The exchange rate between the US dollar (USD) and the Nigerian naira (NGN) is a key factor for businesses, importers, and individuals conducting foreign transactions. As of today, 10th February 2025, the dollar to naira black market rate reflects ongoing economic conditions, forex demand, and government policies.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
How Much is Dollar to Naira Today in Black Market?
As of 10th February 2025, the black market exchange rate for the US dollar to Nigerian naira is as follows:
Buying Rate: ₦1,540 per $1
Selling Rate: ₦1,555 per $1
This means if you sell one US dollar, you will receive ₦1,540, while buying one dollar will cost ₦1,555 in the black market.
➡ Check Live Dollar to Naira Exchange Rates Here
Official vs. Black Market Exchange Rate
The official exchange rate, regulated by the Central Bank of Nigeria (CBN), often differs from the black market rate due to forex shortages, inflation, and high demand for dollars in business transactions.
Many individuals and businesses rely on the black market because of limited CBN forex supply, making the parallel market rate more volatile.
Factors Affecting the Dollar to Naira Exchange Rate
Several factors contribute to fluctuations in the USD to NGN exchange rate:
1. Forex Reserves and Government Policy
Nigeria’s foreign reserves impact the availability of dollars. Lower reserves reduce dollar supply, causing the naira to weaken.
2. Inflation and Economic Policies
Rising inflation reduces the naira’s purchasing power, increasing demand for the dollar. Forex policies and CBN interventions also play a crucial role in rate stability.
3. Speculation and Market Demand
Forex traders, importers, and businesses drive demand in the black market, influencing the exchange rate.
4. Oil Prices and Dollar Inflow
As an oil-dependent economy, Nigeria’s dollar supply depends on crude oil revenue. Lower oil prices often lead to naira depreciation.
Should You Buy or Sell Dollars Today?
With the exchange rate at ₦1,540 – ₦1,555 per $1, individuals and businesses should consider market trends before exchanging currency. If demand for dollars increases, the naira may weaken further in the coming days.
Conclusion
The dollar to naira black market exchange rate today, 10th February 2025, stands at ₦1,540/$1 (buying) and ₦1,555/$1 (selling). The rate remains volatile, influenced by forex demand, CBN policies, and global economic conditions. Staying updated on exchange rates is crucial for individuals and businesses dealing in foreign currency.
