The dollar to naira exchange rate in the black market continues to fluctuate amid persistent forex demand and economic uncertainties. As of 28th February 2025, the exchange rate remains volatile with traders and investors closely monitoring market movements.
According to the latest updates from currency traders, the black market exchange rate for the dollar to naira stands as follows:
Dollar to Naira Black Market Exchange Rate Today
- Buying Rate: ₦1,490 per $1
- Selling Rate: ₦1,500 per $1
These rates are subject to change depending on market demand, location, and transaction volume.
How Much is Dollar to Naira Today in Black Market?
Many Nigerians turn to the black market to exchange dollars due to the limited availability of forex at official rates. As forex liquidity tightens, the parallel market remains a key determinant of foreign exchange pricing for businesses and individuals.
For real-time updates and analysis of the dollar to naira exchange rate, visit Investors King and Aboki Forex.
CBN Official Dollar to Naira Exchange Rate
The Central Bank of Nigeria (CBN) maintains a lower official exchange rate compared to the black market. The apex bank continues to regulate forex transactions to stabilize the naira, although access to official forex windows remains limited for many.
To check the latest CBN exchange rate, visit the CBN website for up-to-date information.
Factors Influencing the Black Market Exchange Rate
Several economic and market conditions contribute to the fluctuations in the dollar to naira exchange rate in the black market:
- Forex Supply and Demand: The scarcity of dollars drives up exchange rates.
- Inflation and Economic Pressures: A weakening naira fuels higher forex demand.
- CBN Policies: Forex restrictions and intervention strategies affect market rates.
- Foreign Reserves and Market Liquidity: Declining reserves impact forex availability.
- Investor Sentiment: Market speculation and economic uncertainty influence demand for dollars.
Conclusion
The dollar to naira exchange rate in the black market today, 28th February 2025, highlights the continued volatility in Nigeria’s forex market. As the naira struggles against the dollar, businesses and individuals are advised to stay updated with reliable sources such as Investors King and Aboki Forex before making currency exchange decisions.
For the most accurate and timely exchange rate updates, always verify from multiple sources before proceeding with forex transactions.
