The Dollar to Naira exchange rate remains a critical focus for businesses, investors and individuals in Nigeria as forex market fluctuations continue.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
On 18th March 2025, the black market exchange rate reflects ongoing economic trends, foreign exchange supply challenges, and the latest policies from the Central Bank of Nigeria (CBN).
Dollar to Naira Black Market Exchange Rate Today
The latest black market Dollar to Naira exchange rate as of 18th March 2025 is:
- Buying Rate: ₦1,550 per $1
- Selling Rate: ₦1,565 per $1
How Much is Dollar to Naira Today in Black Market?
The Dollar to Naira black market rate is significantly influenced by forex demand and supply. Due to CBN forex restrictions, many businesses and individuals rely on parallel market operators (Bureau de Change traders) to obtain foreign currency for transactions.
Why is the Black Market Exchange Rate Different from the Official Rate?
Several factors contribute to the disparity between the black market and official exchange rates, including:
- Forex Scarcity – The CBN’s limited dollar supply to commercial banks makes it difficult for businesses to access forex at official rates.
- Inflation and Economic Uncertainty – The continuous depreciation of the Naira fuels speculation, leading to higher forex demand.
- Foreign Investment Outflows – Reduced foreign direct investment (FDI) and capital flight weaken forex reserves, impacting exchange rates.
- Import Dependency – Nigeria’s reliance on imported goods and services increases demand for the US Dollar, pushing black market rates higher.
- Speculation and Hoarding – Many traders and businesses hoard forex, anticipating further devaluation of the Naira.
CBN’s Efforts to Stabilize the Naira
The Central Bank of Nigeria (CBN) has introduced various measures to strengthen the Naira, including:
- Regulating Bureau de Change (BDC) operators to prevent forex manipulation.
- Encouraging diaspora remittances through official banking channels to boost dollar supply.
- Intervening in the forex market by injecting dollars from Nigeria’s foreign reserves.
- Implementing monetary policies to control inflation and manage exchange rate volatility.
What is the Future Outlook for the Dollar to Naira Exchange Rate?
The Dollar to Naira black market rate is expected to fluctuate based on global economic trends, Nigeria’s foreign reserves, and government policies. If the CBN successfully increases forex supply and controls inflation, the Naira may strengthen against the US Dollar. However, continued forex scarcity and economic instability could lead to further depreciation.
Conclusion
As of 18th March 2025, the Dollar to Naira black market exchange rate stands at ₦1,550 per $1 (buying) and ₦1,565 per $1 (selling). The ongoing forex scarcity, inflation, and economic policies continue to shape the Naira’s value in the parallel market.
