The Dollar to Naira exchange rate remains a critical factor for businesses, investors, and individuals who engage in international transactions.
As of today, 11th March 2025, the black market exchange rate for the U.S. dollar to the Nigerian naira continues to fluctuate due to supply and demand forces in the foreign exchange market.
For those seeking the most recent rates, below is the Dollar to Naira black market exchange rate today:
Dollar to Naira Exchange Rate Today – 11th March 2025
- Buying Rate: ₦1,555 per $1
- Selling Rate: ₦1,570 per $1
These rates are sourced from parallel market traders, commonly known as the black market, and may differ from the official rates published by the Central Bank of Nigeria (CBN).
How Much is Dollar to Naira Today in Black Market?
The black market exchange rate is determined by traders and forex dealers outside the official banking system. This rate is often influenced by factors such as:
- CBN’s Foreign Exchange Policy: Any intervention by the CBN, such as restrictions on forex access, significantly affects black market rates.
- Dollar Demand for Imports and Business Transactions: Many Nigerian businesses depend on the dollar for imports, creating high demand in the parallel market.
- Speculation and Inflation: Currency speculation and inflation trends also contribute to the movement of the Dollar to Naira black market rate.
- Global Oil Prices: Since Nigeria relies heavily on oil exports for foreign exchange earnings, fluctuations in oil prices impact the availability of dollars in the country.
For updated official rates, visit the CBN website or check financial news platforms like Investors King and Aboki Forex.
Comparison: Black Market vs. Official CBN Rate
The black market exchange rate is typically higher than the official rate due to limited forex supply from the central bank. The CBN has been making efforts to stabilize the naira by implementing monetary policies aimed at increasing dollar inflows through official channels. However, due to forex shortages, many individuals and businesses resort to the black market for currency exchange.
What to Expect from the Naira in the Coming Days?
With the Naira appreciating slightly in recent weeks, analysts believe that government policies and foreign investment inflows could further stabilize the currency. However, challenges such as inflation, forex scarcity, and capital flight still pose risks to long-term stability.
For real-time updates on the Dollar to Naira exchange rate, stay informed with reliable sources such as News About Nigeria, Aboki Forex, and CBN.
