The dollar to naira black market rate today, 18 February 2025, has drawn significant attention as the exchange rate continues to impact businesses and individuals in Nigeria.
The black market, also known as the parallel market, remains a key source for accessing foreign exchange due to ongoing challenges in the official forex market.
According to Aboki Forex, Investors King, and CBN data, here is the latest update on the dollar to naira black market exchange rate.
How Much Is Dollar to Naira Today in Black Market?
The current dollar to naira black market exchange rate for 18 February 2025 is:
Buying Rate: ₦1,535 per US dollar
Selling Rate: ₦1,555 per US dollar
This means if you are selling dollars in the black market, you will receive ₦1,535 per dollar, while buyers will pay ₦1,555 per dollar.
CBN Official Dollar to Naira Exchange Rate
The Central Bank of Nigeria (CBN) maintains a different rate from the black market. As of today, 18 February 2025, the official CBN exchange rate is:
CBN Buying Rate: ₦1,495 per US dollar
CBN Selling Rate: ₦1,500 per US dollar
The difference between the official CBN rate and the black market rate reflects the ongoing pressure on the naira.
Dollar to Naira Black Market Rates from Aboki Forex and Investors King
According to the latest updates from trusted platforms:
Aboki Forex:
Buying Rate: ₦1,535
Selling Rate: ₦1,555
Investors King:
Buying Rate: ₦1,535
Selling Rate: ₦1,555
Why Is the Dollar to Naira Black Market Rate Rising?
Several factors contribute to the increase in the dollar to naira black market rate:
- Forex Scarcity: Limited supply of foreign currency drives up demand.
- CBN Monetary Policies: Restrictions on forex sales at official rates push people to the black market.
- Inflation: High inflation reduces the value of the naira against the dollar.
- Global Oil Prices: Declines in Nigeria’s oil revenue weaken the naira.
- Political Uncertainty: Market instability affects forex rates.
Impact of Dollar to Naira Black Market Rate on Nigerians
The rising dollar to naira black market rate has several consequences:
- High Cost of Goods: Imported goods become more expensive, driving inflation.
- Business Struggles: Companies relying on imported raw materials face increased production costs.
- Tuition and Medical Bills: Nigerians studying abroad or seeking medical treatment overseas pay more in naira.
CBN Efforts to Stabilize the Naira
The Central Bank of Nigeria (CBN) has taken several steps to control the gap between the black market and official exchange rates:
- Increasing forex sales to commercial banks.
- Limiting access to forex for certain imports.
- Encouraging diaspora remittances through official channels.
Conclusion
The dollar to naira black market rate today, 18 February 2025, stands at ₦1,535 (buying) and ₦1,555 (selling). As the exchange rate gap widens, staying informed about both black market and CBN rates is crucial. For real-time updates, visit reliable platforms like Aboki Forex, Investors King, and the CBN website.
Understanding the factors driving the dollar to naira black market rate can help you make better financial decisions in this fluctuating economy.
