On Thursday, April 17, 2025, Nigeria’s unofficial currency market continued to experience fluctuations in the value of the naira, largely influenced by a strong appetite for U.S. dollars and limited access through formal financial channels.
Current Street Market Rates:
Buy: ₦1,610 to $1
Sell: ₦1,620 to $1
These figures come from local exchange dealers and may shift slightly depending on the location and size of the transaction. For the most accurate and timely updates, sources such as Aboki Forex, Investors King, or the Central Bank of Nigeria provide useful benchmarks.
What is the Dollar-Naira worth in Nigeria’s parallel market today?
One of the most searched questions in Nigeria is: “What’s the current rate for the dollar in the black market?” As of today, the buying rate sits at ₦1,610 while the selling rate is ₦1,620. These rates differ substantially from what the CBN offers, largely due to the limited availability of dollars in official systems and the broader demand-supply gap.
With many people unable to access forex through banks, especially for urgent or high-volume needs, the parallel market becomes the alternative—even though it often comes at a higher cost.
What drives Dollar-Naira changes in the informal exchange rate?
The shifting rates seen in Nigeria’s street-level forex trade are driven by several ongoing issues:
Dollar Shortage: Insufficient foreign currency supply through regulated sources forces demand into the informal space.
Surging Demand: Individuals and businesses seeking to make payments abroad fuel the demand for hard currency.
Rising Prices & Instability: With inflation on the rise, many opt to convert their savings into dollars as a hedge.
Policy Limitations: Regulatory bottlenecks and delays in dollar allocation often push people outside official channels.
Market Speculation: Some dealers hold back on selling dollars, anticipating further naira losses, which contributes to artificial scarcity.
Discrepancy Between Official and Unofficial Rates
Although the Central Bank of Nigeria pegs the dollar at a lower official rate, the wide margin compared to parallel market figures remains. Efforts to stabilize the currency through monetary interventions continue but haven’t yet bridged the divide.
For those needing immediate access to forex—whether for business, travel, or education—the informal market often becomes the only accessible option.
Economic Implications of Naira’s Decline
The weakening of the local currency in street markets isn’t without consequences:
Increased Consumer Prices: Imported goods cost more, squeezing household budgets.
Higher Operational Costs: Firms relying on international supplies face rising expenses.
Investor Hesitation: Currency instability can delay or reduce foreign investment inflows.
Strain on Reserves: The CBN’s ongoing battle to meet forex needs continues to pressure national reserves.
