Aboki Naira to Dollar Black Market Rate Today, 3rd May 2025
On Saturday, May 3, 2025, the Nigerian Naira continued to fluctuate against the US Dollar in the parallel market, commonly referred to as the “black market.”
Currency traders in major hubs such as Lagos and Abuja reported average exchange rates of ₦1,600 for buying and ₦1,615 for selling USD. These figures vary slightly between markets, reflecting the informal and unregulated nature of parallel trading. The modest uptick from earlier in the week is driven by sustained demand for dollars and a constrained supply within the informal sector.
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Traders in Abuja’s Wuse Zone 4 and Lagos’ parallel market attribute the rising rates to speculative activity and seasonal demand pressures. A Bureau De Change (BDC) operator in Lagos commented, “Dollar demand remains high, particularly from importers and travelers, but supply is tight.”
Recent social media updates from May 1, 2025, indicated rates ranging from ₦1,595 to ₦1,610, with today’s increase signaling ongoing strain on Nigeria’s foreign exchange reserves—exacerbated by global factors such as oil price volatility and inflationary pressures.
The official rate from the Central Bank of Nigeria (CBN), recorded at approximately ₦1,597.69 per USD on May 1, remains notably lower than the parallel market rate, underscoring the persistent gap between official and informal markets. Analysts note that the CBN’s recent foreign exchange reforms have yet to stabilize the Naira within the black market.
Beyond the US Dollar, other foreign currencies are actively traded. The Pound Sterling (GBP) averages ₦2,110 for buying and ₦2,130 for selling, while the Euro (EUR) trades at ₦1,785 for buying and ₦1,805 for selling. Financial experts emphasize that the performance of the Naira in the parallel market serves as a key indicator of Nigeria’s broader forex dynamics. Dr. Chidi Okoye, a Lagos-based economist, observed, “The gap between official and black market rates highlights ongoing challenges in meeting dollar demand, with speculative activities fueling volatility.”
Traders are advised to remain cautious, as rates can differ widely across regions and dealers. Platforms like Aboki Forex, Nairatoday, and Monierate recommend consulting trusted BDC operators for real-time quotes.
Forecasts suggest continued pressure on the USD/NGN rate, with projections from 30rates.com estimating rates between ₦1,594 and ₦1,618 by mid-May, potentially climbing to ₦1,657 by the end of the month if current trends persist. Monitor reliable sources such as Aboki Forex, Investors King, and the CBN’s official channels for up-to-date information. The parallel market remains a critical barometer of the Naira’s resilience as Nigeria navigates complex economic challenges.
Disclaimer: Black market exchange rates are unregulated and highly volatile. Always confirm current rates with reliable sources before conducting any transactions.
