Black market dollar to naira exchange rate today 30th 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.
In this article, we provide the latest black market exchange rates, the CBN official rates, and factors influencing the value of the Naira.
Black Market Dollar to Naira Exchange Rate Today
Below are the latest exchange rates for major foreign currencies in the black market (Aboki Forex):
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.
Black Market Exchange Rates (Lagos, Abuja, Kano)
| Currency | Buy (NGN) | Sell (NGN) |
|---|---|---|
| US Dollar (USD) | 1,620 | 1,630 |
| British Pound (GBP) | 1,970 | 2,010 |
| Euro (EUR) | 1,630 | 1,670 |
| Canadian Dollar (CAD) | 1,200 | 1,250 |
| South African Rand (ZAR) | 80 | 100 |
| UAE Dirham (AED) | 425 | 455 |
| Chinese Yuan (CNY) | 200 | 240 |
| Ghanaian Cedi (GHS) | 80 | 100 |
| West African CFA Franc (XOF) | 2,500 | 2,650 |
| Central African CFA Franc (XAF) | 2,400 | 2,550 |
| Australian Dollar (AUD) | 940 | 1,020 |
Note: These rates are subject to fluctuations based on market trends and availability of forex.
CBN Official Dollar to Naira Exchange Rate Today
The Central Bank of Nigeria (CBN) maintains official exchange rates significantly lower than the black market rates. Below are the latest CBN exchange rates:
CBN Official Exchange Rates (30th January 2025)
| Currency | CBN Rate (NGN) |
| US Dollar (USD) | 1,508.40 |
| British Pound (GBP) | 1,871.77 |
| Euro (EUR) | 1,568.58 |
| Swiss Franc (CHF) | 1,662.33 |
| Japanese Yen (JPN) | 9.72 |
| West African CFA Franc (XOF) | 2.43 |
| Chinese Yuan (CNY) | 208.00 |
| Saudi Riyal (SAR) | 407.20 |
| South African Rand (ZAR) | 80.00 |
The CBN rate applies primarily to government transactions, importers, and official forex allocations.
Factors Affecting the Naira Exchange Rate
Several factors contribute to the fluctuations in the exchange rate between the dollar and the Naira:
1. Forex Supply and Demand
The scarcity of dollars in Nigeria due to reduced foreign investments, declining oil revenue, and lower forex reserves causes an increase in black market rates.
2. Inflation Rate
High inflation weakens the Naira’s purchasing power, making forex more expensive for businesses and individuals.
3. Government Policies and CBN Interventions
CBN interventions in the forex market, such as restrictions on Bureau De Change (BDC) operations, affect dollar availability and drive more demand to the black market.
4. Speculation and Hoarding
Many forex traders and businesses hoard dollars, anticipating further depreciation of the Naira, which leads to artificial scarcity and increased black market rates.
5. Foreign Reserves and Oil Prices
Nigeria’s foreign reserves are heavily dependent on crude oil earnings. A decline in global oil prices reduces the country’s dollar inflow, impacting exchange rates.
Conclusion
The black market exchange rate for the US dollar against the Naira today, January 30, 2025, remains higher than the official CBN rate. The forex market is volatile due to economic uncertainties, government policies, and global financial trends.
Stay updated with the latest forex rates and economic trends by following our daily updates GoldenNewsNG.com!
