The Dollar to Naira exchange rate remains a crucial factor for businesses and individuals in Nigeria. With fluctuating rates in both the black market and the Central Bank of Nigeria (CBN), staying informed helps in making better financial decisions.
Contents
Black Market Exchange Rates for February 28, 2025
| Currency | Buy Price (₦) | Sell Price (₦) |
|---|---|---|
| Dollar (USD) | 1490 | 1500 |
| Pound (GBP) | 1870 | 1920 |
| Euro (EUR) | 1500 | 1550 |
| 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 28, 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 widely 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 supply impact the naira’s value.
- Inflation and economic stability: A weaker naira leads to higher exchange rates.
- Global demand for the U.S. dollar: A strong dollar globally affects its rate against the naira.
Why You Should Track Exchange Rates
Monitoring exchange rates helps businesses and individuals plan their finances better. Whether for imports, travel, or investment, knowing the latest rates ensures better financial decisions.
Conclusion
As of February 28, 2025, the Dollar to Naira black market rate stands at ₦1490 (buy) and ₦1500 (sell), while the CBN official rate is ₦1500.73 per dollar. Staying updated on exchange rates is essential for managing forex transactions effectively.
For daily exchange rate updates, visit Allmedia24, your trusted source for financial news.