The Dollar to Naira exchange rate remains a critical indicator of Nigeria’s economic landscape, reflecting persistent challenges in the country’s foreign exchange market.

As of January 13, 2025, here is the latest update on the official exchange rate and the black market rate, alongside an analysis of current market trends.

Current Exchange Rates

Official Exchange Rate (CBN)
₦1,542/$1 – This is the Central Bank of Nigeria’s (CBN) rate used for official transactions through authorized channels.
Black Market (Parallel Market) Rate
Buying: ₦1,647/$1
Selling: ₦1,656/$1
The black market rate continues to reflect the realities of supply and demand outside the formal financial system.

Market Analysis and Trends

The gap between the official rate and the parallel market rate underscores ongoing pressures in the forex market. Despite the CBN’s policies to stabilize the naira, the demand for dollars in the black market remains high, driven by limited supply and speculative activities.

Key Factors Affecting the Dollar to Naira Exchange Rate

Limited Dollar Supply: Restricted access to forex through official channels pushes many businesses and individuals to the black market.
Import Dependency: Nigeria’s reliance on imports creates a consistent demand for dollars.
Inflationary Pressures: Rising inflation erodes the naira’s purchasing power, increasing demand for the more stable U.S. dollar.
Speculation: Traders hoard dollars in anticipation of higher rates, fueling further volatility.
CBN Policies and Interventions

The CBN has implemented several measures to stabilize the naira, including:

Forex Restrictions: Limiting access to dollars for non-essential imports to conserve reserves.
Promoting Export Earnings: Encouraging non-oil exports to generate forex inflows.
Diaspora Remittance Incentives: Streamlining remittance channels to boost dollar supply.
Despite these efforts, the significant disparity between the official and parallel market rates persists, pointing to structural challenges within the economy.

Economic Impact

The high Dollar to Naira exchange rate in the black market has far-reaching consequences:

Rising Costs: Importers pay a premium for dollars, leading to higher consumer prices.
Volatility in Investments: Uncertainty over exchange rates complicates business planning and investment decisions.
Debt Burden: Dollar-denominated debts become more expensive to service as the naira weakens.
Outlook for the Naira

Experts predict that the Dollar to Naira exchange rate will remain volatile unless Nigeria boosts its forex reserves, reduces dependency on imports, and strengthens non-oil export revenues. Long-term stability will require structural reforms and targeted economic policies.

Dollar to Naira Rate at a Glance

Exchange Rate

Value (₦)

CBN Official Rate

1,542

Black Market Buying Rate

1,647

Black Market Selling Rate

1,656

Conclusion

The Dollar to Naira exchange rate today, January 13, 2025, highlights the challenges facing Nigeria’s forex market. While the CBN rate offers a regulated framework, the black market continues to reflect market-driven dynamics. Staying informed is essential for businesses and individuals navigating this complex economic environment.

The Nigeria Customs Service, NCS, Murtala Muhammed International Airport Command, says it surpassed its revenue target for 2024, raking in a total of N71.6 billion.

The Customs Area Controller, CAC, Effiong Harrison, disclosed this in a statement on Friday, saying that its target for 2024 was N56.861 billion.

Harrison expressed delight over the record-breaking revenue achieved by the command.

The Customs Area Controller described the 2024 revenue as unprecedented, noting that it was the highest-ever generated in the history of the command.

“A detailed breakdown of the revenue underscores the remarkable achievement of the command in revenue generation.

“During a meeting with his management team, the area controller revealed that the command had exceeded its annual revenue target of N56,861,094,269.07 by generating N71,633,687,108.84.

“This represents a 20 per cent increase, amounting to N14,772,592,839.27,” he said.

According to him, July 2024, in particular, was a standout month, with the command recording its highest-ever monthly revenue of N12 billion.

Harrison, while comparing the command’s performance in 2023 and 2024, noted a significant revenue increase of N41.1 billion in 2024 when compared to the N30.5 billion generated in 2023, reflecting a 135 per cent growth.

He expressed profound gratitude to the Comptroller-General of Customs, Bashir Adeniyi, and his management team for their unwavering support to the command.

Harrison extended appreciation to critical stakeholders and other government agencies, acknowledging them as invaluable partners in the command’s success in 2024.

He expressed optimism that the command would achieve even greater milestones in fulfilling its core mandates in 2025.

TikTok has officially announced plans to cease its operations in the United States by January 19, 2025.

“Absent such relief, the Act will take effect on January 19, 2025,” TikTok said in a Dec. 9 legal filing. “That would shut down TikTok—one of the Nation’s most popular speech platforms for its more than 170 million domestic monthly users on the eve of a presidential inauguration.”

Last year, President Joe Biden signed into law, a legislation to remove TikTok from U.S. app stores and prohibit internet providers across the nation from allowing access to the platform if ByteDance cannot sell to an American company by Jan. 19.

The legislation was put in place amid concerns of China possibly using TikTok to spy on U.S. residents.

In response, TikTok filed an emergency motion for an injunction to stop the ban from taking effect, arguing that it violates the First Amendment and will generate “substantial losses,” per legal documents.

The Supreme Court is slated to hear oral arguments on Jan. 10 over whether or not the law should be upheld.

Meanwhile, several entrepreneurs have launched a bid to purchase TikTok, including Shark Tank’s Kevin O’Leary.

“This isn’t just about buying TikTok’s U.S. assets,” he wrote in a Jan. 6 message on X, formerly Twitter. “It’s about something much bigger: protecting the privacy of 170 million American users.”

O’Leary continued, “It’s about empowering creators and small businesses. And it’s about building a platform that prioritizes PEOPLE over algorithms. TikTok has immense potential, not just as a tool for creators but as a driver of meaningful economic and social impact.”

However, O’Leary said he’ll likely need an assist from President-elect Donald Trump, who will be sworn into office on Jan. 20.

“Trump will be who we have to work with to close the deal in the months ahead,” he explained during a Jan. 6 appearance on Fox News’ The Story with Martha MacCallum, per The Wrap. “So, I wanted to let him know—as well as others in his cabinet—that we’re doing this, and we’re going to need their help.”