Black Market/CBN Exchange Rate Today, 2nd February 2025
The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) in the parallel market, commonly known as the black market and tracked by platforms such as Aboki FX, stands at โฆ1,640 per $1 USD as of 2nd February 2025.
These rates are sourced from Bureau De Change (BDC) operators, reflecting the dynamics of the informal foreign exchange market.
Given the volatility of the black market, exchange rates fluctuate throughout the day, influenced by economic conditions, speculative trading, and government fiscal and monetary policies. In contrast, the official exchange rate set by the Central Bank of Nigeria (CBN) for the dollar today is โฆ1,517 per $1 USD, highlighting a significant disparity between both markets.
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For other major currencies in the black market:
British Pound Sterling (GBP): Buying at โฆ1975, selling at โฆ1,995
Euro (EUR): Buying at โฆ1,645 selling at โฆ1,665
Chinese Yuan (CNY): Buying at โฆ220, selling at โฆ225
On the official CBN platform, the rates are considerably lower:
GBP: Buying at โฆ1,870.53, selling at โฆ1,871.77
EUR: Buying at โฆ1,567.54, selling at โฆ1,568.58
CNY: Buying at โฆ207.85, selling at โฆ207.99
For the Saudi Riyal (SAR), the official rate stands at โฆ406.93 for buying and โฆ407.19 for selling.
Cryptocurrency Exchange Rates
Beyond traditional forex, cryptocurrency prices continue to fluctuate. As of this report:
Bitcoin (BTC) is valued at โฆ170.3 million per BTC, with โฆ1 equivalent to 0.0000000068 BTC.
Ethereum (ETH) trades at โฆ5.3 million per ETH, with โฆ1 equivalent to 0.000000195424 ETH.
Implications of Exchange Rate Disparities
The gap between the official and parallel market rates underscores the challenges in Nigeriaโs forex system. Persistent disparities highlight the pressure on the naira, forex supply constraints, and the struggles businesses and individuals face in sourcing foreign currency for legitimate transactions.
Foreign exchange rates also vary across commercial banks and international money transfer operators.
These discrepancies create arbitrage opportunities but also pose serious challenges for businesses reliant on stable forex access. Addressing these fluctuations and fostering stability remains a key priority for policymakers in Nigeria.
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.
