Economy

Overview of Dollar to Naira Exchange Rate: Key Insights, Trends as of March 11, 2025

Published

8 months ago

March 12, 2025

Admin

Understanding the dynamics of the foreign exchange market is crucial for individuals and businesses engaged in international transactions. The exchange rate between the U.S. Dollar (USD) and the Nigerian Naira (NGN) has experienced notable fluctuations in recent times. This article provides an overview of the current exchange rates, historical trends, and factors influencing these changes as of Tuesday, March 11, 2025.

Current Exchange Rates

As of March 11, 2025, the exchange rates are as follows:

Date Official Exchange Rate (USD to NGN): 1 USD = 1,559.65 NGN

Black Market Rate (USD to NGN): 1 USD = 1,561.00 NGN11-03-2025

Note: The official exchange rate is sourced from historical data, while the black market rate is based on user-reported information.

Recent Trends and Fluctuations

Over the past week, the USD/NGN exchange rate has exhibited the following movements:

High: 1 USD = 1,559.65 NGN on 11-03-2025
Low: 1 USD = 1,493.99 NGN on 04-03-2025

The most significant 24-hour change occurred on 11-03-2025, with a 2.118% increase in value. 

Factors Influencing the Exchange Rate

Several factors have contributed to the recent fluctuations in the USD/NGN exchange rate:

Oil Prices: Nigeria’s economy is heavily reliant on oil exports. Variations in global oil prices directly impact foreign exchange earnings, influencing the Naira’s value.

Inflation Rates: Higher domestic inflation can erode the Naira’s purchasing power, leading to depreciation against the USD.

Monetary Policy: Decisions by the Central Bank of Nigeria regarding interest rates and foreign exchange interventions play a pivotal role in stabilizing the Naira.

Political Stability: Political events and policy decisions can affect investor confidence, thereby impacting currency value.

Implications for Stakeholders
Importers and Exporters: Fluctuating exchange rates can affect the cost of goods and services, influencing profit margins.

Investors: Currency volatility may impact returns on investments denominated in foreign currencies.

General Public: Exchange rate movements can affect the prices of imported goods, thereby influencing the cost of living.

Conclusion

Staying informed about exchange rate trends is essential for effective financial planning and decision-making. As of March 11, 2025, the USD to NGN exchange rate reflects both global economic conditions and domestic factors. Individuals and businesses are advised to monitor these trends closely and consult financial experts when making currency-related decisions.

Disclaimer: Exchange rates are subject to continuous change.

Economy

See Dollar to Naira Exchange rate today, November 10, 2025

Published

7 days ago

November 10, 2025

ADMIN

Nigeria’s official Daily Foreign Exchange Market (NFEM) rate opened the week around ₦1,436–₦1,437 to the US dollar on Monday, November 10, 2025, while the parallel (black/BDC) market continued to trade the dollar roughly between ₦1,450 and ₦1,470 depending on location and dealer.

Key figures

NFEM/official (volume-weighted average): about ₦1,436–₦1,437 per $1.

Parallel/BDC (reported ranges): buy ₦1,450–₦1,458; sell ₦1,460–₦1,470.

What happened today
The official FX window — the Daily Nigerian Foreign Exchange Market (NFEM) — remained close to the mid-₦1,430s, reflecting steady dollar inflows from exporters and remittances that kept official liquidity intact. At the same time, dollar demand in cash-heavy city BDC markets pushed parallel-market quotes higher, producing the persistent spread between the official and street rates.

Why the gap persists
Analysts point to a mix of structural and cyclical factors: the end of subsidy-related pressures, improved dollar inflows linked to higher non-oil earnings, and recent policy moves by the Central Bank of Nigeria. But limited access to small-dollar cash and the fragmented nature of BDC liquidity keep parallel-market premiums in place. International market sentiment and capital flows remain important drivers of short-term moves.

How this affects consumers and businesses

Importers and firms needing physical dollars still factor in the parallel-market premium when pricing and sourcing goods.

Remittance recipients often get rates closer to the parallel market when cash is required immediately.

Traders and FX desks monitor the NFEM rate for contractual and official reporting while using BDC quotes to assess immediate cash needs.

Over the past week the dollar–naira has fluctuated in the mid-₦1,430s to mid-₦1,460s, with occasional spikes in the parallel market when local cash demand rises. The Central Bank’s measures to improve FX liquidity and recent macroeconomic signals (including an interest-rate shift earlier in the fall) have helped reduce volatility compared with earlier in 2025, but a permanent narrowing of the spread depends on sustained, predictable dollar supply.

Economy

Naira Rebounces Against The USD, EURO, GBP Today November 6, 2025 At The Official And Black Markets

Published

1 week ago

November 6, 2025

ADMIN

See rates below:

Dollars to Naira (USD to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1450
Selling Rate (Black Market) ₦1460
Official CBN Rate ₦1439

Euro to Naira (EUR to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1650
Selling Rate (Black Market) ₦1685
Official CBN Rate ₦1654

Pounds to Naira (GBP to NGN)
Type Exchange Rate Today
Buying Rate (Black Market) ₦1840
Selling Rate (Black Market) ₦1940
Official CBN Rate ₦1877

Economy

SEE Dollar to Naira Exchange rate: Black Market and CBN rates

Published

3 weeks ago

October 28, 2025

Prosper Omotola

By Prosper Olayiwola

The exchange rate between the U.S. dollar and the Nigerian naira continued to fluctuate across different markets on Monday, October 27, 2025, as traders and Bureau De Change (BDC) operators reported mixed prices.

At the Lagos Parallel Market, commonly referred to as the black market, one U.S. dollar was sold at ₦1,499 and bought at ₦1,485, according to traders interviewed early Monday. This reflects a slight adjustment from weekend figures, as market demand for the greenback remained strong amid limited supply.

However, the Central Bank of Nigeria (CBN) has repeatedly emphasized that it does not recognize the parallel market, warning Nigerians against patronizing unregulated forex dealers. The apex bank maintains that all legitimate foreign exchange transactions should be carried out through authorized channels, particularly commercial banks, to ensure transparency and stability in the financial system.

Black Market (Aboki FX) Exchange Rate Today

Dollar to Naira (USD to NGN) Black Market Rate
Buying Rate ₦1,485
Selling Rate ₦1,499

Official CBN Exchange Rate Today

Dollar to Naira (USD to NGN) CBN Rate
Highest Rate ₦1,457
Lowest Rate ₦1,450

It is important to note that exchange rates may differ depending on location, volume of transaction, and demand dynamics at various trading points. Rates reported by independent sources or online platforms may also vary slightly from those published by official or regulated channels.

As Nigeria continues to grapple with inflationary pressures and declining foreign reserves, analysts say the exchange rate movement will remain one of the most closely watched indicators of economic stability in the weeks ahead.