Dollar To Naira Exchange Rate Today: What You Need To Know

Understanding the Black Market Dollar to Naira Exchange Rate

Let’s break it down. If you’re looking for the latest black market exchange rate for dollars to naira, here’s what you need to know. The unofficial or parallel market, often referred to as the "Aboki fx," is where many people turn when they want to exchange their dollars for naira outside the formal banking system. But hold on, let’s take a closer look at what’s happening today.

How Much is a Dollar Worth in Naira on the Black Market Today?

Today's Black Market Dollar to Naira Exchange Rate

As of Tuesday, April 1st, 2025, according to sources at Bureau De Change (BDC), traders in the parallel market in Lagos are buying a dollar for ₦1550 and selling it for ₦1560. That’s right, folks, the black market has its own rules. But before you rush into this, remember that the Central Bank of Nigeria (CBN) doesn’t officially recognize the parallel market. They strongly encourage individuals to conduct forex transactions through their respective banks. So, weigh your options carefully.

Black Market Dollar to Naira Rate Today

CBN Dollar to Naira Exchange Rate Today

Now, let’s talk about the official rates set by the Central Bank of Nigeria (CBN). If you’re going through the formal banking system, the rates you’ll see today are slightly different. The CBN rate fluctuates, but currently, the highest rate you might encounter is ₦1542, while the lowest is ₦1520.

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Keep in Mind: Rates Can Vary

It’s important to note that the rates you encounter when buying or selling forex may differ from what’s reported here because prices can change rapidly based on supply and demand. So, if you’re planning a transaction, do your homework and stay updated.

World Bank Approves Fresh Loans for Nigeria

Now, let’s switch gears and talk about some exciting developments on the economic front. The World Bank is set to approve $632 million in loans for Nigeria on Monday. These funds are aimed at supporting critical sectors like nutrition improvement and quality education, despite concerns about Nigeria’s growing debt profile.

According to reports from Punch, the loans consist of $80 million for the Accelerating Nutrition Results in Nigeria 2.0 project and $552 million for the HOPE for Quality Basic Education for All programme. Both projects are in the final stages of negotiation and are expected to get the green light today.

These loans are part of a broader strategy by the World Bank to help Nigeria achieve its development goals. The focus is on improving healthcare, education, and community resilience. The funds will bolster the Nigerian government’s efforts to improve nutrition outcomes and expand access to quality education for children across the country.

This approval comes just days after the World Bank granted Nigeria a $500 million loan last Friday to support the Community Action for Resilience and Economic Stimulus Programme. Launched on March 28, 2025, this initiative aims to tackle Nigeria’s economic challenges by providing grants to vulnerable households and supporting small businesses affected by economic downturns.

So, whether you’re exchanging dollars for naira or following Nigeria’s economic developments, it’s clear that there’s a lot happening. Stay informed, make smart decisions, and keep an eye on the bigger picture.

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