange for Nigerians unable to access FX at official rates. The Central Bank of Nigeria (CBN) maintains an official rate that currently ranges between ₦1,570 and ₦1,585 per dollar. However, access to this rate remains restricted to selected government-backed sectors and approved transactions.
The gap between the official and black market rates remains wide due to systemic constraints, including insufficient FX supply, rigid allocation processes, and delays in dollar disbursement by commercial banks.
Key Factors Influencing the Black Market Rate
Several economic and structural issues continue to influence black market exchange rates in Nigeria:
-
Restricted Access to Official FX: Most individuals and SMEs cannot access the dollar at CBN rates, turning instead to the black market.
-
High Demand from Importers: Nigeria’s dependence on imported goods drives daily demand for foreign currency.
-
Inflation and Currency Weakness: The weakening of the Naira in recent months has prompted many to convert funds into dollars to preserve value.
-
Preference for Informal Channels: Remittance inflows from Nigerians abroad are increasingly routed through black market operators for better returns.
-
Lack of Investor Confidence: Policy uncertainty and multiple FX windows continue to discourage foreign capital inflows.
These underlying issues mean the black market remains a barometer of true demand for dollars in Nigeria, even as authorities attempt to regulate the official market.
Short-Term Outlook
Although the Naira recorded a modest gain today, analysts remain cautious about the sustainability of this trend. Without substantial FX inflows from oil sales, remittances, and foreign investments, Nigeria’s forex market is likely to remain volatile.
Efforts by the federal government and the CBN to unify exchange rates and attract investment may yield long-term benefits, but short-term fluctuations in the black market are expected to persist.
To monitor rate trends and economic insights, check Investors King daily. For real-time parallel market data, visit Aboki Forex. For official rates and FX regulations, refer to the CBN.
Conclusion
For Thursday, June 12th, 2025, the Dollar to Naira black market exchange rate is:
₦1,585 per dollar (buying)
₦1,595 per dollar (selling)
While the slight appreciation offers temporary stability, Nigeria’s forex market remains under pressure due to systemic inefficiencies and strong demand. The black market continues to reflect the real-time value of the Naira as most Nigerians seek alternatives to the formal banking system for their FX needs.
