The Dollar to Naira exchange rate remains a key concern for businesses and individuals in Nigeria, as the country’s economy heavily relies on foreign currency for trade and investments. The black market, also known as the parallel market, often reflects real-time changes in the exchange rate, which may differ from official rates. Staying updated on the latest exchange rates is essential for financial planning.
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Black Market Exchange Rates for 15th February 2025
| Currency | Buy (NGN) | Sell (NGN) |
|---|---|---|
| Dollar (USD) | 1555 | 1565 |
| Pound (GBP) | 1940 | 1980 |
| Euro (EUR) | 1570 | 1610 |
| Canadian Dollar (CAD) | 1100 | 1200 |
| South African Rand (ZAR) | 75 | 95 |
| Chinese Yuan (CNY) | 180 | 220 |
| Dirham (AED) | 420 | 450 |
Factors Influencing the Dollar to Naira Exchange Rate
The black market exchange rate fluctuates due to multiple factors, including:
- Demand and Supply of Foreign Currency – A scarcity of dollars in the official market pushes more traders to the black market.
- Economic Policies – Government policies on imports, exports, and remittances influence the exchange rate.
- Global Market Conditions – The performance of the US dollar globally affects the Naira’s value.
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Why Monitoring the Black Market Rate is Important
For individuals and businesses involved in international transactions, monitoring the black market rate is crucial. It provides real-time updates, helping in making informed financial decisions, especially for those relying on foreign exchange for trade and travel.
Conclusion
The Dollar to Naira exchange rate for 15th February 2025 stands at ₦1555 (buy) and ₦1565 (sell). Staying informed about these fluctuations ensures better financial planning.
For daily updates on exchange rates, visit Allmedia24.com, your trusted source for financial insights.
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