The Dollar to Naira Black Market rate remains a crucial point of interest for traders, investors, and businesses navigating Nigeria’s foreign exchange landscape.
As of today, 15 February 2025, we provide you with the latest updates on the Dollar to Naira Black Market rate, including comparisons with official rates from the Central Bank of Nigeria (CBN) and updates from Aboki Forex.
How Much is Dollar to Naira Today in Black Market?
In the Dollar to Naira Black Market, the exchange rate fluctuates based on demand and supply dynamics. As of today, 15 February 2025, the rates are:
- Buying Rate: ₦1,570.00 per US Dollar
- Selling Rate: ₦1,560.00 per US Dollar
These rates are based on updates from Aboki Forex. The Dollar to Naira Black Market often reflects real-time market conditions compared to the official rates.
CBN Official Dollar to Naira Rate Today
The Central Bank of Nigeria (CBN) maintains the official exchange rate, which remains lower than the Dollar to Naira Black Market rate. According to the latest data:
- CBN Official Rate: ₦1,504.30 per US Dollar
The disparity between the Dollar to Naira Black Market and CBN rates highlights ongoing challenges in Nigeria’s forex market.
Dollar to Naira Black Market Rate vs. CBN Exchange Rate
| Source |
Buying Rate (₦) |
Selling Rate (₦) |
| CBN Official Rate |
₦1,504.30 |
₦1,504.30 |
| Black Market (Aboki) |
₦1,570.00 |
₦1,560.00 |
The Dollar to Naira Black Market rate continues to trade higher than the official CBN rate, a trend driven by foreign exchange demand for imports, remittances, and business transactions.
Why is the Dollar to Naira Black Market Rate Higher?
Several factors influence the Dollar to Naira Black Market rate:
- Forex Scarcity: Limited dollar supply in official markets.
- Inflation and Economic Policies: Economic instability drives demand for foreign currencies.
- Import Dependence: High demand for dollars for imports.
- CBN Regulations: Restrictions on certain forex transactions increase black market activity.
Impact of Dollar to Naira Black Market Rate on the Economy
- Inflation: A higher Dollar to Naira Black Market rate increases the cost of imports, driving inflation.
- Business Costs: Businesses sourcing forex from the black market face increased operational costs.
- Investor Confidence: Exchange rate instability affects investment decisions.
How to Stay Updated on Dollar to Naira Black Market Rate
For real-time updates on the Dollar to Naira Black Market and official exchange rates, visit:
Conclusion
The Dollar to Naira Black Market rate on 15 February 2025 stands at ₦1,570 (buying) and ₦1,560 (selling), contrasting with the CBN’s official rate of ₦1,504.30. Monitoring both rates is crucial for businesses, investors, and individuals making financial decisions in Nigeria’s volatile forex environment.
