Black Market Dollar To Naira Exchange Rate Today 29th January 2025 [Aboki Forex]
Black market dollar to naira exchange rate today 29th 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 dollar to 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 ₦1,660.00 per $1 at the parallel market otherwise known as the black market, today, wednesday, 29 January 2025, in Lagos Nigeria, after it closed at ₦1,640.00 per $1 on Tuesday, 28 January 2025.
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 | ₦1,530 |
| Selling Rate of $1 | ₦1,535 |
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.
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?
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.
