Black market dollar to naira exchange rate today 3 February 2025, Aboki forex can be accessed below.
IMPORTANT NOTE: The exchange rate changes hourly. It depends on the volume of dollars available and the Demand. What this means is that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.
The Genius Media Nigeria has obtained the official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to remember that the rate can shift (either upwards or downwards) within hours.
What’s the Black market dollar to naira exchange rate today?
The local currency (abokiFx) opened at ₦1,620.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 3 February 2025, in Lagos Nigeria, after it closed at ₦1,610.00 per $1 on Sunday, 2 February 2025.
Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
Buying Rate of $1 | ₦1,610 |
Selling Rate of $1 | ₦1,620 |
Please note that Nigeria’s black market dollar-to-naira exchange rate is typically higher than the official exchange rate because the Federal Government does not regulate it. The rates you buy or sell forex may differ from what is captured in this article because prices vary.
What is the official exchange rate for dollar to naira today? Here is the dollar to naira CBN rate today
Dollar to Naira (USD to NGN) | CBN Rate Today |
Buying Rate of $1 | ₦1,477 |
Selling Rate of $1 | ₦1,478 |
The Genius Media Nigeria reports that the parallel exchange rate (black market rate) always differs from the CBN rate. The exchange rate between the USD and the Nigerian Naira significantly impacts the Nigerian economy. Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar-to-naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Frequently Asked Questions:
Q: Does Aboki Forex Trade (Exchange) Currencies?
A: Aboki Forex is not a currency trading platform itself. It is a website or app that provides foreign exchange rates, especially those from the black market. It serves as an information source for individuals seeking to know the current exchange rates in various markets.
Q: How can I Exchange Currency (USD to Naira)?
A: Currency exchange can be done through various channels, including banks, official exchange bureaus, and online platforms. You can visit a bank or authorized exchange bureau, or use online platforms that offer currency exchange services. It’s important to compare rates and fees before making a decision.
Q: Are the Black Market Rates accurate in all Markets?
A: Black market rates can vary significantly from one market to another and may not always be accurate or reliable. Various factors, including supply and demand dynamics, economic conditions, and legal restrictions influence them. While black market rates can sometimes provide better rates, they also come with higher risks and may be illegal in some jurisdictions.
Q: What is the difference between CBN, I&E, and Black Market Rates?
A: The rates you mentioned refer to different exchange rates in Nigeria:
- CBN (Central Bank of Nigeria) Rate: This is the official exchange rate set by the central bank. It is often used for government transactions, official import/export, and other regulated activities. The CBN rate is generally more stable but may not reflect the market reality.
- I&E (Investors’ and Exporters’ FX Window) Rate: This is a market-determined exchange rate introduced by the Central Bank of Nigeria to attract foreign investors and promote transparency. It is relatively more flexible than the CBN rate and is based on supply and demand dynamics in a special trading window.
- Black Market Rate: This refers to the unofficial exchange rate that operates outside the official channels. It is influenced by various factors and can be significantly different from the CBN and I&E rates. Black market rates can sometimes offer better rates.
Please note that exchange rates can fluctuate frequently, and it’s important to stay informed and visit. The Genius Media Nigeria daily to get updated prices and accurate information.
