- Dollar trades higher against naira at the black market today.
- CBN rates show a lower official exchange range.
- Forex pressure persists amid strong dollar demand.
The dollar to naira exchange rate today reflects continued pressure on Nigeria’s foreign exchange market, as demand for the United States dollar remains strong across official and parallel segments.
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EKO HOT BLOG reports that businesses, importers and travellers continue to monitor daily movements closely amid tight dollar supply and ongoing economic adjustments.
At the black market, also known as the parallel market, the naira traded weaker against the dollar, with rates remaining significantly higher than the official window. Currency dealers attributed the gap to limited forex inflows, cautious investor sentiment and persistent demand for dollars for international transactions.
The Central Bank of Nigeria rate, which applies to official transactions and regulated financial institutions, showed a relatively lower range compared to the black market. Analysts note that the wide spread between both markets continues to shape pricing decisions, capital flows and inflation expectations across the economy.
Below is the exchange rate snapshot for today.
Dollar to Naira Exchange Rate Table
| Category | Rate |
|---|---|
| Black Market Selling Rate | ₦1485 |
| Black Market Buying Rate | ₦1476 |
| CBN Highest Rate | ₦1466 |
| CBN Lowest Rate | ₦1431 |
Market watchers say the naira’s performance will largely depend on foreign exchange inflows from oil exports, diaspora remittances and policy actions by the Central Bank of Nigeria. While recent reforms aim to stabilise the market, traders say volatility may persist in the short term.
Experts advise individuals and businesses to rely on verified sources before making currency related decisions, as rates may vary slightly by location and dealer. The Central Bank has also warned against unregulated forex activities, stressing the importance of official channels for large transactions.
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- New Nigerian Tax Laws to Boost Investment and Fiscal Stability, – FIRS
