The Naira continued to weaken slightly against the United States dollar on Wednesday as demand for foreign currency persisted in the informal foreign exchange market.
As of October 15th 2025, the Dollar to Naira Black Market exchange rate stood at ₦1,495 per dollar for buying and ₦1,505 per dollar for selling, according to traders across Lagos, Abuja, and Port Harcourt.
The marginal depreciation underscores sustained pressure on the local currency, with importers, travelers, and investors still turning to the parallel market to source dollars amid limited supply at official channels.
Dollar to Naira Black Market Rate Overview
| Date |
Market Type |
Buying (₦) |
Selling (₦) |
Change |
| Wednesday, Oct 15 2025 |
Black Market |
1,495 |
1,505 |
-₦5 ▼ |
| Tuesday, Oct 14 2025 |
Black Market |
1,490 |
1,500 |
– |
| Official (CBN) |
— |
— |
— |
See CBN |
Rates compiled from market operators and verified by Investors King.
How Much Is Dollar to Naira Today in Black Market
As of this morning, the Dollar to Naira Black Market rate shows operators buying dollars at ₦1,495 and selling at ₦1,505. Although the movement appears modest, it highlights continued volatility and the pressure on Nigeria’s forex system, where black-market activity remains dominant due to restricted dollar access at official windows.
For the official exchange rate, check the Central Bank of Nigeria (CBN).
Drivers Behind the Current Exchange Rate
The persistent weakness of the Naira is being shaped by several market and macroeconomic factors:
-
Strong Dollar Demand: Importers and manufacturers continue to seek foreign exchange for raw materials, leading to constant pressure on the Naira.
-
Limited Supply: Tight dollar availability from official channels pushes businesses and individuals to the black market.
-
Speculation: Many traders continue to hoard dollars, anticipating further depreciation in the coming weeks.
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Oil Market Volatility: Nigeria’s reliance on crude oil earnings means any drop in oil prices directly affects forex inflows.
-
Inflationary Pressures: Rising inflation weakens consumer confidence and prompts hedging in foreign currency.
Economic Impact of the Dollar to Naira Black Market
The widening exchange-rate gap between the official and parallel markets continues to influence inflation and investment flows:
-
Importers: Higher exchange costs increase the price of imported goods, pushing inflation upward.
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Consumers: Elevated costs for food, fuel, and essentials continue to erode purchasing power.
-
Businesses: Volatile rates make long-term financial planning difficult and reduce profit margins.
-
Students and Travelers: Nigerians paying for tuition or travel expenses abroad must budget more due to higher conversion rates.
Analysts maintain that aligning the official and black-market rates through consistent policy reforms and improved dollar supply is key to stabilizing the economy.
Market Outlook
Experts expect the Naira to trade within a narrow range for the rest of the week as dollar demand stays high and liquidity remains thin. However, upcoming remittance inflows and potential CBN interventions could provide temporary relief.
To achieve long-term stability, Nigeria will need to expand its non-oil exports, attract more foreign direct investment, and ensure policy consistency that rebuilds investor confidence.
Conclusion
The Dollar to Naira Black Market exchange rate today, Wednesday, October 15th 2025, stands at ₦1,495 for buying and ₦1,505 for selling. Despite the slight decline, the Naira continues to show signs of pressure across multiple trading channels.
For reliable daily updates on Dollar to Naira movements, visit Investors King, Aboki Forex, and the CBN.
Nigeria’s forex landscape remains delicate, with stability hinging on stronger inflows, policy clarity, and effective coordination between fiscal and monetary authorities.
