The Nigerian Naira opened the new month with a slight gain against the U.S. Dollar in the black market today, Tuesday, July 1st, 2025. After ending June with minor fluctuations, the parallel market shows a modest adjustment as traders balance demand with limited dollar supply.
Currency dealers across key black market hubs in Lagos, Abuja, Kano, and Port Harcourt report that the Dollar to Naira black market exchange rate today is:
Buying Rate: ₦1,566 per $1
Selling Rate: ₦1,576 per $1
This ₦10 spread indicates that while dollar demand remains strong, small supply inflows and cautious trading at the start of the new month have helped keep the rate stable for now.
How Much Is Dollar to Naira Today in Black Market?
For thousands of Nigerians managing international payments, tuition fees, medical expenses abroad, or import-related costs, the question “how much is dollar to naira today in black market?” is a daily concern.
As of Tuesday, July 1st, 2025, the Dollar to Naira black market rate is ₦1,566 per dollar for buying and ₦1,576 per dollar for selling. These figures are based on average street rates but can vary slightly depending on city, volume, and individual negotiations.
For verified daily updates and expert market analysis, trusted platforms like Investors King and Aboki Forex remain reliable sources. The Central Bank of Nigeria (CBN) also publishes the official exchange rate daily for reference.
Dollar to Naira: Black Market vs. Official CBN Rate
While the black market remains the primary source for retail forex transactions in Nigeria, the Central Bank of Nigeria (CBN) maintains an official Dollar to Naira rate that is significantly lower than the street rate.
As of today, the CBN’s official rate stands between ₦1,550 and ₦1,560 per dollar, depending on the approved transaction window. However, strict requirements, limited allocations, and tight dollar supply make it difficult for the average Nigerian to access FX through official channels. This persistent gap keeps the parallel market active and influential.
Why the Black Market Still Drives the Real Rate
Despite today’s slight improvement for the Naira, several deep-rooted factors keep the black market essential for meeting dollar needs in Nigeria:
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Limited Official FX Supply: Banks often struggle to meet demand, pushing buyers to the street market.
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Import Reliance: Nigeria’s heavy dependence on imported goods means daily dollar demand never stops.
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Naira Depreciation: Rising inflation and weak confidence in the local currency push people to convert their savings to dollars as a store of value.
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Remittances via Informal Channels: Many Nigerians abroad prefer sending money through informal operators because of higher parallel market rates.
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Speculation: Hoarding and speculative buying further tighten street-level supply.
Unless Nigeria strengthens its forex reserves, diversifies export earnings beyond oil, and attracts stable foreign investment, the black market will remain the key source for practical Dollar to Naira exchange.
Naira Outlook for July
Analysts expect cautious trading this week as the market watches for new CBN directives, any policy announcements, and oil earnings trends. The slight appreciation today offers hope for temporary stability, but the overall outlook remains uncertain if dollar inflows stay weak.
To make informed financial decisions, Nigerians are encouraged to follow trusted news and data platforms. For daily economic updates, visit Investors King. For real-time black market tracking, check Aboki Forex. For official rates, benchmarks, and policy directions, monitor the CBN.
Conclusion
For Tuesday, July 1st, 2025, the Dollar to Naira black market exchange rate is:
₦1,566 per dollar for buying
₦1,576 per dollar for selling
The slight gain today suggests the Naira may find short-term support, but Nigeria’s structural forex challenges mean the black market will continue to set the real rate for millions of Nigerians needing fast access to dollars.
Stay updated with accurate news and daily rates through Investors King, monitor live trends on Aboki Forex, and check official benchmarks directly on the Central Bank of Nigeria.
