The exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) remains a critical factor for businesses and individuals in Nigeria. With the growing reliance on foreign currency for trade and investment, the black market—or parallel market—offers real-time exchange rates that may differ from official figures. Staying informed about these rates is essential for effective financial planning and decision-making.
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Black Market Exchange Rates for 19th February 2025
| Currency | Buy (₦) | Sell (₦) |
|---|---|---|
| Dollar (USD) | 1535 | 1545 |
| Pound Sterling (GBP) | 1925 | 1965 |
| Euro (EUR) | 1550 | 1600 |
| Canadian Dollar (CAD) | 1080 | 1150 |
| South African Rand (ZAR) | 70 | 80 |
| Dirham (AED) | 360 | 420 |
| Chinese Yuan (CNY) | 140 | 200 |
| G.Cedi (GHS) | 75 | 90 |
Factors Influencing the Exchange Rate
Several factors contribute to fluctuations in the black market exchange rate:
- Demand and Supply: Limited availability of foreign currency in official channels often drives traders to the black market, increasing demand.
- Economic Policies: Changes in government policies regarding imports, exports, and remittances can have a direct impact on the value of the Naira.
- Global Market Trends: The performance of major global currencies, particularly the US Dollar, influences the exchange rate against the Naira.
Importance of Monitoring Black Market Rates
For businesses involved in international trade and individuals planning currency exchanges, monitoring black market rates is crucial. These rates provide real-time insights into market conditions and help in making informed financial decisions. Whether you are importing goods or managing investments, keeping track of these fluctuations can save costs and prevent losses.
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Conclusion
As of 19th February 2025, the Dollar to Naira black market exchange rate stands at ₦1535 for buying and ₦1545 for selling. For daily updates and more financial insights, visit Allmedia24.com, your trusted source for accurate and timely forex news.
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