The Nigerian Naira appreciated slightly against the United States Dollar in the black market on Tuesday, June 24th, 2025, offering minor relief to businesses and individuals depending on the parallel forex market for foreign currency needs.
This modest improvement in the Dollar to Naira rate follows a temporary increase in street-level supply, though overall forex scarcity remains a concern.
According to currency dealers across Lagos, Abuja, Port Harcourt, and Kano, today’s Dollar to Naira black market exchange rate is:
Buying Rate: ₦1,585 per $1
Selling Rate: ₦1,595 per $1
This reflects a ₦5 gain from the previous day’s rate, driven by slightly lower demand and improved market liquidity.
How Much Is Dollar to Naira Today in Black Market?
Many Nigerians continue to search online for the question, “how much is dollar to naira today in black market?” As of Tuesday, June 24, 2025, the black market rate stands at ₦1,585 per dollar for buying and ₦1,595 per dollar for selling. These rates are averages from major parallel market hubs and may vary slightly based on transaction volume and location.
For timely updates, check reliable platforms such as Investors King and Aboki Forex, which provide accurate and consistent monitoring of black market and official exchange rates.
Dollar to Naira: Black Market vs. CBN Official Rate
While the black market continues to dominate retail forex access, the Central Bank of Nigeria (CBN) maintains an official exchange rate for authorized transactions. As of today, the CBN’s official rate ranges between ₦1,570 and ₦1,580 per dollar, significantly lower than black market rates.
However, access to the official rate is limited to select sectors and institutions, leaving the majority of individuals and SMEs to rely on the black market for their forex needs. This widening gap between the official and parallel market rates continues to reflect underlying inefficiencies in the nation’s foreign exchange policy.
Key Factors Influencing the Black Market Rate
The black market remains highly active due to a mix of demand-side and supply-side pressures. Key factors include:
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Limited Dollar Supply from Official Channels: The CBN’s dollar reserves remain under pressure, making it difficult for banks to meet demand.
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Import Dependence: Nigeria’s heavy reliance on imported goods continues to drive dollar demand in the open market.
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Rising Inflation and Currency Devaluation: As the purchasing power of the Naira weakens, more Nigerians seek to store value in dollars.
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Remittance Through Informal Channels: Many Nigerians abroad bypass official remittance platforms due to more favorable rates in the black market.
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Speculation and Hoarding: Traders and individuals anticipate further depreciation of the Naira, causing artificial scarcity.
These conditions sustain the relevance of the black market in Nigeria’s broader economic environment, despite official intervention.
Outlook for the Naira
Though today’s slight gain offers hope, forex analysts warn that the Dollar to Naira exchange rate in the black market will remain volatile unless Nigeria experiences significant inflows from oil exports, diaspora remittances, and foreign investments. The CBN’s attempts at monetary tightening and currency stabilization must be supported by broader structural reforms for lasting impact.
Until then, the parallel market will remain the most accessible and realistic platform for most Nigerians to meet their forex needs.
To stay informed, visit Investors King for economic updates, track daily rates on Aboki Forex, and consult the CBN for official benchmarks and monetary policies.
Conclusion
For Tuesday, June 24th, 2025, the Dollar to Naira black market exchange rate is:
₦1,585 per dollar for buying
₦1,595 per dollar for selling
While today’s slight appreciation may signal improved short-term confidence, the overall forex situation in Nigeria remains fragile. With limited access to official channels and persistent dollar demand, the black market continues to serve as the primary source for foreign currency transactions.
