Black Market Dollar Exchange Hits Record High Today February 28, 2025

Black Market Dollar Exchange Hits Record High Today February 28, 2025

The exchange rate for the dollar to naira in the black market (parallel market) as of February 27, 2025, is as follows:

• Buying Rate: ₦1,490 per USD
• Selling Rate: ₦1,500 per USD

This information is sourced from Bureau De Change (BDC) operators in Lagos……..READ MORE 

Note: The Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals seeking foreign exchange to use official banking channels.

• Highest Rate: ₦1,500 per USD
• Lowest Rate: ₦1,496 per USD

Nigeria’s foreign reserves have dropped by $2.2 billion, sparking concerns about the CBN’s ability to stabilize the naira and clear the $2 billion foreign exchange backlog.

According to Bismark Rewane, CEO of Financial Derivatives, the CBN has spent $8.8 billion in efforts to support the naira.

A report from AIICO Capital Limited noted that trading activity remained strong, with transactions fluctuating between ₦1,490 and ₦1,520 per dollar. Analysts attribute the naira’s pricing to CBN interventions.

The CBN recently sold $66.80 million to licensed banks, boosting forex supply to Bureau De Change operators. This intervention led to a naira appreciation:

• Official market closing rate: ₦1,501.08 per USD
• Parallel market closing rate: ₦1,510 per USD

Nigeria’s forex reserves have now declined for six consecutive weeks, dropping by $300.11 million to $38.74 billion. Bloomberg reports that reserves have fallen by $2.2 billion since peaking at $40.92 billion on January 6.