The exchange rate between the US Dollar (USD) and the Nigerian Naira (NGN) remains a crucial factor for businesses, importers, and individuals in Nigeria. As of March 2, 2025, the exchange rate continues to fluctuate due to economic factors such as inflation, foreign reserves, and government policies.
This article provides a detailed breakdown of today’s official and black market exchange rates, as well as historical trends in USD to NGN exchange rate movements.
Dollar to Naira Exchange Rate – March 2, 2025
| Market Type | USD to NGN Rate |
|---|---|
| Official CBN Rate | ₦1,504 per $1 |
| Black Market Rate (Buy) | ₦1,490 per $1 |
| Black Market Rate (Sell) | ₦1,510 per $1 |
| Bank Rate | ₦1,500 – ₦1,520 per $1 |
📌 Exchange rates fluctuate daily. Always verify before making forex transactions.
The official exchange rate provided by the Central Bank of Nigeria (CBN) places the value of $1 at ₦1,504, while the black market exchange rate varies slightly, with traders buying dollars at ₦1,490 and selling at ₦1,510 per dollar.
Dollar to Naira Exchange Rate Trends Over the Past Week
The USD to NGN exchange rate has experienced fluctuations in recent days:
| Date | Exchange Rate (₦ per $1) |
|---|---|
| March 2, 2025 | ₦1,504 |
| February 27, 2025 | ₦1,493.09 |
| February 24, 2025 | ₦1,482.14 |
The highest exchange rate in the past week was recorded on February 27, 2025, when $1 traded at ₦1,493.09. Meanwhile, the lowest rate was on February 24, 2025, when the naira strengthened slightly to ₦1,482.14 per $1.
Historical Dollar to Naira Exchange Rate in 2025
| Date | Highest Exchange Rate (₦ per $1) | Lowest Exchange Rate (₦ per $1) |
|---|---|---|
| January 17, 2025 | ₦1,560.62 | – |
| February 4, 2025 | – | ₦1,495.47 |
The highest exchange rate so far in 2025 was recorded on January 17, when the naira fell to ₦1,560.62 per $1. However, it rebounded slightly in February, with the lowest recorded exchange rate of ₦1,495.47 on February 4.
Factors Affecting the Dollar to Naira Exchange Rate
Several economic and financial factors contribute to the fluctuations in the Naira to Dollar exchange rate, including:
1️⃣ Inflation Rate: Higher inflation weakens the Naira against the Dollar.
2️⃣ Foreign Reserves: The level of Nigeria’s foreign reserves affects CBN’s ability to stabilize the currency.
3️⃣ CBN Policies: Monetary policies and forex interventions influence exchange rates.
4️⃣ Market Demand: Increased demand for Dollars by importers and investors affects value.
5️⃣ Oil Prices: As Nigeria is an oil-dependent economy, fluctuations in global crude oil prices impact forex availability.
CBN vs. Black Market Rates: Where to Exchange Your Dollar?
While the official exchange rate is ₦1,504 per $1, many Nigerians rely on the parallel (black) market, where rates differ slightly.
✅ CBN Exchange Rate: Suitable for official transactions, bank exchanges, and government-related forex dealings.
✅ Black Market Rate: Used by businesses, travelers, and individuals who need faster access to foreign currency.
⚠️ Note: The Central Bank of Nigeria (CBN) has warned against engaging in black market forex trading, as it is unregulated and subject to sudden fluctuations.
As of March 2, 2025, the official Dollar to Naira exchange rate is ₦1,504 per $1, while the black market rate ranges between ₦1,490 and ₦1,510 per $1. The Naira has shown slight improvements compared to earlier months, but economic uncertainties continue to drive forex fluctuations.
FAQs About USD to NGN Exchange Rates
🔹 1. Where can I get the best dollar to naira exchange rate?
✅ CBN rates for official transactions.
✅ Banks for international payments.
✅ Black market for fast forex deals (but higher risks).
🔹 2. Is it better to exchange dollars in banks or black market?
Banks offer legal transactions, while black markets provide faster access but riskier rates.
🔹 3. Will the naira appreciate or depreciate in 2025?
Experts predict continued volatility due to economic factors.
💬 How do you think the Naira will perform in the coming weeks? Share your thoughts in the comments!
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