Dollar to Naira Exchange Rate Today (Feb 28, 2025) – Black Market & CBN Rates
Looking for the latest Dollar to Naira exchange rate today, February 28, 2025? Whether you’re trading in the black market, official CBN exchange rate, or FX market, this guide provides real-time updates on how much $1 is in Naira today.
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Today’s Dollar to Naira Exchange Rate (Feb 28, 2025)
| Market | Buy (NGN per USD) | Sell (NGN per USD) |
|---|---|---|
| Black Market | ₦1,490 | ₦1,500 |
| CBN Official Rate | ₦1,499 | ₦1,500 |
| Peer-to-Peer (P2P) | ₦1,500 | ₦1,500 |
Note: Exchange rates fluctuate frequently. Always confirm rates before making transactions.
Dollar to Naira Black Market Rate Today – Feb 28, 2025
The black market (parallel market) exchange rate is higher than the official CBN rate due to demand for foreign exchange (FX). As of today:
- 1 USD to NGN (Black Market) → ₦1,490 (Buy) / ₦1,500 (Sell)
- ₦100,000 to USD → $67.10
- $100 to Naira (Black Market) → ₦150,000
CBN Dollar to Naira Exchange Rate Today
The Central Bank of Nigeria (CBN) official exchange rate is lower than the parallel market. As of today, February 28, 2025:
- 1 USD to Naira (CBN Rate) → ₦1,499 (Buy) / ₦1,500 (Sell)
- $100 to Naira (CBN Rate) → ₦150,000
Important: Banks and financial institutions use the CBN official rate, while Bureau De Change (BDC) and street traders use the black market rate.
How Much is 1 Dollar in Nigeria Today?
The exchange rate for 1 USD to Naira today depends on where you are exchanging:
- Black Market Rate: ₦1,490 – ₦1,500
- CBN Official Rate: ₦1,499 – ₦1,500
- Aboki FX Rate: ₦1,490 – ₦1,500
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📉 Factors Affecting the Dollar to Naira Exchange Rate
Several factors impact the Naira’s strength against the US Dollar, including:
- CBN Forex Policies – The Central Bank of Nigeria regulates forex supply and interest rates.
- Inflation Rate – High inflation weakens the Naira, increasing exchange rates.
- Oil Prices – Since Nigeria relies on oil exports, fluctuating oil prices affect FX reserves.
- Foreign Exchange Demand – The more people buy dollars, the higher the exchange rate.
❓ FAQ: Dollar to Naira Today – Feb 28, 2025
1️⃣ What is the Black Market Dollar to Naira Exchange Rate Today?
As of February 28, 2025, the Black Market rate is ₦1,490 (Buy) / ₦1,500 (Sell) per US Dollar.
2️⃣ How Much is $100 in Naira Today?
- Black Market: ₦150,000
- CBN Official Rate: ₦150,000
3️⃣ Will the Naira Strengthen Against the Dollar?
The Naira’s strength depends on CBN policies, forex reserves, and inflation. If Nigeria increases foreign investment and oil revenue, the Naira could stabilize.
4️⃣ Where Can I Get the Best Dollar to Naira Exchange Rate?
- For official transactions, → Use banks at CBN rates.
- For quick cash exchange, → Use Bureau De Change or the Black Market.
📌 Tip: Always compare rates before exchanging large amounts of money!
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