Dollar to Naira Black Market Exchange Rate Today, 28th January 2025

The dollar to naira black market exchange rate for today, 28th January 2025, is as follows:

• Selling Rate: ₦1,645.00
• Buying Rate: ₦1,630.00

This exchange rate highlights the persistent gap between the official Central Bank of Nigeria (CBN) rate and the rates in the parallel market, reflecting the ongoing challenges in Nigeria’s foreign exchange market.

Why the Black Market Remains Crucial

Despite regulatory efforts, the black market continues to serve as a critical source of foreign exchange for many Nigerians. Factors such as stringent access to foreign currency through official channels, high demand for dollars, and fluctuating economic policies contribute to its relevance.

Key Factors Influencing the Exchange Rate

1. Economic Policies: The CBN’s foreign exchange interventions significantly influence naira valuation.
2. Forex Supply and Demand: Limited availability of dollars in the official market pushes individuals and businesses to seek alternatives.
3. Global Economic Trends: Shifts in crude oil prices and global financial markets directly affect Nigeria’s forex earnings and naira stability.
4. Inflation and Market Sentiment: Inflationary pressures and reduced confidence in the naira exacerbate the demand for dollars.

Reliable Sources for Exchange Rate Updates

To stay informed about dollar to naira exchange rates, you can visit trusted platforms like Naijaonpoint for in-depth financial analysis or check daily updates on Naira Today.

Conclusion

The dollar to naira black market exchange rate remains a crucial indicator of Nigeria’s economic realities. As fluctuations continue to shape financial decisions, monitoring reliable sources is essential for both businesses and individuals navigating foreign exchange challenges.

For more updates on Nigeria’s financial landscape and economic insights, visit Naijaonpoint.