The dollar to naira exchange rate in the black market remains a crucial topic for businesses, travelers, and forex traders in Nigeria.
As of today, 12th February 2025, the exchange rate continues to fluctuate due to market demand and supply, economic policies, and foreign exchange reserves. Below is the latest update on the dollar to naira rate in the parallel market.
Dollar to Naira Black Market Exchange Rate Today
According to reports from Investors King and other reliable forex sources, the dollar to naira black market exchange rate for 12th February 2025 is as follows:
- Buying Rate: ₦1,560/$
- Selling Rate: ₦1,570/$
This rate reflects the ongoing volatility in Nigeria’s forex market as inflationary pressures and external economic factors continue to influence the naira’s performance.
How Much is Dollar to Naira Today in Black Market?
The black market, also known as the parallel market, operates outside the official channels controlled by the Central Bank of Nigeria (CBN). As a result, the rates are often different from those in the official forex market.
For comparison, the official CBN rate typically trades lower than the black market rate due to government interventions and policies aimed at stabilizing the naira. To check the latest official rates, visit the CBN’s website for up-to-date exchange rate information.
Additionally, real-time updates on black market forex rates can be accessed through platforms such as Aboki Forex, where traders and currency exchangers track the movement of the dollar against the naira daily.
Factors Influencing the Naira to Dollar Exchange Rate
Several factors continue to impact the exchange rate between the dollar and naira, including:
- Foreign Exchange Reserves: The availability of forex reserves held by the CBN significantly affects naira stability.
- Inflation and Economic Policies: High inflation weakens the naira, making foreign currencies more expensive.
- Global Oil Prices: Since Nigeria relies heavily on crude oil exports, fluctuations in global oil prices influence forex earnings and the value of the naira.
- Market Demand and Supply: The demand for dollars by importers, investors, and businesses determines the rate in the black market.
- Government Regulations: Recent forex restrictions and monetary policies from the CBN affect the availability and pricing of dollars.
Conclusion
The dollar to naira black market exchange rate today, 12th February 2025, stands at ₦1,560/$ (buying) and ₦1,570/$ (selling). This highlights the continued pressure on the naira amid ongoing forex demand and economic uncertainties.
For those engaging in forex transactions, it is crucial to stay informed by following reliable sources such as Investors King, CBN, and Aboki Forex to track daily rate movements.
As Nigeria navigates its forex challenges, market participants are advised to monitor policy changes and global economic trends that may impact the exchange rate in the coming days.
