The Nigerian Naira showed signs of slight depreciation in the black market today, Thursday, June 26th, 2025, as pressure on the foreign exchange market continues to weigh on the local currency.
Despite recent interventions by the Central Bank of Nigeria (CBN), the demand for the U.S. Dollar has outpaced available supply, driving more Nigerians to the parallel market.
In key informal forex hubs such as Lagos, Abuja, Kano, and Port Harcourt, the Dollar to Naira black market exchange rate today is:
Buying Rate: ₦1,590 per $1
Selling Rate: ₦1,600 per $1
This represents a ₦10 margin between buying and selling prices, reflecting the current market trend where scarcity drives up the cost of accessing foreign currency through unofficial channels.
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 as of Thursday, June 26th, 2025, is:
₦1,590 per dollar for buying,
₦1,600 per dollar for selling.
These rates are subject to change depending on location, transaction volume, and negotiation with individual dealers. Nonetheless, they represent the average trading rate across major cities. For real-time updates, you can rely on trusted platforms such as Investors King, Aboki Forex, and the official rate portal of the Central Bank of Nigeria (CBN).
Dollar to Naira: Black Market vs. CBN Official Rate
While the black market continues to dominate informal forex transactions, the CBN maintains a much lower official rate to guide authorized dealers and banks. As of today, the Dollar to Naira official exchange rate stands between ₦1,570 and ₦1,580 per dollar.
However, access to the CBN’s official rate is highly regulated and often limited to importers, government-approved businesses, and institutions that meet stringent criteria. This has created a dual-rate system in Nigeria, where the black market reflects actual market demand and remains the most accessible avenue for the average citizen.
Why the Black Market Exchange Rate Remains High
Several factors have contributed to the persistence of a high exchange rate in the black market:
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Scarcity of Official Dollar Supply: Limited forex allocation from the CBN forces buyers into the parallel market.
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Import Dependency: Nigeria’s economy relies heavily on imports, driving constant demand for foreign currency.
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Soaring Inflation: The declining purchasing power of the Naira leads many to convert their savings to dollars.
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Speculation and Hoarding: Traders hold onto dollars in anticipation of further depreciation.
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Diaspora Remittances Channeled Informally: Many Nigerians abroad prefer informal transfer methods due to favorable black market rates.
These systemic issues make it difficult for the CBN to unify the rates without significant structural reforms and improved dollar inflows.
Market Outlook and Economic Implications
Analysts project continued volatility in the Dollar to Naira black market exchange rate until Nigeria addresses core economic challenges such as forex liquidity, export diversification, and investor confidence.
While the CBN has implemented policy tightening and forex reforms, the impact remains limited due to weak non-oil revenue and external reserve constraints. Until Nigeria sees a stable rise in forex inflows from exports and investments, the Naira will remain vulnerable to shocks.
For continuous updates on Nigeria’s exchange rate trends, economic developments, and CBN interventions, follow Investors King. For live black market rates, refer to Aboki Forex. To verify official figures and monetary policy announcements, consult the CBN directly.
Conclusion
As of Thursday, June 26th, 2025, the Dollar to Naira black market exchange rate is:
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₦1,590 per dollar (buying)
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₦1,600 per dollar (selling)
This marks continued pressure on the Nigerian Naira, driven by demand outweighing supply and a constrained formal forex market. With uncertainty still looming, the black market remains the primary source of foreign currency for individuals and SMEs in Nigeria.
