The exchange rate between the US dollar (USD) and Nigerian naira (NGN) remains a critical indicator for businesses, investors, and individuals engaging in foreign exchange transactions.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
On the Dollar to Naira Black Market, also known as the parallel market, the dollar to naira exchange rate today, 11th February 2025, reflects ongoing economic trends and currency market dynamics.
How Much is Dollar to Naira Today in Black Market?
As of Tuesday, 11th February 2025, the Dollar to Naira Black Market exchange rate is as follows:
Buying Rate: ₦1,550 per $1
Selling Rate: ₦1,570 per $1
These rates indicate the amount at which currency traders in the Dollar to Naira Black Market are buying and selling the US dollar against the Nigerian naira.
Factors Influencing the Dollar to Naira Black Market Exchange Rate
Several key factors impact the fluctuation of the Dollar to Naira Black Market rate, including:
Forex Supply and Demand: The availability of dollars in the market significantly affects the exchange rate. A shortage of supply leads to higher rates, while an increase in forex availability causes a decline.
CBN Policies: The Central Bank of Nigeria (CBN) plays a major role in setting official rates, but restrictions on forex allocations often push demand to the Dollar to Naira Black Market.
Inflation and Economic Stability: Rising inflation and economic uncertainty weaken the naira, increasing demand for dollars as a hedge against devaluation.
Diaspora Remittances: A higher inflow of foreign exchange through remittances can strengthen the naira, while a decline can exert pressure on exchange rates.
Global Market Trends: International factors, such as US Federal Reserve policies and oil price fluctuations, influence Nigeria’s forex market and the value of the naira.
Comparison with the Official Exchange Rate
While the Dollar to Naira Black Market operates outside the CBN’s official forex window, the official exchange rate remains lower. This discrepancy between official rates and the parallel market continues to drive demand for informal currency exchange.
Should You Buy or Sell Dollars Today?
Given the prevailing rates, forex traders, importers, and investors are advised to monitor market trends before making transactions. If the naira continues to depreciate, holding onto dollars may provide a hedge against currency devaluation. However, fluctuations can occur based on government interventions or sudden economic shifts.
Conclusion
The Dollar to Naira Black Market exchange rate today, 11th February 2025, reflects ongoing forex market dynamics. Staying informed about daily exchange rates and market trends is essential for making strategic financial decisions. As forex volatility persists, individuals and businesses should remain cautious when engaging in currency exchange transactions.
