Aboki Naira to Dollar Black Market Rate Today, 2nd May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) remains a focal point for traders, businesses, and individuals navigating Nigeria’s volatile foreign exchange landscape.

As of today, Friday, May 2, 2025, the Aboki black market rates for the dollar in major cities like Lagos and Abuja show slight variations, reflecting ongoing pressures on the naira due to dollar scarcity and economic dynamics.

According to reliable sources, including posts from currency dealers on social media and market platforms like NgnRates.com, the black market exchange rate for the US Dollar today averages ₦1,595 for buying and ₦1,610 for selling in Lagos.

In Abuja, dealers at Wuse Zone 4 reported similar rates, with some quoting ₦1,600 to ₦1,605 for buying and ₦1,610 to ₦1,620 for selling. These rates indicate a marginal fluctuation compared to yesterday’s figures, which hovered around ₦1,588 to ₦1,600 in Lagos.

The black market, often referred to as the parallel market, continues to trade at a premium over the official Central Bank of Nigeria (CBN) rate, which was reported at approximately ₦1,597.69 per USD as of May 1, 2025. The disparity highlights persistent challenges in Nigeria’s foreign exchange market, including limited dollar supply and high demand for foreign currency for imports, education, and travel.

Market analysts note that the naira’s value in the black market is influenced by several factors, including global oil prices, foreign reserve levels, and speculative trading. A dealer in Abuja remarked, “The dollar rate moves with demand. When people need dollars for school fees or imports, the price goes up. It’s a tough market.”

Platforms like Aboki Forex and Nairatoday, which track real-time black market rates, emphasize that these rates are not uniform across all markets. “Since the black market is unregulated, prices vary depending on location and dealer,” Aboki Forex stated. Traders are advised to verify rates with local Bureau De Change (BDC) operators before engaging in transactions.

In addition to the dollar, other major currencies also saw activity in the black market today. The Euro (EUR) was quoted at approximately ₦1,710 to ₦1,785 for buying and ₦1,760 to ₦1,805 for selling, while the British Pound (GBP) ranged from ₦2,050 to ₦2,110 for buying and ₦2,100 to ₦2,130 for selling.

The Central Bank of Nigeria has continued efforts to stabilize the naira through interventions, such as increasing the dollar supply to BDCs and tightening regulations on cryptocurrency exchanges. However, the gap between official and black market rates persists, fueling debates about the effectiveness of these measures.

Nigerians are encouraged to check trusted platforms like Aboki Forex, Investors King, and NgnRates.com for real-time updates on the dollar-to-naira black market exchange rate. As the naira navigates these economic headwinds, market participants remain cautious, with many hoping for policies that will ease the pressure on the local currency.

Disclaimer: Black market rates are subject to rapid changes and may vary by location and dealer. Always confirm rates before trading.