Dollar to Naira Exchange Rate in Black Market Today, 3rd March 2025

The dollar to naira exchange rate in the black market continues to attract significant attention as the naira battles with ongoing economic challenges in Nigeria.

As of today, 3rd March 2025, the dollar to naira exchange rate stands at N1,490 per dollar for buying and N1,510 per dollar for selling. This rate is notably different from the official rates published by the Central Bank of Nigeria (CBN) and the parallel market rates on Aboki Forex.

The disparity between the official and black market rates reflects the high demand for foreign exchange and limited supply, exacerbated by fluctuating oil prices and inflationary pressures. Traders and businesses continue to rely on the black market for their forex needs due to the stringent policies and limited availability of dollars in the official market.

How Much is Dollar to Naira Today in Black Market?

The dollar is currently being bought at N1,490 and sold at N1,510 in the black market. These rates vary slightly depending on the city and the dealer. For accurate and up-to-date exchange rates, you can visit Naijaonpoint for detailed forex updates.

The black market has maintained a significant margin above the official rates, with economic uncertainties and a high demand for dollars from importers and travelers contributing to this gap. The continuous depreciation of the naira has raised concerns among businesses and individuals who rely heavily on foreign exchange for transactions.

Factors Influencing Dollar to Naira Exchange Rate in the Black Market

1. Foreign Exchange Scarcity:
   The limited supply of dollars in the official market has pushed traders to source forex from the black market, increasing demand and driving up rates.

2. Inflation and Economic Policies:
   High inflation rates and monetary policies by the Central Bank of Nigeria (CBN) have also played a crucial role in the exchange rate disparity.

3. Oil Prices and Foreign Reserves:
   Nigeria’s dependence on oil exports makes its foreign reserves vulnerable to fluctuations in global oil prices. Lower reserves limit CBN’s ability to intervene in the forex market.

4. Speculation and Hoarding:
   Speculators and forex hoarders in the black market further widen the gap by holding onto dollars to sell at higher rates.

Impact on Businesses and Consumers

The continuous depreciation of the naira has severely impacted businesses reliant on imported goods, as higher exchange rates translate to increased import costs and higher retail prices. Manufacturers and retailers have been forced to adjust their pricing, further burdening consumers amidst rising inflation.

Moreover, small and medium enterprises (SMEs) are finding it increasingly difficult to access foreign exchange for essential imports, stalling production and leading to potential job losses.

Conclusion

The dollar to naira exchange rate in the black market, standing at N1,490 for buying and N1,510 for selling today, underscores the ongoing economic challenges facing Nigeria. The gap between the official and black market rates highlights the urgent need for comprehensive economic reforms and policies that can stabilize the naira and improve foreign exchange availability.

For real-time updates on forex rates, you can visit Investor King and Aboki Forex.