The Dollar to naira exchange rate at the black market today 25th February 2023 can be accessed below.
Infoexpert24 reports that the exchange rate between the naira and the US dollar today, 25 February 2023 on the black market, opened at an average of N765/$1.
This report is according to information gathered from black market FX operators. Specifically, the traders noted that they buy FX from customers at an average of N761/$1 and sell for N765/$1.
However, they also added that in some cases the rate could vary depending on the form of transaction, cash, or transfer. that is to say, you are likely to get a higher rate if you have physical cash to exchange.
Dollar to Naira Black Market Exchange Rate Today
|Dollar to Naira (USD to NGN)||Black Market Exchange Rate Today|
Please note that therates you buy or sell forex may be different from what is captured in this article because prices vary.
CBN Official Naira to Foreign Exchange Rates
|2/24/2023||SOUTH AFRICAN RAND||24.9711||24.9982||25.0254|
Please note that theCentral Bank of Nigeria (CBN)does not recognize the parallel market (black market), as it has directed individuals who want to engage inForexto approach their respective banks.
“The only exchange rate remains the I&E window, which is the market we expect everybody who wishes to procure or sell forex to get it,” said the CBN Governor, Godwin Emefiele.
“I am sorry to say that I do not, and I do not intend to recognize any FX in the market.
“Go to your bank. Even if your limit is above what the bank is selling, put it forward, and we will look into it. If you want to sell the dollar, go to your bank and sell it,” theCBN Governor said during a press briefing on September 17, 2021.
Factors Influencing Foreign Exchange Rate
Here are some of the causes of the dwindlingdollar to naira exchange rate.
Inflation Rates:It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates:Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.
Government Debt:National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favor of the naira.
Speculators:Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
Disclaimer: Infoexpert24 does not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates are obtained from various sources, including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.