The Black Market Dollar to Naira Exchange Rate Today, 5th March 2025 has emerged.
What is Black Market Rate?
The black market rate refers to the unofficial exchange rate at which foreign currencies, like the US Dollar (USD), are bought and sold outside government-regulated financial institutions. It is typically higher than the official exchange rate set by the Central Bank of Nigeria (CBN) due to factors like demand, limited forex supply, and market speculation.
For example, if the CBN official rate for $1 to Naira is ₦1,500, the black market rate may be around ₦1,600 or more, depending on supply and demand.
Why Do People Still Prefer to Trade with Black Market
People use the black market for forex transactions because:
- It offers easier and faster access to foreign currency.
- Banks often have strict forex policies and lower limits.
- The exchange rate may be more favorable than the CBN rate.
What’s the dollar to naira black market today?
The local currency (abokiFx) opened at ₦1,510.00 per $1 at the parallel market, otherwise known as the black market, today, Wednesday, 5 March 2025, in Lagos Nigeria, after it closed at ₦1,500.00 per $1 on Tuesday, 4 March 2025.
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate of $1 | ₦1,500 |
| Selling Rate of $1 | ₦1,510 |
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 | ₦1,499 |
| Selling Rate of $1 | ₦1,500 |
