Aboki Naira to Dollar Black Market Rate Today, 9th May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) today, commonly referred to as the “Aboki rate,” reflects ongoing fluctuations in Nigeria’s parallel currency market.

As of Friday, May 9, 2025, the black market exchange rate for 1 USD ranges between ₦1,605 (buying) and ₦1,613 (selling), with an average rate of approximately ₦1,608.835, according to sources monitoring street-level transactions in major cities like Lagos and Abuja.

The marginal difference between buying and selling rates indicates a relatively stable day in the parallel market, though the Naira’s value remains under pressure compared to official rates. The Central Bank of Nigeria (CBN) rate, which governs formal transactions, is reported to hover between ₦1,600 and ₦1,609, highlighting a persistent gap between official and black market rates. The CBN continues to urge Nigerians to use regulated banking channels for foreign exchange transactions, citing the risks associated with the unregulated parallel market.

Market observers note that the black market rates are influenced by high demand for dollars amid limited supply, speculative trading, and Nigeria’s import-dependent economy. A currency dealer in Abuja’s Wuse Zone 4 market remarked, “Dollar demand is steady, but supply is tight. People are holding onto dollars, expecting rates to climb higher.” Recent reports suggest the Naira has experienced a gradual appreciation in recent weeks, but economic challenges, including inflation and low foreign exchange inflows, continue to weigh on its performance.

For context, the black market rate on May 7, 2025, was reported at ₦1,600 (buying) and ₦1,613 (selling), indicating a slight weakening of the Naira today. Meanwhile, platforms like Aboki Forex and other exchange rate trackers emphasize that black market rates can vary slightly across regions due to the unregulated nature of the market.

Nigerians are advised to verify rates with trusted local exchangers before engaging in transactions, as rates are subject to rapid changes. For real-time updates, platforms like Aboki Forex and Monierate provide daily insights into black market trends, though users are cautioned against trading with unverified individuals.

As Nigeria navigates its complex economic landscape, the black market remains a critical, albeit controversial, component of the country’s foreign exchange ecosystem. Stay tuned for further updates on the USD/NGN exchange rate dynamics.