The Dollar to Naira exchange rate continues to be a key topic for businesses, investors, and individuals in Nigeria. With fluctuations in both the official market and the black market (parallel market), staying updated is crucial for financial planning and foreign exchange transactions.
Here is a breakdown of today’s USD to NGN exchange rates across different markets.
Official Exchange Rate (CBN Rate)
The Central Bank of Nigeria (CBN) has published the following exchange rates for today, March 25, 2025:
- Opening Rate: ₦1,531.19 per $1
- Highest Rate: ₦1,537.00 per $1
- Lowest Rate: ₦1,527.50 per $1
- Closing Rate: ₦1,533.00 per $1
- Mean Rate: ₦1,532.29 per $1
These rates reflect transactions recorded on March 24, 2025, and provide insight into the official value of the naira against the dollar.
Black Market (Parallel Market) Rates
The black market exchange rate, often higher than the CBN rate due to market demand, varies depending on location and availability.
- Investors King reports:
- Buying Rate: ₦1,560 per $1
- Selling Rate: ₦1,570 per $1
- Naira Today reports:
- In Abuja’s Zone 4 market, dealers are buying at ₦1,550 and selling at ₦1,570.
The black market rate is influenced by forex scarcity, inflation, and market speculation, often diverging significantly from the CBN’s official rates.
Recent Trends in the Exchange Rate
- On March 24, 2025, the official exchange rate closed at ₦1,527 per $1, according to Exchange Rates UK.
- Earlier in March 2025, Pound Sterling Live recorded fluctuations, with the naira trading as high as ₦1,498.95 per $1.
Despite government efforts to stabilize the exchange rate, market forces, foreign reserves, and economic policies continue to impact fluctuations in the dollar-to-naira conversion.
Nigeria’s Budget and Exchange Rate Projections
In November 2024, Nigeria’s budget minister announced that the 2025 national budget was based on an exchange rate of ₦1,400 per $1. However, the current official rate remains higher than this projection, indicating continued pressure on the naira.
Factors affecting the exchange rate include:
- Inflation and economic policies
- Foreign reserves and international trade
- Crude oil prices and revenue fluctuations
- Forex demand and supply imbalance
What This Means for You
The Dollar to Naira exchange rate remains volatile, with a significant gap between the CBN rate and the black market rate. This directly impacts businesses, travelers, and import-dependent industries.
What can you do?
- For official transactions, always use CBN-approved rates.
- If dealing in forex, monitor market trends for better exchange opportunities.
- Businesses should hedge against currency fluctuations to minimize risks.
Stay informed with daily updates to make the best financial decisions in Nigeria’s ever-changing forex market.
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