100 USD to Naira Black Market Rate Today – January 27, 2025
Curious about the dollar-to-naira exchange rate in the black market? Here’s everything you need to know for today, January 27, 2025.
Black Market Exchange Rate Update
As of today, $100 is exchanged for ₦165,000 in the parallel (black) market.
The buying rate for $1 is ₦1,650, while the selling rate is ₦1,660. These rates can change within hours, so it’s always good to stay updated.
| Dollar to Naira (USD to NGN) | Black Market Rate Today |
|---|---|
| Buying Rate ($1) | ₦1,650 |
| Selling Rate ($1) | ₦1,660 |
Current Black Market Exchange Rate in Lagos
As of Monday, January 27, 2025, the black market exchange rate in Lagos is as follows:
- Buying Rate (₦/$1): ₦1,650
- Selling Rate (₦/$1): ₦1,660
- 100 USD in Naira: ₦165,000
This rate reflects the parallel market, also known as the black market. Keep in mind that rates can change within hours due to fluctuations in supply and demand.
What Influences the Dollar-to-Naira Exchange Rate?
Several factors affect the exchange rate in the black market. Below are some key influences:
1. Inflation
Higher inflation weakens the naira, making foreign currencies like the dollar more expensive. Stabilizing the economy and managing inflation could help strengthen the naira.
2. Interest Rates
When banks increase lending rates, it can slow economic activity, which often leads to a weaker naira.
3. Government Debt
High national debt can discourage foreign investment, leading to reduced dollar inflows and a weaker naira.
4. Speculation
Market speculators can hoard dollars, expecting future gains, which may further devalue the naira.
5. Trade Imbalances
Nigeria currently imports more than it exports, creating a trade deficit. This imbalance puts additional pressure on the naira.
Disclaimer
The rates provided here are based on information from various sources, including traders in certain locations, and media outlets. GoldenNewsNG and this platform do not set forex rates. Official rates are determined by the Central Bank of Nigeria (CBN) and can differ from black market rates.
For more updates, Visit GoldenNewsNG!
