As of February 7, 2025, the exchange rate between the U.S. dollar (USD) and the Nigerian naira (NGN) shows notable differences across various markets.
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Black Market Rates:
- Buying Rate: ₦1,570 per USD
- Selling Rate: ₦1,580 per USD
These figures are sourced from Bureau De Change operators in Lagos.
Official Central Bank of Nigeria (CBN) Rates:
- Buying Rate: ₦1,498.98 per USD
- Selling Rate: ₦1,499.98 per USD
The disparity between the official CBN rates and the black market rates highlights ongoing challenges in Nigeria’s foreign exchange market.
Recent Trends:
In recent days, the naira has experienced fluctuations against the dollar. For instance, on February 6, 2025, the black market buying rate was ₦1,550, and the selling rate was ₦1,570. This indicates a slight depreciation of the naira in the parallel market over the past day.
Dollar to Naira Black Market Exchange Rate for 10th February 2025
Dollar to Naira Black Market Exchange Rate for 19th February 2025
Factors Influencing the Exchange Rate:
Several elements contribute to the current exchange rate dynamics:
- Oil Prices: As a major oil exporter, Nigeria’s revenue is significantly impacted by global oil prices. Fluctuations can affect the naira’s value.
- Foreign Exchange Reserves: The level of Nigeria’s foreign reserves influences the CBN’s ability to stabilize the naira.
- Market Speculation: Perceptions and speculations about Nigeria’s economic health can lead to increased demand for foreign currency, affecting the naira’s value.
Looking Ahead:
The Nigerian government has proposed a 2025 budget of 47 trillion naira, with an anticipated exchange rate of 1,400 naira per U.S. dollar. This projection suggests efforts to strengthen the naira in the coming months.
For individuals and businesses engaged in foreign exchange transactions, it’s crucial to stay informed about these rates and monitor official communications from the Central Bank of Nigeria.
Note: Exchange rates are subject to change. It’s advisable to consult with financial institutions or authorized forex dealers for the most current rates before making transactions.
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