The Dollar to Naira exchange rate remains a crucial concern for businesses and individuals in Nigeria due to the country’s heavy reliance on foreign currency for trade and investments. The black market, also known as the parallel market, often reflects real-time changes that differ from official rates, making it essential to stay updated on the latest figures.
For 16th February 2025, the Dollar to Naira rates in the black market are as follows:
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Black Market Exchange Rates (16th February 2025)
| Currency | Buy (₦) | Sell (₦) |
|---|---|---|
| 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 |
Dollar to Naira Black Market Exchange Rate for 17th February 2025
Factors Influencing the Dollar to Naira Exchange Rate
The black market rates fluctuate due to various factors, including:
- Demand and Supply of Foreign Currency: Limited forex availability in the official market drives more traders to the black market, increasing demand.
- Economic Policies: Changes in government policies on importation, exports, and remittances impact the naira’s value.
- Global Market Trends: The strength of the US dollar internationally also affects how much the naira is worth in comparison.
Why You Should Monitor the Black Market Rates
For individuals and businesses conducting international transactions, staying updated on the black market exchange rate is essential as it often reflects real-time fluctuations more accurately than official rates. Importers, exporters, and forex traders rely on these rates to make informed financial decisions.
Conclusion
The Dollar to Naira exchange rate in the black market for 16th February 2025 stands at ₦1555 (buy) and ₦1565 (sell). Staying informed about these rates can help individuals and businesses navigate currency exchange fluctuations effectively.
For daily updates on exchange rates, stay tuned to Allmedia24.com, your trusted source for financial news and insights.
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