Aboki Naira To Dollar Black Market Rate Today 3rd February 2025

The Nigerian Naira continues to face volatility in the parallel market, with the latest figures indicating significant fluctuations in its exchange rate against the US Dollar.

On Monday, February 3, 2025, the black market or parallel market rate for converting US Dollars to Nigerian Naira shows the dollar being bought at around N1,630 and sold at approximately N1,640.

This slight increase from previous days reflects the ongoing instability within Nigeria’s foreign exchange market, driven by various economic factors. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the official exchange rate, the gap between the official and black market rates remains wide, encouraging many to look towards the parallel market for currency exchange.

The buying rate for the US Dollar stands at N1,630. This is the price individuals and businesses would pay to acquire dollars on the street. Conversely, the selling rate is pegged at N1,640, indicating the amount one would receive when selling dollars in the black market.

The persistent reliance on imports and fluctuating oil revenues have put considerable pressure on the Naira. The CBN’s policies aimed at controlling inflation and stabilizing the economy have yet to significantly impact the black market rates, which often react more swiftly to market sentiment and supply-demand dynamics than official channels.

Engaging with the black market for forex trades comes with inherent risks, including legal ramifications and the potential for fraud. The CBN does not recognize transactions in this market, advising individuals to use official channels for currency exchange. However, many still turn to the parallel market due to the scarcity of dollars at official rates.

The black market exchange rate for the Naira to Dollar on February 3, 2025, underscores Nigeria’s challenges in managing its currency’s value amidst global economic pressures. While the CBN works on policy measures to stabilize the economy, the parallel market remains a critical indicator of public trust and economic health, often diverging from official rates due to various speculative and practical reasons.

For those considering currency exchange, it is advisable to stay informed about both official and parallel market rates and understand the risks associated with black market transactions.

Disclaimer: Rates can fluctuate throughout the day, and these figures are based on the latest available data at the time of writing. Always verify current rates before engaging in any currency transaction.