The dollar to naira exchange rate remains a critical indicator of economic activity in Nigeria, influencing import costs, inflation, and overall financial stability......CLICK HERE TO CONTINUE READING>>>.....CLICK HERE TO CONTINUE READING>>>
As of today, 4th February 2025, the black market exchange rate for the US dollar (USD) to Nigerian naira (NGN) reflects ongoing demand and supply dynamics within the parallel market.
Latest Dollar to Naira Black Market Exchange Rate (4th February 2025)
According to reports from currency traders in Lagos and other major cities, the dollar to naira black market exchange rate today stands as follows:
Buying Rate: ₦1,590.00 per $1
Selling Rate: ₦1,610.00 per $1
This represents the actual rate at which traders are willing to buy and sell dollars in the informal market, often referred to as the parallel or black market. These rates can vary slightly depending on location, demand, and liquidity levels.
How Much is Dollar to Naira Today in Black Market?
As of Tuesday, 4th February 2025, the naira continues to experience fluctuations in the black market exchange rate due to several economic factors, including:
CBN Forex Policies – The Central Bank of Nigeria (CBN) has continued to implement foreign exchange (FX) policies aimed at stabilizing the naira, including restrictions on Bureau De Change (BDC) operators and reforms in the FX market.
Dollar Demand from Importers – High demand for foreign exchange from businesses, travelers, and investors puts pressure on the naira, impacting black market rates.
Diaspora Remittances – The flow of USD inflows from Nigerians abroad plays a significant role in influencing FX liquidity.
Oil Price Movements – As Nigeria’s foreign reserves depend largely on crude oil exports, changes in global oil prices directly affect the supply of forex in the country.
CBN Official Exchange Rate vs Black Market Rate
While the black market rate currently stands at ₦1,610/$, the official exchange rate provided by the Central Bank of Nigeria (CBN) remains lower. The disparity between both rates continues to fuel speculation, with traders seeking arbitrage opportunities between the two markets.
The CBN has reiterated its commitment to stabilizing the naira, urging businesses and individuals to source foreign exchange through authorized financial institutions instead of the parallel market.
Outlook on the Dollar to Naira Exchange Rate
Economic analysts predict that the dollar to naira exchange rate could see further fluctuations in the coming weeks, depending on key factors such as:
CBN’s intervention in the forex market
Inflows from foreign direct investment (FDI) and diaspora remittances
Market reactions to global financial trends and inflationary pressures
Conclusion
The dollar to naira black market exchange rate today, 4th February 2025, stands at ₦1,610 per $1 (selling) and ₦1,590 per $1 (buying). While the CBN continues its efforts to stabilize the naira, economic conditions and forex demand will continue to shape the market in the short term.
For accurate and daily updates on the naira exchange rate, stay connected to Investor King, your trusted source for financial news and market analysis.