Dollar to Naira exchange rate continues to fluctuate in the foreign exchange market, driven by various economic factors.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
As of 19th March 2025, the black market exchange rate remains a crucial focus for businesses, investors, and individuals dealing with international transactions. The demand for US dollars continues to impact the value of the Naira, with traders monitoring daily fluctuations.
Dollar to Naira Black Market Exchange Rate Today
The latest exchange rate for the Dollar to Naira in the black market as of 19th March 2025 is:
- Buying Rate: ₦1,560 per $1
- Selling Rate: ₦1,575 per $1
How Much is Dollar to Naira Today in Black Market?
The black market exchange rate is often different from the official rate provided by the Central Bank of Nigeria (CBN). Due to forex restrictions, many individuals and businesses rely on parallel market traders to obtain dollars, leading to increased demand.
Why Does the Black Market Exchange Rate Differ from the Official Rate?
Several factors contribute to the disparity between the official and black market rates, including:
- Forex Scarcity – The CBN’s limited dollar supply to commercial banks forces many people to source forex from the parallel market.
- Inflation and Economic Instability – Rising inflation weakens the Naira, leading to higher exchange rates in the black market.
- High Demand for Dollars – Businesses and importers require dollars for transactions, increasing pressure on forex availability.
- Foreign Investment Outflows – Reduced foreign direct investment (FDI) and capital flight weaken Nigeria’s foreign reserves.
- Speculation and Hoarding – Traders and businesses hold on to dollars in anticipation of further depreciation of the Naira.
CBN’s Efforts to Stabilize the Naira
The Central Bank of Nigeria (CBN) has implemented several policies to stabilize the Naira and bridge the gap between the official and black market rates, including:
- Strict regulation of Bureau de Change (BDC) operators to prevent forex manipulation.
- Encouraging Nigerians abroad to send remittances through official banking channels to boost dollar supply.
- Injecting forex into the market to manage liquidity and ease pressure on the exchange rate.
- Adjusting monetary policies to control inflation and stabilize the Naira’s value.
Future Outlook for the Dollar to Naira Exchange Rate
The Dollar to Naira exchange rate is expected to fluctuate based on global and local economic conditions. If the CBN successfully increases forex supply and addresses inflation, the Naira may strengthen against the US Dollar. However, continued forex scarcity, inflation, and economic instability could lead to further depreciation.
Conclusion
As of 19th March 2025, the Dollar to Naira black market exchange rate stands at ₦1,560 per $1 (buying) and ₦1,575 per $1 (selling). The ongoing forex scarcity, inflation, and economic policies continue to influence the value of the Naira.
