Black market dollar to naira exchange rate today 20th January 2025 can be accessed below.
If you’re looking for today’s black market exchange rate for the dollar to naira, we’ve got you covered.
- Exchange rates fluctuate hourly based on supply and demand in the market.
- You might buy or sell at one rate, but the price could change within hours.
- The black market rate is typically higher than the official rate due to the lack of government regulation.
GoldenNewsNg 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.
The local currency (abokiFx) opened at ₦1,650.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 20th January 2025, in Lagos Nigeria, after it closed at ₦1,660.00 per $1 on Sunday, 19th January 2025.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | ₦1,665 |
| Selling Rate | ₦1,680 |
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’s the dollar to naira CBN exchange rate today?
| 1 USD = 1553.6377 NGN |
| 1 Dollars = 1553.6377 Nigerian Naira |
| The USDNGN rate as of 19 Jan 2025 |
GoldenNewsNg 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.
Understanding Exchange Rates
Here’s a quick breakdown of the different exchange rates in Nigeria:
- CBN Rate: Official and regulated by the Central Bank of Nigeria, used for government and regulated transactions.
- I&E FX Window Rate: Market-determined, introduced to attract investors and promote transparency.
- Black Market Rate: Unregulated and often higher, influenced by supply and demand.
FAQs About Dollar to Naira Exchange
Does Aboki Forex Trade Currencies?
No, Aboki Forex is an informational platform that provides current exchange rates, especially from the black market. It is not a currency trading platform.
How Can I Exchange USD to Naira?
You can exchange currency through:
- Banks
- Authorized exchange bureaus
- Online platforms offering currency exchange services
Be sure to compare rates and fees for the best deal.
Are Black Market Rates Accurate Across All Markets?
Black market rates vary by location and may not always be accurate or reliable. These rates depend on market conditions and are subject to legal restrictions in some areas.
What’s the Difference Between CBN, I&E, and Black Market Rates?
- CBN Rate: Official and stable but may not reflect real-time market dynamics.
- I&E Rate: Flexible, market-driven, and designed to attract foreign investors.
- Black Market Rate: Unofficial, often higher but subject to greater risks.
Please note that exchange rates can fluctuate frequently, and it’s important to stay informed and visit GoldenNewsNg daily to get updated prices and accurate information.
