The Dollar to Naira exchange rate remains a key focus for businesses, importers, and individuals as Nigeria’s foreign exchange market continues to face high demand pressures.
Today, Tuesday, August 19th, 2025, the black market dollar to naira rate stands at ₦1,545 per $1 for buying and ₦1,555 per $1 for selling, according to data from Investors King and parallel market trackers.
How Much is Dollar to Naira Today in Black Market?
As of today, the exchange rates in the black market are:
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,545 |
| Selling Rate | ₦1,555 |
(Source: Investors King)
Dollar to Naira: Black Market vs. CBN Official Rate
The parallel market continues to trade above the official rates set by the Central Bank of Nigeria (CBN). While the CBN maintains lower official rates through its approved channels, restricted access to dollars has forced most businesses and individuals to rely on the black market. This widening gap reflects ongoing supply challenges and Nigeria’s heavy dependence on foreign exchange.
Factors Driving the Naira’s Performance in the Black Market
Several factors continue to influence the naira’s weakness in the black market, including:
Strong dollar demand from importers, businesses, and students paying foreign tuition.
Low forex inflows due to fluctuating crude oil revenues.
Persistent inflation and reduced investor confidence in the Nigerian economy.
Speculation and hoarding of dollars in anticipation of further naira depreciation.
Implications for Nigerians and the Economy
The disparity between the official and black market Dollar to Naira exchange rates has direct consequences:
Import-dependent businesses face rising costs, pushing up consumer prices.
Nigerian students and travelers are forced to spend more to access dollars.
Local manufacturers depending on imported raw materials experience higher production costs.
The general population continues to feel the impact through inflation and reduced purchasing power.
Outlook on the Naira
Market watchers suggest that without structural reforms to boost forex inflows, Nigeria will continue to experience volatility in the parallel market. Policies that encourage non-oil exports, attract foreign direct investment, and improve transparency in forex allocation remain crucial to stabilizing the Dollar to Naira exchange rate in the long run.
Disclaimer: Black market rates are unofficial and subject to frequent changes. For accurate and official rates, refer to the Central Bank of Nigeria (CBN).
