The dollar to naira exchange rate in the black market remains a key focus for traders, businesses, and individuals involved in foreign transactions.
As of today, 13th February 2025, the exchange rate shows continued fluctuations driven by forex supply and demand in the parallel market.
How Much is Dollar to Naira Today in Black Market?
According to market sources and traders in major exchange hubs like Lagos, Abuja, and Kano, the dollar to naira black market rate today is:
- Buying Rate: ₦1,554 per $1
- Selling Rate: ₦1,568 per $1
This means that if you want to exchange dollars for naira, traders will buy from you at ₦1,554 per dollar, while if you are purchasing dollars, you will pay ₦1,568 per dollar in the black market.
Factors Influencing the Black Market Exchange Rate
The black market rate is influenced by several economic and policy-related factors, including:
- Forex Supply and Demand: A shortage of foreign exchange increases the naira’s depreciation, while an influx of dollars stabilizes or strengthens it.
- CBN Policies: Restrictions on forex allocations and interventions by the Central Bank of Nigeria (CBN) directly impact black market rates.
- Economic Indicators: Inflation, interest rates, and foreign reserves play a significant role in determining exchange rate movements.
- Speculation and Market Sentiment: Traders’ expectations and speculation about future forex trends affect daily exchange rates.
Comparison With Official Exchange Rate
While the black market remains the preferred option for many businesses and individuals, it often differs significantly from the official exchange rate set by the CBN. The official rate is typically lower, but due to forex scarcity, many opt for the parallel market despite higher costs.
Should You Exchange at the Black Market?
Foreign exchange transactions in the black market are not officially regulated, which poses risks such as fraud, price volatility, and legal concerns. Individuals and businesses are advised to seek alternative forex sources, including banks, Bureau de Change (BDC) operators, and fintech platforms offering competitive rates.
For daily updates on the dollar to naira exchange rate, stay connected to Investors King for real-time forex trends, expert analysis, and financial insights.
