Black Market Dollar to Naira Rate Today, Friday June 6, 2025
Lagos, Nigeria — On Friday, June 6, 2025, the Nigerian Naira recorded a slight gain against the US Dollar in the black market, bringing modest relief to currency buyers across the country. The improvement comes amid ongoing instability in Nigeria’s parallel forex market, where strong demand and limited dollar supply continue to influence rates.
Black Market Dollar to Naira Exchange Rate – June 6, 2025
As of today, dealers in major exchange hubs such as Lagos, Abuja, and Kano are reporting the following rates:
- Buying Rate: ₦1,590 per dollar
- Selling Rate: ₦1,600 per dollar
This marks a ₦5 gain compared to Thursday’s rate, a small but noticeable shift that reflects the fragile nature of Nigeria's foreign exchange market. While the improvement is marginal, it temporarily benefits importers, students, and individuals making international payments.
Why Are Nigerians Tracking This Daily?
The black market rate has become a daily focus for many Nigerians who rely on it for critical financial transactions. Whether it's paying school fees abroad, conducting international business, or sending remittances, the rate determines affordability.
Although rates can vary slightly between dealers and locations, today's quoted figures remain the most consistent across Nigeria’s informal trading corridors. For those needing real-time updates, platforms such as Investors King and Aboki Forex remain trusted sources for black market data.
Gap Between Black Market and CBN Rates
The Central Bank of Nigeria (CBN) continues to maintain an official rate around ₦1,580–₦1,590 per dollar. However, access to forex at this rate is tightly controlled and typically limited to select institutions or approved importers. As a result, many ordinary citizens and businesses turn to the black market, despite its volatility.
What Fuels the Black Market’s Dominance?
Several structural and policy-related challenges have led to the prominence of the parallel forex market:
- Limited access to official forex: Demand consistently outpaces the supply available through banks.
- Import-reliant economy: Nigeria’s dependence on imported goods drives persistent dollar demand.
- Public preference for dollar holdings: Inflation and weak naira confidence push many to preserve value in foreign currency.
- Remittances via informal channels: Many Nigerians abroad use black market links offering better rates than banks.
- Policy inconsistency: Unclear and shifting monetary policies undermine trust in official rates.
Even when short-term gains like today's are recorded, these underlying issues continue to exert upward pressure on black market exchange rates.
Looking Ahead – Forex Outlook for June 2025
Financial analysts remain cautious about the sustainability of the Naira’s gains. Without a steady inflow of foreign currency—via oil revenues, foreign investments, or aid—the pressure on the local currency could intensify.
The Nigerian government has reiterated its commitment to unifying exchange rates and attracting foreign direct investment. Still, market reactions remain mostly driven by short-term supply and demand imbalances.
For those relying on forex access, staying updated is key. Daily checks on sites like Investors King and Aboki Forex are recommended, while the CBN website remains the go-to source for official updates.
Summary – Exchange Rate Today
Black Market Rate on June 6, 2025:
- Buying: ₦1,590
- Selling: ₦1,600
Though today’s appreciation is welcome, Nigeria’s broader forex challenges mean that the parallel market will likely remain the primary access point for many. Stability will depend on long-term reforms and improved foreign exchange liquidity.
This story was first reported by Investors King.
