Dollar to Naira Exchange Rate in Black Market Today, 24 February 2025
The exchange rate between the dollar and the naira has been a significant topic of discussion among traders, businesses, and individuals seeking to convert their currency.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
As of today, 24 February 2025, the black market exchange rate remains volatile due to fluctuating demand and supply dynamics.
For those looking to exchange dollars for naira in the parallel market, the rates are as follows:
Dollar to Naira Black Market Exchange Rate Today
Buying Rate: ₦1,500 per $1
Selling Rate: ₦1,510 per $1
These rates may vary depending on location, transaction volume, and negotiation with street traders.
How Much is Dollar to Naira Today in Black Market?
Many Nigerians rely on the black market to exchange their dollars due to accessibility and more favorable rates compared to official sources. As of today, the exchange rate remains high, reflecting economic factors such as inflation, forex scarcity, and demand pressures.
While the black market offers more competitive rates, it is essential to stay updated with credible sources such as Investors King and Aboki Forex for accurate exchange rate information.
CBN Official Dollar to Naira Exchange Rate
The Central Bank of Nigeria (CBN) maintains an official exchange rate that differs from the black market. The official rate is often lower, as the CBN regulates forex transactions within the banking sector. You can check the latest official rates on the CBN website.
Factors Influencing the Black Market Exchange Rate
Several economic factors contribute to the fluctuations in the black market exchange rate:
Forex Scarcity: Limited access to dollars at official rates increases demand in the parallel market.
Inflation: A high inflation rate erodes the value of the naira, making foreign currencies more desirable.
Economic Policies: CBN’s forex restrictions and policies impact dollar availability.
Speculation: Traders hoard dollars, anticipating further depreciation of the naira.
Conclusion
The dollar to naira exchange rate in the black market today, 24 February 2025, continues to reflect the realities of Nigeria’s forex market. Staying informed about market trends and using reliable sources such as Investors King and Aboki Forex is essential for making sound financial decisions.
For the most accurate and up-to-date exchange rates, always verify with trusted platforms before proceeding with transactions.
