The Dollar to Naira exchange rate remains a crucial factor for businesses and individuals engaged in international transactions. The black market, also known as the parallel market, often provides real-time rates that differ from official sources, making it essential to track these fluctuations.
Below are the latest exchange rates for 14th February 2025 in the black market:
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Black Market Exchange Rates for 14th February 2025
| Currency | Buying Rate (₦) | Selling Rate (₦) |
|---|---|---|
| US Dollar (USD) | 1555 | 1565 |
| Pound Sterling (GBP) | 1940 | 1980 |
| Euro (EUR) | 1570 | 1610 |
| Canadian Dollar (CAD) | 1100 | 1200 |
| South African Rand (ZAR) | 75 | 95 |
| Chinese Yuan (CNY) | 180 | 220 |
| UAE Dirham (AED) | 420 | 450 |
Factors Influencing the Exchange Rate
Several factors contribute to fluctuations in the Dollar to Naira exchange rate in the black market, including:
- Demand and Supply: High demand for foreign currency, especially USD, leads to increased exchange rates.
- Government Policies: Import restrictions, forex reserves, and monetary policies impact the value of the naira.
- Global Market Trends: The strength of the US dollar in global markets affects its value against the naira.
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Why Monitor the Black Market Exchange Rate?
For businesses and individuals dealing in foreign currency, staying updated on the black market exchange rate is essential for:
- Making informed financial decisions.
- Avoiding losses due to unexpected currency fluctuations.
- Planning ahead for international transactions and remittances.
Conclusion
The Dollar to Naira black market exchange rate for 14th February 2025 stands at ₦1555 (buy) and ₦1565 (sell). Monitoring these rates daily helps businesses and individuals make better financial decisions.
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