As of Thursday, April 17, 2025, the black market exchange rate for the US Dollar to Nigerian Naira is a significant concern for businesses, travelers, and citizens. The exchange rate today stands at: ₦1,600.80 per $1
This rate reflects a slight depreciation of -0.43% from the previous day. Let’s explore the full breakdown and market dynamics shaping this rate.
Summary of Today’s Dollar to Naira Rate
- Current Rate: ₦1,600.80
- Change Since Yesterday: -0.43%
- Trend This Week: -2.09% over 7 days
- Weekly High: ₦1,636.71 on April 10, 2025
- Weekly Low: ₦1,589.45 on April 14, 2025
- Largest Daily Change: April 10, -2.25%
Dollar to Naira Black Market Rate Breakdown
| USD Amount | NGN Equivalent |
|---|---|
| 1 USD | ₦1,600.80 |
| 3 USD | ₦4,802.40 |
| 5 USD | ₦8,003.99 |
| 10 USD | ₦16,007.99 |
| 50 USD | ₦80,039.95 |
| 100 USD | ₦160,079.91 |
| 500 USD | ₦800,399.55 |
| 1,000 USD | ₦1,600,799.10 |
| 10,000 USD | ₦16,007,991.00 |
Naira to Dollar Conversion (NGN to USD)
| NGN Amount | USD Equivalent |
|---|---|
| ₦1 | $0.00062469 |
| ₦10 | $0.00625 |
| ₦100 | $0.06247 |
| ₦1,000 | $0.62469 |
| ₦10,000 | $6.25 |
| ₦100,000 | $62.47 |
What’s Driving the Exchange Rate?
Several factors are influencing the current black market exchange rate in Nigeria:
- High demand for dollars: Importers, travelers, and students abroad continue to demand foreign currency.
- Scarcity of forex supply: Official forex allocations from the Central Bank of Nigeria (CBN) remain limited, pushing demand to the parallel market.
- Inflationary pressure: Ongoing inflation continues to erode the value of the naira.
- Speculation and arbitrage: Many individuals and businesses buy dollars in anticipation of future depreciation, further pushing up demand.
Key Highlights for April 17, 2025
- Despite CBN’s tightening monetary policy and interventions, the parallel market remains volatile.
- Forex scarcity continues to drive activity in the black market.
- Exchange rate movements this week have shown signs of instability, with daily fluctuations influenced by geopolitical and economic events.
