The exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) remains a critical concern for businesses and individuals in Nigeria. The black market, or parallel market, often provides real-time exchange rates that differ from official figures, making it essential to stay informed.
Black Market Exchange Rates as of 17th February 2025
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| Currency | Buy (₦) | Sell (₦) |
|---|---|---|
| US Dollar (USD) | 1,555 | 1,565 |
| Pound Sterling (GBP) | 1,940 | 1,980 |
| Euro (EUR) | 1,570 | 1,610 |
| Canadian Dollar (CAD) | 1,100 | 1,200 |
| South African Rand (ZAR) | 75 | 95 |
| Chinese Yuan (CNY) | 180 | 220 |
| Emirati Dirham (AED) | 420 | 450 |
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 increases demand in the black market.
- Economic Policies: Government regulations on imports, exports, and remittances directly impact the Naira’s value.
- Global Market Trends: The performance of the US Dollar on the international stage affects its exchange rate against the Naira.
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Importance of Monitoring Black Market Rates
For those engaged in international transactions, keeping an eye on black market rates is crucial. These rates often reflect real-time market conditions more accurately than official rates, aiding in informed financial decisions.
Conclusion
As of 17th February 2025, the black market exchange rate for the US Dollar to Naira stands at ₦1,555 for buying and ₦1,565 for selling. Staying updated on these rates is vital for effective financial planning.
For daily updates on exchange rates, visit Allmedia24.com, your reliable source for financial news and insights.
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