The Nigerian Naira weakened slightly against the U.S. Dollar in the black market on Tuesday, June 17th, 2025, following a mild increase in demand for foreign exchange by importers and travelers. Although the fluctuation is marginal, it reflects the ongoing volatility in the parallel market driven by limited dollar supply and continued economic uncertainty.
Currency dealers across Lagos, Abuja, Port Harcourt, and Kano are reporting the following Dollar to Naira black market exchange rate as of today:
Buying Rate: ₦1,590 per $1
Selling Rate: ₦1,600 per $1
The ₦10 increase in both the buying and selling rates compared to the previous day suggests renewed pressure on the local currency in the informal market.
How Much Is Dollar to Naira Today in Black Market?
For those asking, “how much is dollar to naira today in black market?”, the answer is ₦1,590 for buying and ₦1,600 for selling. This rate reflects current figures from street traders and informal forex brokers across Nigeria.
As access to official forex remains difficult for most Nigerians, the black market continues to serve as the main source for foreign exchange. To get the most reliable and current updates, platforms like Investors King and Aboki Forex are recommended for accurate daily tracking of parallel market rates.
Black Market vs. CBN Official Exchange Rate
The Central Bank of Nigeria (CBN) maintains an official exchange rate that remains significantly lower than the black market rate. As of today, the CBN rate stands at approximately ₦1,575–₦1,585 per dollar. However, the limited availability of FX at the official window and stringent eligibility criteria force many Nigerians to seek alternatives in the black market.
This persistent disparity between the official and unofficial rates continues to highlight the structural challenges in Nigeria’s foreign exchange management.
Why the Black Market Rate Remains High
Several key factors contribute to the sustained demand for U.S. Dollars in the black market:
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Forex Access Restrictions: The majority of Nigerians are unable to access FX at the official rate due to bureaucratic bottlenecks and limited supply.
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Heavy Import Dependency: Businesses must source dollars independently to settle international trade obligations.
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Inflation and Currency Instability: The weakening of the Naira continues to erode purchasing power, pushing many to convert their funds to dollars.
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Diaspora Remittances and Informal Channels: Remittances continue to flow through informal platforms offering better rates than banks.
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Investor Caution: The lack of policy clarity discourages capital inflow and worsens FX scarcity.
These factors keep the black market active and influential, even as the CBN works to implement reforms aimed at unifying the exchange rate system.
Market Outlook
Market analysts expect continued volatility in the black market unless there is a significant improvement in Nigeria’s forex reserves, oil earnings, or foreign capital inflows. The current rate stability could be disrupted if demand spikes further or official FX allocations remain inadequate.
To stay ahead of forex movements and economic trends, stakeholders are advised to monitor updates on Investors King, check real-time parallel market rates on Aboki Forex, and refer to the CBN for official policy directions and rate benchmarks.
Conclusion
For Tuesday, June 17th, 2025, the Black Market Dollar to Naira exchange rate is:
₦1,590 per dollar for buying
₦1,600 per dollar for selling
Despite the slight increase in the exchange rate, the black market remains the dominant platform for Nigerians seeking quick access to forex. With the official market still constrained, the parallel market will continue to reflect the true supply and demand dynamics of the foreign exchange environment.
Stay informed with accurate updates from Investors King, track live rates via Aboki Forex, and consult the Central Bank of Nigeria for official rate information and policy updates.
