The black market dollar to naira exchange rate remains a critical focus for Nigerians as economic uncertainties continue to influence foreign exchange movements.
On 21 February 2025, the naira is trading at ₦1,490 per dollar (buying rate) and ₦1,513 per dollar (selling rate) in the parallel market.
This rate, sourced from traders in Lagos and other financial hubs, reflects demand and supply forces outside the official channels regulated by the Central Bank of Nigeria (CBN).
How Much is Dollar to Naira Today in Black Market?
As of today, 21 February 2025, the dollar to naira exchange rate in the black market stands at:
- Buying Rate: ₦1,490
- Selling Rate: ₦1,513
These rates vary slightly depending on location, trader negotiations, and volume of transactions. Many Nigerians turn to the parallel market due to restrictions on forex allocations from official sources.
CBN Exchange Rate vs. Black Market Rate
The CBN official exchange rate remains significantly lower than the parallel market rate, highlighting the widening forex gap. The apex bank continues efforts to stabilize the naira through monetary policies, but rising demand for the dollar keeps pushing up black market rates.
Meanwhile, Aboki Forex, a popular platform for tracking exchange rates, provides real-time updates on forex movements, reflecting fluctuations based on economic and policy changes.
What is Driving the Black Market Exchange Rate?
Several factors influence the black market dollar to naira rate, including:
- Forex Scarcity: Limited dollar supply from official channels leads individuals and businesses to seek alternative sources.
- High Demand: Importers, students, and businesses needing foreign exchange contribute to increasing demand.
- Economic Policies: Government interventions, capital controls, and forex regulations affect accessibility and pricing.
- Speculation: Traders and currency speculators often drive fluctuations based on expected economic shifts.
Outlook for the Naira
Analysts predict continued volatility in the black market unless Nigeria implements stronger forex policies, boosts dollar liquidity, and enhances investor confidence. The Central Bank’s monetary policies and government interventions will play a crucial role in shaping future rates.
For the latest updates on forex trends and economic developments, visit News About Nigeria.
