How Much is Dollar to Naira Today in Black Market?......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
The Dollar to Naira exchange rate in the black market today, Monday, 17th March 2025, stands at ₦1,580 per dollar for buying and ₦1,590 per dollar for selling. This exchange rate is based on data from parallel market traders in Lagos, Abuja, Kano, and other major currency trading hubs across Nigeria.
The persistent gap between the black market rate and the Central Bank of Nigeria (CBN) official exchange rate highlights ongoing challenges in the foreign exchange (forex) market. With Nigeria facing forex liquidity constraints, many individuals and businesses continue to turn to the parallel market for their dollar needs.
Dollar to Naira Exchange Rate Today
| Dollars to Naira | Exchange Rate Today |
|---|---|
| Buying Rate | ₦1,580 |
| Selling Rate | ₦1,590 |
Despite regulatory efforts by the CBN to stabilize the naira, the black market rate remains significantly different from the official rate due to limited forex supply and high demand.
Factors Influencing the Black Market Dollar to Naira Exchange Rate
Several key factors contribute to fluctuations in the Dollar to Naira exchange rate in the black market:
1. High Demand for Foreign Currency
Nigeria is an import-dependent country, meaning businesses, travelers, and students studying abroad require U.S. dollars and other foreign currencies for transactions. When demand exceeds supply, the exchange rate surges.
2. Central Bank of Nigeria (CBN) Policies
The CBN regularly intervenes in the forex market by adjusting interest rates, restricting access to foreign currency, or introducing new policies aimed at stabilizing the naira. However, restricted access to official forex channels pushes many Nigerians to the parallel market.
3. Oil Prices and Forex Inflows
Nigeria’s economy is largely dependent on crude oil exports. A drop in global oil prices reduces dollar inflows into the country, leading to a shortage of forex and an increase in the black market exchange rate.
4. Inflation and Economic Uncertainty
Rising inflation, currency devaluation, and economic instability make people hoard dollars as a store of value, further increasing the demand and driving up exchange rates in the black market.
5. Speculation and Hoarding
Many forex traders and speculators buy and hold dollars, anticipating future price increases. This artificial scarcity pushes up the Dollar to Naira exchange rate.
Comparison: Official vs. Black Market Exchange Rates
The black market exchange rate is often significantly higher than the official CBN rate. While the CBN rate remains relatively stable, it is harder to access, forcing businesses and individuals to buy dollars at inflated rates from the parallel market.
For instance, the official CBN rate may range between ₦1,450 – ₦1,500 per dollar, while the black market sells at ₦1,590 per dollar or even higher. This discrepancy affects inflation, import prices, and overall economic stability.
To stay updated on forex trends and market movements, visit trusted financial platforms such as Investors King and Aboki Forex.
Where to Exchange Dollars in Nigeria?
If you need to exchange dollars to naira, here are some common options:
- Banks & Official Channels – Banks offer exchange services at CBN-regulated rates, but access is limited and often requires documentation.
- Bureau de Change (BDC) Operators – These licensed operators offer a middle-ground exchange rate but have been affected by CBN restrictions.
- Black Market Traders – Operating in areas like Lagos (Broad Street), Abuja (Wuse), and Kano, they offer higher rates than banks, but transactions are unregulated and risky.
CBN’s Efforts to Stabilize the Naira
The CBN has implemented several measures to stabilize the Dollar to Naira exchange rate, including:
- Restricting forex access for certain imports to reduce demand.
- Increasing interest rates to attract foreign investments.
- Encouraging diaspora remittances through official channels.
Despite these efforts, the black market remains active due to continued forex shortages.
Conclusion
The Dollar to Naira exchange rate in the black market today, March 17, 2025, remains volatile due to strong demand and limited supply. While the CBN continues to implement policies to stabilize the naira, many Nigerians still rely on the black market for forex transactions. The…..CONTINUE READING THE FULL ARTICLE
