Black Market/CBN Exchange Rate Today, 29th January 2025
The exchange rate for the United States Dollar (USD) to the Nigerian Naira (NGN) in the parallel market, commonly referred to as the black market and prominently tracked through platforms like Aboki FX, is N1,640 per $1 USD as of 29th January 2025.
These figures are derived from data provided by Bureau De Change (BDC) operators, reflecting the state of the informal foreign exchange market.
Due to the volatile nature of the black market, rates often fluctuate throughout the day, influenced by various factors such as economic conditions, speculative trading, and government fiscal or monetary policies. In contrast, the official rate set by the Central Bank of Nigeria (CBN) for the dollar today is N1,537 per $1 USD, marking a significant difference from the parallel market rate.
The British Pound Sterling (GBP) in the black market is being bought at N2,000 and sold at N2,020, while the Euro (EUR) is exchanged at N1,660 for buying and N1,680 for selling.
The Chinese Yuan (CNY), on the other hand, trades at N220 for buying and N225 for selling. On the official CBN platform, the rates are markedly lower.
The Pound is bought at N1,901.99 and sold at N1,903.23, while the Euro is bought at N1,604.12 and sold at N1,605.17. The Yuan trades officially at N211.41 for buying and N211.55 for selling.
For Saudi Riyals (SAR), the official rate stands at N408.47 for buying and N408.73 for selling.
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In addition to traditional forex, cryptocurrency rates remain dynamic. At the time of writing, one Bitcoin (BTC) is valued at N163.4 million, with one naira equivalent to 0.0000000068 BTC.
Ethereum (ETH) trades at N5 million per ETH, with one naira worth approximately 0.000000195424 ETH.
The disparity between the official and black market rates underscores the challenges within Nigeriaโs forex ecosystem.
The persistent differences between these rates highlight the pressure on the naira, the effects of forex shortages, and the difficulties businesses and individuals face when sourcing foreign currency for legitimate needs.
Forex rates in Nigeria also vary widely across commercial banks and international money transfer operators.
These variations create opportunities for arbitrage but pose significant hurdles for businesses relying on stable forex access. Addressing these inconsistencies and stabilising the market remain critical priorities for policymakers in the country.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facetsย ofย theย society.
