The exchange rate between the US dollar and the Nigerian naira remains a crucial indicator of market trends.
As of today, 14th February 2025, the black market exchange rate shows notable movements influenced by market dynamics.
How Much is Dollar to Naira Today in Black Market?
The dollar to naira black market rate for today, 14th February 2025, is:
- Buying Rate: ₦1,558 per dollar
- Selling Rate: ₦1,570 per dollar
The black market, often referred to as the parallel market, remains a vital source of forex for individuals and businesses unable to access the official market.
Official Dollar to Naira Exchange Rate – CBN
According to the Central Bank of Nigeria (CBN), the official exchange rate is ₦1,504.30 per dollar. Despite various policy measures, the gap between the official and parallel market rates persists.
Dollar to Naira Rate on AbokiForex
The latest update from AbokiForex aligns with the parallel market rates, reflecting a consistent demand for dollars. AbokiForex is a reliable source for tracking real-time exchange rates in Nigeria.
Analysis of Dollar to Naira Trends
The fluctuation in the naira-dollar exchange rate is driven by several factors, including:
- Inflationary Trends: Rising costs of goods and services weaken the naira.
- CBN Interventions: Monetary policies, such as foreign exchange controls and interest rate adjustments, impact the market.
- Diaspora Remittances: Increased inflows from abroad often help stabilize the naira.
- Oil Market Performance: As Nigeria’s primary revenue source, oil price fluctuations directly influence forex reserves.
Outlook for the Naira
According to analysts at Investors King, the naira may experience short-term pressures but could gain stability with increased foreign reserves and improved oil exports. However, economic reforms and consistent monetary policies remain crucial to closing the gap between the official and parallel markets.
Conclusion
Today’s black market exchange rate of ₦1,558 (buying) and ₦1,570 (selling) highlights the ongoing disparity with the official CBN rate of ₦1,504.30. Staying informed through reliable sources like Investors King, AbokiForex, and the CBN is essential for making sound financial decisions.
