The exchange rate between the dollar and the naira continues to be a significant indicator of Nigeria’s economic performance, influencing businesses, investors, and the general public.
As of today, 7th February 2025, the black market exchange rate reflects the ongoing market dynamics driven by demand and supply.
How Much is Dollar to Naira Today in Black Market?
In the parallel market (black market), the dollar to naira exchange rate for today, 7th February 2025, is as follows:
- Buying Rate: ₦1,535 per $1
- Selling Rate: ₦1,555 per $1
This rate differs from the official exchange rate set by the Central Bank of Nigeria (CBN), which operates under a regulated foreign exchange system. For the latest updates on the official exchange rate, visit the Central Bank of Nigeria (CBN) website.
Factors Influencing the Black Market Exchange Rate
Several key factors continue to drive the fluctuations in the black market exchange rate, including:
- Forex Demand and Supply: The limited availability of U.S. dollars in the official market pushes individuals and businesses to source foreign exchange from the parallel market.
- CBN Forex Policies: Any adjustments in monetary policy or restrictions on forex access can lead to increased demand in the black market.
- Inflation and Economic Stability: High inflation rates and economic uncertainty often lead to a weaker naira, impacting the exchange rate.
- Diaspora Remittances: Increased remittances from Nigerians abroad can provide more dollar liquidity, potentially strengthening the naira.
- Global Oil Prices: Since Nigeria is an oil-dependent economy, fluctuations in global crude oil prices impact foreign exchange earnings, which in turn affect the exchange rate.
Impact of the Exchange Rate on the Nigerian Economy
- Importers and Exporters: A weaker naira raises the cost of imports, leading to higher prices for goods and services. Conversely, exporters benefit as they earn more naira for their foreign exchange earnings.
- Cost of Living: The black market exchange rate directly affects inflation, as businesses pass on higher import costs to consumers.
- Investment Climate: A fluctuating exchange rate may discourage foreign direct investment (FDI) due to concerns over currency instability.
Where to Get the Latest Dollar to Naira Updates?
For real-time exchange rate updates, forex news, and financial insights, visit Investors King—a trusted source for business and financial market news in Nigeria.
As the dollar to naira exchange rate continues to fluctuate, individuals and businesses are advised to monitor the forex market closely and make informed financial decisions based on reliable data sources.
