Dollar to Naira Black Market Rate Today, 4 November 2025: Latest Update and Analysis

The dollar to naira exchange rate in the black market continues to draw attention from Nigerians and business owners as the local currency faces persistent pressure. As of today, Tuesday, 4 November 2025, traders in major cities such as Lagos, Abuja, and Port Harcourt are buying and selling the U.S. dollar at significantly higher rates compared to the official market.

Current Black Market Exchange Rate

According to market sources and independent forex monitors, the average rate in the black market today stands between ₦1,500 and ₦1,550 per $1. This means anyone exchanging 100 dollars could receive up to ₦155,000, depending on location and dealer. The rate slightly fluctuates from morning to evening as demand and availability of dollars change during the day.

Comparison with Official Market

At the official Central Bank of Nigeria (CBN) window, the naira trades at a much lower rate, around ₦1,450 per dollar. The wide gap between the two rates shows the ongoing forex pressure and the persistent shortage of dollars in the official market. Many individuals and businesses therefore turn to the black market for faster transactions and easier access to foreign currency.

Why the Black Market Rate Remains High

Several economic factors continue to push the black market rate upward:

• High demand for foreign currency: Nigerians traveling abroad, paying school fees, or importing goods depend heavily on dollars.
• Limited supply in the official market: Delays in accessing forex through banks force many to seek alternatives.
• Inflation and speculation: Traders anticipate further naira depreciation, prompting them to adjust rates frequently.
• Dependence on imports: Nigeria’s reliance on imported goods increases dollar demand across multiple sectors.

Impact on Nigerians and Businesses

The rising exchange rate affects nearly every part of the economy. Importers pay more for goods, which leads to higher market prices for consumers. Students studying abroad spend more to fund their education, and travellers face higher ticket and visa processing costs. Many small business owners are also struggling to balance rising expenses as profit margins shrink due to the unstable forex environment.

Tips for Dealing with the Current Situation

• Always check current rates from multiple trusted sources before any exchange.
• Use verified dealers and avoid street exchanges that appear suspicious.
• Plan ahead for international payments or business purchases to minimize losses from sudden rate changes.
• Keep an eye on official updates from the CBN to track possible policy changes that might affect the naira’s value.

Economic Outlook

Experts believe that unless Nigeria’s dollar inflows increase through exports, remittances, and foreign investments, the naira may continue to face pressure in the coming weeks. Any improvement in oil prices or new government policies aimed at stabilizing the foreign exchange market could help narrow the gap between the official and black market rates.

Summary:
As of 4 November 2025, the dollar to naira rate in the black market stands between ₦1,500 and ₦1,550 per $1, while the official rate remains around ₦1,450 per $1. The strong demand for dollars and limited supply in the official market continue to drive this gap, leaving traders, importers, and individuals navigating a challenging forex environment.