The Dollar to Naira exchange rate continues to be a key concern for businesses and individuals in Nigeria. With fluctuations in both the black market and the Central Bank of Nigeria (CBN) rates, staying updated helps in making informed financial decisions.
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Black Market Exchange Rates for February 24, 2025
| Currency | Buy Price | Sell Price |
|---|---|---|
| Dollar (USD) | 1500 | 1510 |
| Pound (GBP) | 1910 | 1960 |
| Euro (EUR) | 1550 | 1590 |
| Dollar (CAD) | 1100 | 1200 |
| Rand (ZAR) | 80 | 100 |
| Dirham (AED) | 370 | 425 |
| Yuan (CNY) | 170 | 210 |
| Ghanaian Cedi (GHS) | 85 | 100 |
CBN Exchange Rates for February 24, 2025
| Currency | CBN Rate (₦) |
|---|---|
| Dollar (USD) | 1500.73 |
| Pound (GBP) | 1896.62 |
| Euro (EUR) | 1569.16 |
| Chinese Yuan (CNY) | 206.92 |
Understanding the Difference Between Black Market and CBN Rates
- The CBN exchange rate is the official rate used by banks and government-regulated forex transactions.
- The black market rate fluctuates based on demand and supply and is often used by businesses and individuals unable to access forex at official rates.
Factors Affecting the Exchange Rate
- Government policies: Changes in import/export regulations and forex availability influence rates.
- Inflation and economic stability: A weaker naira leads to higher exchange rates.
- Global demand for the U.S. dollar: When the dollar strengthens globally, it impacts the naira.
Why It’s Important to Track Exchange Rates
Businesses and individuals dealing in foreign currency should monitor exchange rate fluctuations to plan transactions effectively and avoid financial losses.
Conclusion
As of February 24, 2025, the Dollar to Naira black market rate stands at ₦1500 (buy) and ₦1510 (sell), while the CBN official rate is ₦1500.73 per dollar. Staying informed about these rates can help in making better financial decisions.
For daily exchange rate updates, visit Allmedia24, your trusted source for financial news.
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