The exchange rate for the dollar to naira in the black market has seen a noticeable shift as of today, 10th March 2025. According to the latest data, the buying rate stands at ₦1,560 per dollar, while the selling rate is ₦1,570 per dollar.
This marks a continued trend of naira depreciation against the dollar in the parallel market, influenced by ongoing economic challenges and forex supply constraints.
For real-time and accurate exchange rates, you can refer to trusted sources like Investors King, Aboki Forex, and the Central Bank of Nigeria.
How Much is Dollar to Naira Today in Black Market?
As of today, the dollar to naira exchange rate in the black market reflects the high demand for dollars amidst limited supply. The buying rate is pegged at ₦1,560 per dollar, while the selling rate is at ₦1,570 per dollar. This disparity between the official CBN rate and the parallel market rate highlights the persistent challenges in Nigeria’s forex market.
The reliance on the black market is primarily due to the difficulties businesses and individuals face in accessing dollars at the official rate, leading to a higher demand in the parallel market.
Factors Driving the Dollar to Naira Exchange Rate
Several factors continue to influence the dollar to naira exchange rate in the black market:
1. Forex Supply and Demand
The limited supply of dollars, coupled with high demand for imports and foreign expenses, has exacerbated the pressure on the naira. Importers and businesses, unable to access official forex channels, have increasingly turned to the black market.
2. Central Bank Policies
The Central Bank of Nigeria’s policies, including forex restrictions and interventions in the Investors and Exporters (I&E) window, have played a significant role in the exchange rate trends. Despite these efforts, the gap between the official and black market rates persists.
3. Declining Foreign Reserves
Nigeria’s foreign reserves, which recently declined to $38.42 billion, limit the CBN’s capacity to support the naira effectively. The reduction in reserves has led to constrained forex availability at official rates, pushing more demand to the parallel market.
4. Inflation and Economic Instability
Rising inflation and economic uncertainties have further weakened the naira. High inflation rates diminish purchasing power, prompting individuals and businesses to hold dollars as a store of value.
5. Oil Revenue and Market Sentiment
Nigeria’s oil-dependent economy has been significantly impacted by fluctuating oil prices, affecting dollar inflows. Lower revenues from oil exports reduce the availability of dollars in the market, exerting additional pressure on the naira.
Impact on Businesses and Individuals
The persistent depreciation of the naira in the black market has several implications:
- Importers are facing higher costs for raw materials and goods, which are often passed on to consumers, contributing to rising inflation.
- Manufacturers reliant on imported inputs are dealing with increased production costs, affecting profitability.
- Students and those seeking medical treatment abroad are grappling with higher expenses due to the wide gap between the official and parallel market rates.
To mitigate these challenges, businesses are exploring strategies such as local sourcing of raw materials and hedging against forex risks.
Expert Insights
Economic analysts have emphasized the need for structural reforms to stabilize the naira. Enhancing non-oil exports, increasing foreign investments, and improving forex management transparency are seen as crucial steps.
John Eze, a financial analyst, noted, “Bridging the gap between the official and black market rates requires a comprehensive approach, including boosting local production and export diversification.”
Conclusion
The dollar to naira black market exchange rate today, 10th March 2025, stands at ₦1,560 for buying and ₦1,570 for selling. The ongoing depreciation of the naira highlights the urgent need for effective forex management and economic reforms. For reliable and updated exchange rates, visit Investors King, Aboki Forex, and the CBN.
As the forex market remains volatile, businesses and individuals must stay informed and adopt strategies to navigate these challenges effectively.
