Aboki Naira To Dollar Black Market Rate Today 1st February 2025

As of today, February 1, 2025, the black market exchange rate for the Nigerian Naira (NGN) against the US Dollar (USD) has been reported to show a fluctuating trend amidst ongoing economic adjustments.

According to various sources, the buying rate for the US Dollar in the black market, commonly referred to as the parallel market, stands at approximately ₦1,615, while the selling rate is slightly higher at ₦1,625. This information reflects the rates as of the latest updates from the past 24 hours.

The discrepancy between the official exchange rate and the black market rate continues to be significant, driven by factors such as inflation rates, interest rates, national debt, speculation, terms of trade, and the broader economic recession. Due to the absence of government regulation, the black market often offers a higher rate than the official one, leading to a more volatile but sometimes more accessible market for everyday citizens looking to exchange currency.

Current economic discussions highlight the impact of these rates on daily life. Inflation pushes up the prices of essential commodities, thus affecting purchasing power. In some contexts, the gradual appreciation of the Naira is seen as a positive sign, though there’s a call for more sustained efforts to stabilize the currency and control inflation to benefit the general populace.

It’s also worth noting that the Central Bank of Nigeria (CBN) does not recognize transactions in the black market and advises individuals to conduct Forex transactions through banks. Despite this, the parallel market remains a key player in the currency exchange landscape, especially for those who find accessing dollars through official channels challenging.

The black market’s rates can vary from one part of the country to another, with Lagos being one of the primary hubs for these transactions. The rates are averages and can differ based on location and the specific dealers involved.

For those looking to exchange currency, it’s advised to be cautious, ensure transactions with reputable dealers, and stay informed about the current rates to avoid being scammed.