By Merciful Omoba
The dollar-to-naira exchange rate in the black market remains a critical focus for currency traders, importers, and travelers as demand for the U.S. dollar continues to outpace supply in Nigeria.
On Monday, August 11, 2025, the naira came under slight pressure against the greenback in the parallel market, with traders adjusting their rates to reflect ongoing market dynamics.
As of the latest checks, the black market rate stood at ₦1,560 per dollar for buying and ₦1,570 per dollar for selling.
These figures, drawn from major currency dealers in Lagos, Abuja, and other trading hubs, highlight the persistent gap between the parallel market and the official exchange rate, underscoring liquidity challenges in the country’s forex system.
The official exchange rate published by the Central Bank of Nigeria (CBN), remains lower than black market prices, with the Investors and Exporters (I&E), window averaging between ₦1,535 and ₦1,545 per dollar.
Limited dollar supply in official channels has pushed more demand into the unregulated market, keeping rates elevated.
The black market rate plays a significant role in Nigeria’s economic activities because many individuals and businesses, particularly small and medium-sized enterprises, struggle to access foreign exchange through banks.
Nigeria’s reliance on imported goods and raw materials sustains high dollar demand, while diaspora remittances often get exchanged informally for better returns.
Speculation also fuels activity as traders hold dollars as a safeguard against further naira depreciation.
A weaker naira contributes to rising inflation by increasing the cost of imported goods and services.
Businesses in dollar-dependent industries face higher operational costs, which are typically passed on to consumers.
The CBN has reiterated its commitment to stabilizing the market through tighter monetary policies and strategies aimed at attracting foreign investment.
For Monday, August 11, 2025, the black market dollar-to-naira exchange rate remains ₦1,560 for buying and ₦1,570 for selling.
The naira’s performance in the coming weeks will largely hinge on foreign exchange inflows, policy changes, and global economic conditions.
