Black Market Dollar to Naira Exchange Rate Today 25th February 2024

The black marketplace, also referred to as the parallel marketplace, is where foreign currencies are traded unofficially at costs that differ from the legit change fee set with the aid of the imperative financial institution of Nigeria (CBN).

The black marketplace is often used by individuals and agencies who cannot access the legitimate market due to shortage, regulations, or policies.

The black market exchange rate of the usa greenback to the Nigerian naira fluctuates daily depending on the deliver and demand of the currencies, in addition to other elements such as inflation, political instability, and financial policies.

The black market price is usually better than the respectable fee, meaning that the naira is weaker in the black market.

How plenty is a dollar to naira today within the black market?

The black marketplace dollar to naira change fee today, twenty fifth February 2024, is as follows:

Shopping for charge: ₦1,690.00 in keeping with US dollar
selling fee: ₦1,750.00 consistent with US dollar
which means in case you want to buy 1 US dollar in the black marketplace today, you’ll need to pay 1,750.00 naira, and in case you need to promote 1 US dollar, you’ll acquire 1,690.00 naira.

NB: those quotes may additionally vary barely relying on the area and the provider.

How does the black market greenback-to-naira trade fee evaluate to the reliable charge?

The reliable trade rate of the united states dollar to the Nigerian naira, as of nowadays, 25th February 2024, is ₦1,492.67 according to US dollar.

that is the rate that the CBN makes use of for its transactions and interventions inside the forex market. The reliable price is likewise the basis for the change rates of other overseas currencies, which includes the euro, the pound sterling, and the chinese language yuan.

The difference between the black market price and the authentic charge is referred to as the parallel marketplace premium.

The parallel market premium shows the diploma of divergence among the authentic and unofficial markets, and reflects the extent of self belief in the naira and the CBN’s policies.

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