Dollar to Naira Black Market Exchange Rate Today, 2nd April 2025

Last updated Apr 2, 2025

The Dollar to Naira black market exchange rate remains a key focus for businesses and individuals as Nigeria’s foreign exchange market continues to witness fluctuations.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>

Today, 2nd April 2025, traders and market participants are closely monitoring the parallel market amid continuous pressures on Nigeria’s foreign reserves and dollar supply shortages.

How Much is Dollar to Naira Today in Black Market?

Based on data sourced from reliable parallel market dealers and platforms such as Investors King, Aboki Forex, and the Central Bank of Nigeria, the dollar to naira black market rates for today are as follows:

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Buying Rate: ₦1,550 per $1
Selling Rate: ₦1,560 per $1

Dollar to Naira Black Market Trends and Insights

The black market rate is still trading significantly above the official rate, reflecting the sustained pressure on the naira due to persistent dollar scarcity. Despite various efforts by the Central Bank of Nigeria (CBN) to stabilize the foreign exchange market through interventions and policy adjustments, the disparity between the official and black market rates remains evident.

Market participants attribute the current black market dynamics to:

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Limited supply of FX from the official window.
Increased demand from businesses and individuals unable to access dollars through official sources.
Persistent inflationary pressures eroding the naira’s purchasing power.

Impact on the Nigerian Economy

The black market, although unofficial, plays a major role in determining the effective cost of foreign exchange for many importers, SMEs, and even households. The reliance on the black market rates has led to:

Increased cost of goods and services due to higher importation costs.
Erosion of purchasing power, especially for dollar-dependent sectors.
Greater uncertainty for businesses planning long-term transactions.

CBN’s Position on Dollar to Naira Volatility

The CBN continues to encourage market participants to patronize the official FX window and discourages the use of black market rates, citing it as detrimental to Nigeria’s monetary stability. However, with insufficient liquidity at official channels, many Nigerians still rely on the black market to meet their forex needs.

The Central Bank has also emphasized its commitment to narrowing the gap between the official and parallel market rates, promising further reforms to deepen the forex market, increase liquidity, and stabilize the naira.

Outlook for the Coming Days

Analysts expect the dollar to naira black market exchange rate to remain volatile, especially with uncertainties surrounding global oil prices, capital inflows, and Nigeria’s external reserves. Traders have noted that unless dollar liquidity improves in the official market, the black market will remain the dominant source for FX seekers.