Aboki Naira To Dollar Black Market Rate Today 2nd February 2025

The Nigerian Naira continues to experience volatility in the parallel market, with the exchange rate against the US Dollar seeing notable fluctuations today.

Latest reports indicate that the Dollar is being bought at approximately N1,630 and sold at around N1,640, reflecting a slight increase from recent days. This underscores the persistent instability in Nigeria’s foreign exchange market.

Despite the Central Bank of Nigeria’s (CBN) stance against parallel market transactions, many Nigerians rely on this informal sector due to the scarcity of dollars at official rates. The CBN encourages forex dealings through authorized banks, but demand remains high in the black market.

Several key factors influence these fluctuations:

• Inflation: As inflation weakens the Naira, demand for dollars rises as a hedge.
• Interest Rates: High rates attract foreign investment but also increase domestic borrowing costs.
• National Debt & Reserves: Investor confidence is affected by Nigeria’s debt levels and how the CBN manages foreign reserves.
• Speculation: Forex traders anticipate market shifts, contributing to rapid rate changes.
• Import Reliance: Nigeria’s high dependence on imports continues to pressure the Naira.

The CBN remains committed to policies to stabilise the economy and curb inflation, which could influence black market rates over time. However, due to parallel trading’s informal nature, immediate impacts are difficult to predict.

The official CBN exchange rate remains significantly different from parallel market rates, highlighting the gap that fuels black-market transactions. Those seeking the latest exchange rates should consult local dealers or reliable online platforms. However, engaging in black market forex trading carries risks, including legal consequences and potential fraud.