The Dollar to Naira exchange rate is always on everyone’s lips in Nigeria. From business owners and travelers to students and families receiving remittances, the rate of the U.S. Dollar against the Nigerian Naira directly affects daily life.
Today, we break down the official rate, black market rate, transfer services, and what it all means for you and plus a quick look back at 2021 so you can see how far things have changed.
Dollar to Naira Exchange Rates (September 2025)
Here are the most recent exchange rates for 1 U.S. Dollar (USD) to the Nigerian Naira (NGN):
| Market / Source | Rate (₦) |
|---|---|
| Official CBN (Central Bank of Nigeria) | ₦1,484.14 |
| Black Market / Aboki Forex / BDC | ₦1,525 (buy) – ₦1,530 (sell) |
| Transfer Services (Wise, Remitly, Payoneer, etc.) | ₦1,500 – ₦1,510 |
| Western Union Estimate | ₦1,503.45 |
(Source: CBN, Wise, Western Union, Naira Today, NGN Rates – September 2025)
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Comparison: Dollar to Naira 2021 vs 2025
Back in September 2021, the CBN rate was around ₦410/$1, while the black market hovered between ₦545–₦570/$1.
Fast forward to September 2025, the CBN rate is ₦1,484/$1 and the black market is at ₦1,530/$1. That’s nearly a 260% increase in four years.
This rapid depreciation shows just how much the Naira has lost value, and why Nigerians are feeling the pinch in food prices, rent, travel, and everyday goods.
Why the Rates Differ
There are always differences between the official CBN rate and the black market rate. Here’s why:
- Limited Dollar Supply – Demand for foreign currency often outpaces supply.
- Government Policy – The Central Bank regulates official rates, but restrictions make access harder.
- Speculation & Inflation – As inflation rises, many hoard dollars, driving up the parallel market rate.
- Ease of Access – While banks and CBN channels exist, many Nigerians rely on BDCs and aboki for faster access.
What This Means for You
- For Travelers/Students: Always budget with black market rates in mind, as official forex access is often restricted.
- For Remittances: If you’re receiving money from abroad, transfer services like Wise or Western Union give safer — though sometimes lower — payouts than street exchangers.
Word of Caution on Black Market Rates
Yes, the black market rate often gives more naira, but it also fuels instability and government crackdowns. As one Nigerian once said:
“Na we dey use our own hand devalue the Naira. It may look sweet today, but in the long run, all of us go suffer am.”
Whenever possible, use official and bank-approved channels. They may offer less naira per dollar, but they’re safer, legal, and help stabilize the currency.
Conclusion
The Dollar to Naira story is more than just numbers, it’s about how Nigerians live, spend, and survive.
- Official CBN Rate: ₦1,484/$1
- Black Market Rate: ₦1,525–₦1,530/$1
- Transfer Services: ~₦1,500/$1
Compared to 2021, the Naira has lost significant value. This underlines the importance of smart financial planning, cautious forex trading, and supporting policies that strengthen the economy.
Stay updated, the rates change daily, and being informed is the first step to making the right financial decisions.
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