The Nigerian Naira began the new week on a firmer note as the local currency appreciated slightly against the U.S. dollar in the parallel market.
On Monday, October 6th, 2025, the Dollar to Naira exchange rate in the black market traded at ₦1,460 per dollar for buying and ₦1,470 per dollar for selling.
This modest improvement signals a potential short-term stability in the foreign exchange market following weeks of volatility. However, the gap between the official and black market exchange rates remains a major challenge for the Central Bank of Nigeria (CBN) and market participants.
How Much is Dollar to Naira Today in Black Market
As of Monday morning, the Dollar to Naira black market rate stands as follows:
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Buying Rate: ₦1,460 per $1
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Selling Rate: ₦1,470 per $1
These figures reflect average transactions across major forex trading hubs in Lagos, Abuja, and Port Harcourt. Although the Naira appreciated slightly, traders continue to report strong demand for dollars amid constrained official liquidity.
For verified official rates, refer to the Central Bank of Nigeria (CBN).
Dollar to Naira Exchange Rate: Official vs Black Market
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Black Market Rate: ₦1,460 / ₦1,470
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Official Rate (CBN): Updated daily by the CBN.
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Market Monitors: Reliable platforms such as Investors King and Aboki Forex provide daily updates and comprehensive analysis of the Dollar to Naira trend.
Despite modest gains, the disparity between the two markets continues to distort price stability and encourage speculative trading across Nigeria’s forex ecosystem.
Economic Implications
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Businesses and Importers: The continued gap between the official and black market rates raises the cost of imported goods and raw materials, putting further pressure on local manufacturers.
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Consumers: Higher forex costs translate into inflationary effects across key consumer goods, especially food and fuel.
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Investors: Persistent volatility undermines investor confidence, particularly for foreign portfolio and direct investments.
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Students and Travelers: Those sourcing foreign currency for tuition or travel continue to face steep conversion costs through parallel channels.
Factors Influencing the Black Market
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Forex Liquidity Shortage: The inability of commercial banks to meet rising forex demand pushes individuals and businesses to the black market.
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Inflationary Pressures: Continuous inflation weakens confidence in the Naira, increasing dollar hoarding and speculative trading.
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Oil Market Volatility: Nigeria’s heavy reliance on oil export revenue means global oil price changes directly affect dollar inflows.
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Policy Uncertainty: Frequent adjustments in monetary policy and forex restrictions drive uncertainty in the exchange market.
Outlook for the Week
Analysts expect moderate trading in the coming days, with possible fluctuations depending on CBN interventions and dollar supply levels. If oil prices remain steady and remittance inflows improve, the Naira could maintain its current range.
However, sustained gains will depend on the government’s ability to increase non-oil exports, boost forex reserves, and attract foreign investment.
Conclusion
The Dollar to Naira black market exchange rate today, Monday, October 6th, 2025, stands at ₦1,460 for buying and ₦1,470 for selling. The Naira’s marginal appreciation offers cautious optimism, but sustained stability will require deeper structural reforms.
For verified and timely updates on Dollar to Naira, visit Investors King, Aboki Forex, and the CBN.
Nigeria’s forex outlook for October remains dependent on liquidity improvements, stronger policy coordination, and investor confidence restoration.
