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The Dollar to Naira exchange rate in the black market continues to highlight Nigeria’s forex liquidity challenges as many Nigerians turn to the parallel market to access foreign exchange.
On Wednesday, September 10th, 2025, the U.S. dollar traded at ₦1,530 per $1 for buying and ₦1,540 per $1 for selling, according to Investors King and reliable reports from major black market dealers.
How Much is Dollar to Naira Today in Black Market?
The current black market exchange rates for Wednesday, September 10th, 2025 are:
Dollars to Naira Exchange Rate Today
Buying Rate ₦1,530
Selling Rate ₦1,540
Dollar to Naira: Black Market vs. Official CBN Rate
The black market exchange rate remains significantly higher than the official rate provided by the Central Bank of Nigeria (CBN).
The CBN maintains tighter controls and a lower official rate, but access is limited to approved sectors and priority imports.
This restriction pushes businesses, importers, and individuals to rely on the black market, where rates are determined by supply and demand.
Key Drivers of the Black Market Rate
Several factors are fueling the naira’s depreciation in the black market:
Strong dollar demand from importers, businesses, and students abroad.
Declining forex reserves due to reduced oil revenues.
Speculation and hoarding, with traders holding dollars to hedge against future naira weakness.
Inflation pressures, which continue to erode consumer purchasing power.
Economic Impact of the Current Dollar to Naira Rate
Higher import costs raise prices of consumer goods, fuel, and raw materials.
Education and travel expenses increase for families with international obligations.
Manufacturers depending on imported inputs face higher production costs.
Households experience reduced purchasing power as inflation worsens.
Outlook for the Naira
Experts believe the naira’s stability depends on improved forex inflows, diversification of exports, and effective policy reforms. Attracting foreign investment, boosting non-oil exports, and strengthening remittance inflows are seen as critical to narrowing the gap between the official and black market Dollar to Naira rates.
Disclaimer: Black market rates are unofficial and may vary across locations. For official and regulated exchange rates, always refer to the Central Bank of Nigeria (CBN).
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