As of Wednesday, April 16, 2025, Nigeria’s black market exchange rate for the dollar to naira continues to show significant volatility. This ongoing instability is fueled by a persistent demand for foreign currency and a limited supply within official financial channels.
Black market dollar-to-naira rates
- Buying Rate: ₦1,610 per $1
- Selling Rate: ₦1,620 per $1
These figures are sourced from currency traders and may vary slightly depending on location and transaction volume. For up-to-date rates, platforms like Aboki Forex, Investors King, and the Central Bank of Nigeria (CBN) are commonly referenced.
How much is a dollar to Naira today in the black market?
A common question among Nigerians: “How much is a dollar to naira today?”
Today’s black market exchange rates stand at ₦1,610 (buying) and ₦1,620 (selling), significantly diverging from the official CBN rates due to rising demand and insufficient dollar liquidity in the formal market.
While the CBN maintains a more favourable exchange rate in its official window, the inability to meet forex demands has pushed businesses, students, and travellers toward the black market, where the naira’s real-time value is more transparently reflected.
Why black market rates fluctuate
Key factors behind the volatility include:
- Forex Scarcity: Limited access to dollars in official channels pushes demand into the parallel market.
- High Demand: Importers, international students, and service providers increase pressure on dollar availability.
- Economic Uncertainty: With inflation rising, many Nigerians seek to preserve value by converting naira into dollars.
- Policy Instability: Restrictive or unclear CBN policies cause traders to opt for black market solutions.
- Speculation: Hoarding by traders in anticipation of further naira decline creates artificial scarcity and volatility.
CBN vs. Black Market Rate
Despite the black market rate reaching ₦1,620 per dollar, the official CBN rate remains considerably lower. While the CBN continues efforts to stabilise the naira through various policy measures, the wide gap between the two markets persists. For those in urgent need of forex, the black market remains the only accessible option, albeit at a premium.
Economic impact on the naira rates
The growing disparity and depreciation of the naira have several economic implications:
- Higher Cost of Living: Import-dependent products become costlier, fueling inflation.
- Increased Business Expenses: Companies relying on imported goods or services face soaring costs.
- Investor Hesitancy: Unpredictable forex conditions discourage foreign investment.
- Depleting Foreign Reserves: The CBN’s ongoing struggle to meet forex demands affects its financial stability.
What lies ahead?
As the pressure on the naira continues, market watchers closely monitor CBN policies and global economic trends. Without significant reforms or improved dollar inflows, the naira’s trajectory in the black market may remain volatile in the foreseeable future.
