The Dollar to Naira exchange rate continues to be a crucial factor for businesses and individuals in Nigeria, given the nation’s reliance on foreign currency for trade and investment. The black market, also known as the parallel market, often reflects real-time fluctuations that differ from official rates, making it essential to stay updated.
For 10th February 2025, the Dollar to Naira rates in the black market are as follows:
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Dollar to Naira Black Market Exchange Rate (10th February 2025)
| Currency | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| 1 USD / 1 USDT | ₦1550 | ₦1570 |
Factors Influencing the Dollar to Naira Exchange Rate
The black market exchange rate is highly volatile, influenced by several factors:
- Demand and Supply of Foreign Currency: The scarcity of forex in official markets forces traders to the black market, increasing demand.
- Economic Policies: Government policies on importation, exportation, and foreign remittances have a direct impact on the naira’s value.
- Global Market Trends: The strength of the US dollar in international markets also affects its exchange rate against the naira.
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Why Monitoring Black Market Rates is Important
For individuals and businesses engaged in international transactions, staying updated on black market rates is essential. These rates often reflect market conditions faster than official rates. Businesses that depend on imported goods and services frequently rely on black market rates for accurate cost assessments.
Conclusion
As of 10th February 2025, the Dollar to Naira black market exchange rate stands at ₦1550 (buying) and ₦1570 (selling). These fluctuations are driven by demand and supply, inflation, global economic trends, and local policies.
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