Black Market Dollar to Naira Exchange Rate Hits ₦1,600 Amid Forex Shortages on June 17, 2025

As of Tuesday, June 17, 2025, the black market (parallel market) exchange rate for the US dollar to Nigerian naira stands at approximately ₦1,590 for buying and ₦1,600 for selling, reflecting a slight increase from previous days due to rising demand from importers and travellers. This rate is sourced from Bureau De Change operators across major cities like Lagos, Abuja, Port Harcourt, and Kano.

The Central Bank of Nigeria (CBN) maintains an official exchange rate significantly lower, around ₦1,544 per dollar, but limited access to official foreign exchange forces many Nigerians to rely on the black market. The ongoing disparity between the official and parallel market rates highlights persistent forex shortages and economic challenges in Nigeria.

Factors driving the high black market rates include restricted forex access, heavy import dependence, inflation, and informal remittance channels. Market analysts expect continued volatility unless Nigeria’s forex reserves and foreign capital inflows improve.

Summary of Exchange Rates (June 17, 2025):

• Black Market Buying Rate: ₦1,590 per $1
• Black Market Selling Rate: ₦1,600 per $1
• CBN Official Rate: Approximately ₦1,544 per $1