The Nigerian Naira started the week with slight depreciation against the U.S. Dollar in the black market, reflecting continued pressure on the local currency.
As of today, Monday, June 23rd, 2025, forex demand remains high, while supply through official channels remains insufficient, forcing many Nigerians to turn to the parallel market for their foreign exchange needs.
According to currency traders in Lagos, Abuja, Kano, and Port Harcourt, the Dollar to Naira black market exchange rate is:
Buying Rate: ₦1,590 per $1
Selling Rate: ₦1,600 per $1
The minor increase in the black market rate reflects ongoing dollar scarcity and persistent economic uncertainty that continues to drive forex demand.
How Much Is Dollar to Naira Today in Black Market?
A frequently searched question by Nigerians is, “how much is dollar to naira today in black market?”. As of Monday, June 23, 2025, the dollar is being bought at ₦1,590 and sold at ₦1,600 in the black market. These rates may vary slightly across different regions or based on the size of the transaction, but they reflect the average in key informal trading hubs.
For daily rate updates and market trends, platforms like Investors King and Aboki Forex remain reliable sources for real-time Dollar to Naira black market exchange information.
Black Market vs. Official CBN Exchange Rate
The Central Bank of Nigeria (CBN) maintains an official exchange rate for the Dollar to Naira, which is currently in the range of ₦1,570 to ₦1,580. However, access to the official window is limited to select sectors, with stringent requirements that most individuals and small businesses cannot meet.
This persistent gap between the official rate and the black market rate reinforces the dominance of the parallel market, which continues to provide more flexible and immediate forex access.
What’s Driving the Black Market Exchange Rate?
Several factors continue to influence the exchange rate in Nigeria’s black market:
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Limited Official Supply: Dollar scarcity at the CBN and authorized dealers pushes demand to the parallel market.
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High Import Demand: Nigeria’s heavy reliance on imported goods sustains daily demand for foreign currency.
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Inflation and Naira Devaluation: The weakening of the Naira has led many to seek dollar holdings as a store of value.
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Remittances via Informal Channels: Diaspora inflows often bypass formal systems due to better black market rates.
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Market Speculation: Traders anticipating further Naira depreciation hoard dollars, tightening supply.
These conditions have made the black market the most realistic source for meeting foreign exchange needs for personal, business, and educational purposes.
Market Outlook
While the Naira remains relatively stable today, market watchers caution that without significant forex inflows, policy reforms, and stronger economic fundamentals, volatility will persist. The CBN’s ongoing attempts to harmonize the exchange rate and tighten monetary policy have yet to fully ease pressure on the Naira.
Analysts are closely monitoring oil revenue trends, inflation data, and external reserves for any signs of relief. Until then, the black market will remain the primary price-setting mechanism for Dollar to Naira transactions.
For economic news and exchange rate insights, check Investors King. For real-time parallel market rates, visit Aboki Forex, and for official policies and updates, refer to the Central Bank of Nigeria (CBN).
Conclusion
For Monday, June 23rd, 2025, the Dollar to Naira black market exchange rate is:
₦1,590 per dollar for buying
₦1,600 per dollar for selling
With forex scarcity and inflationary pressure still weighing on the economy, the black market remains the most accessible option for many Nigerians. As the CBN continues to manage currency stability, the gap between the official and parallel markets is expected to persist until broader reforms take effect.
