The Dollar to Naira exchange rate remains a critical concern for businesses and individuals in Nigeria due to the country’s reliance on foreign currency for trade and investments. The black market, also known as the parallel market, often provides real-time exchange rate updates that differ from official rates, making it essential to stay informed.
For 13th February 2025, the Dollar to Naira rates in the black market are as follows:
| Currency | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| US Dollar (USD) | 1575 | 1565 |
| Pound Sterling (GBP) | 1955 | 1995 |
| Euro (EUR) | 1570 | 1620 |
| Canadian Dollar (CAD) | 1100 | 1200 |
| South African Rand (ZAR) | 75 | 95 |
| Chinese Yuan (CNY) | 180 | 220 |
| UAE Dirham (AED) | 420 | 450 |
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Factors Influencing the Dollar to Naira Exchange Rate
The black market exchange rate fluctuates frequently due to several factors, including:
- Demand and Supply of Foreign Currency: Limited forex availability in official markets drives higher demand in the black market.
- Economic Policies: Government regulations on importation, exportation, and remittances significantly impact the naira’s value.
- Global Market Conditions: The strength of the US dollar globally affects its exchange rate against the naira.
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Why Monitoring Black Market Rates Matters
For businesses and individuals engaging in international transactions, keeping track of black market exchange rates is crucial. These rates often reflect real-time market conditions faster than official sources. Importers and investors closely watch these changes for better financial planning.
Conclusion
As of 13th February 2025, the Dollar to Naira black market exchange rate stands at ₦1575 (buying) and ₦1565 (selling). These fluctuations result from ongoing shifts in demand, inflation, global market trends, and local economic policies.
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