The Dollar to Naira exchange rate in the black market showed slight stability on Thursday, May 22nd 2025, as marginal improvements in forex inflows and reduced speculative demand helped ease pressure on the Naira.
Despite ongoing disparities with the official market, today’s rate reflects a modest shift in trader sentiment across major currency hubs in Nigeria.
Dollar to Naira Exchange Rate Today – Black Market
Based on figures obtained from currency dealers and market monitors such as Aboki Forex, the black market exchange rate today is:
Buying Rate: ₦1,615 per US Dollar
Selling Rate: ₦1,625 per US Dollar
This represents a ₦10 spread, which remains consistent with recent market trends in Lagos, Abuja, and other key commercial centers.
How Much is Dollar to Naira Today in Black Market?
For Nigerians and forex traders asking, how much is dollar to naira today in black market, the exchange rate stands at ₦1,615 for buying and ₦1,625 for selling. These rates are largely influenced by forex supply levels, demand from importers and travelers, and dealer positioning in local markets.
Black Market vs Official Dollar to Naira Exchange Rate
While the black market rate remains above ₦1,600, the Central Bank of Nigeria (CBN) continues to maintain the official exchange rate at approximately ₦1,470 per US Dollar. This leaves a gap of over ₦150, underscoring the challenges businesses and individuals face when trying to access foreign exchange through formal channels.
The disparity pushes more activity into the Black Market, which continues to serve as a primary source of forex for those unable to meet CBN access criteria.
Key Factors Driving Today’s Black Market Dollar to Naira Rate
Limited Official Forex Supply: Dollar allocations to commercial banks remain low, forcing many users to seek alternatives in the parallel market.
Import-Driven Demand: Traders and manufacturers sourcing raw materials and finished goods continue to increase demand for dollars.
Speculative Activity Eases: As expectations stabilize ahead of potential monetary policy decisions, speculative hoarding has slowed marginally.
Diaspora Remittances: Minor inflows from remittances and small exports are supporting limited liquidity and helping stabilize rates temporarily.
Economic Policy Uncertainty: Investors are watching for more clarity around structural reforms and measures to boost dollar availability.
Outlook for the Dollar to Naira Exchange Rate
Analysts maintain a cautious outlook for the Naira. While short-term appreciation is possible on the back of increased oil revenue and diaspora remittances, sustained gains will depend on broader reforms to Nigeria’s forex regime, improved investor confidence, and stronger non-oil export performance.
Market watchers are also looking ahead to the next Central Bank Monetary Policy Committee (MPC) meeting, where new interest rate or forex management policies could influence future rate direction.
Conclusion
As of Thursday, May 22nd 2025, the Dollar to Naira black market exchange rate stands at ₦1,615 for buying and ₦1,625 for selling. While the Naira has experienced modest stability, structural challenges in Nigeria’s forex system continue to drive a reliance on the parallel market.
Disclaimer: Black market rates vary based on location, transaction volume, and dealer negotiation. Always verify with trusted sources before completing forex transactions.