Breaking News: Dollar-Naira Exchange Shatters Records As Black Market Rate Climbs

Breaking News: Dollar-Naira Exchange Shatters Records As Black Market Rate Climbs

What is the current exchange rate for the Dollar to Naira in the black market, often referred to as the parallel market (Aboki fx)? Below are the exchange rates for February 1. Here’s how much you..Breaking News: Dollar-Naira Exchange Shatters Records As Black Market Rate Climbs

can get for your dollars:

Black Market Rates for Dollar to Naira Today:

• Buying Rate: N1630
• Selling Rate: N1640

As of Saturday, February 1, 2025, participants in the Lagos parallel market are buying dollars at N1630 and selling them at N1640. This information is sourced from operators at the Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market and advises individuals interested in Forex transactions to use official banking channels.

Dollar to Naira CBN Rate Today

• Highest Rate: N1517
• Lowest Rate: N1490

Please be aware that the rates for buying and selling Forex may vary from those stated in this article due to fluctuations in the market.

Meanwhile, CBN Governor Olayemi Cardoso has asserted that the bank’s policy interventions have prevented Nigeria’s inflation rate from rising to 42.81% as of December 2024.

Cardoso also indicated that in 2025, the CBN will continue to implement conventional monetary policies to control inflation. He projected that diaspora remittances would reach ₦31.79 trillion upon the release of the fourth quarter figures for 2024.

Naija News reports that Governor Cardoso made these announcements during the 2025 Monetary Policy Forum held in Abuja on Thursday. He highlighted that throughout 2024, the CBN enacted significant policy changes during six Monetary Policy Committee meetings, which included raising the Monetary Policy Rate by 875 basis points to 27.50% and increasing the Cash Reserve Ratio for Other Depository Corporations by 1,750 basis points to 50.00%, while also adjusting the asymmetric corridor surrounding the MPR.

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