Dollar to Naira Black Market Rate Today, September 23, 2025

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The Nigerian naira continues to face pressure against the US dollar in the parallel market, with rates recorded across major cities such as Lagos, Abuja, and Kano.

As of today, Tuesday, September 23, 2025, the dollar is selling at ₦1,524 in the black market, representing a 0.39% decline from yesterday’s figures. On the buying side, aboki traders are quoting around ₦1,510 per dollar.

This means anyone looking to purchase dollars from roadside traders or currency exchangers (abokis) should expect to pay about ₦1,524 per $1, while selling a dollar will fetch about ₦1,510.

Current Black Market Exchange Rate

Buy Rate: ₦1,510

Sell Rate: ₦1,524

For context, here’s a quick breakdown:

$1 = ₦1,524

$50 = ₦76,200

$100 = ₦152,400

$500 = ₦762,000

$1,000 = ₦1,524,000

$3,000 = ₦4,572,000

Why This Matters

The exchange rate between the US dollar and the Nigerian naira remains a critical indicator of Nigeria’s economic health. It affects the prices of imported goods, cost of international travel and education, and even local commodity prices.

Over the years, the dollar-to-naira rate has fluctuated sharply due to government policies, oil price shocks, and foreign exchange scarcity. While the official rate set by the Central Bank of Nigeria (CBN) differs from the black market, most Nigerians rely on aboki traders for faster access to foreign currency.

Historical Context

In the 1970s, a dollar exchanged for less than ₦1. By the 1990s, the parallel market had pushed it beyond ₦80. In the 2000s, it crossed ₦100, and in recent years, rates have surged into the hundreds and now over ₦1,500 per dollar.

Quick Facts

The dollar has been in circulation since 1794.

Over $1.54 trillion is currently in circulation globally.

In Nigeria, the black market continues to thrive due to limited dollar availability through official channels.

Latest Outlook

Analysts warn that unless Nigeria strengthens its foreign reserves, diversifies exports, and eases forex restrictions, the naira could remain under significant pressure in the months ahead.