Aboki Naira to Dollar Black Market Rate Today, 11th May 2025
The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) today, as reported by Aboki Forex and other parallel market sources, reflects ongoing fluctuations in Nigeria’s foreign exchange landscape.
According to real-time updates from currency dealers in major markets like Lagos, Abuja, and Kano, the black market rates for the Dollar to Naira are as follows:
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- Buying Rate: ₦1,620.00 per USD
- Selling Rate: ₦1,635.00 per USD
These rates indicate a slight increase compared to earlier this week, with the average rate hovering around ₦1,627.50, based on data aggregated from local market transactions. On May 11, 2025, the black market rates were reported at ₦1,600 (buy) and ₦1,613 (sell), showing a marginal upward trend attributed to heightened demand for dollars amid limited supply in the parallel market.
The Central Bank of Nigeria (CBN) official rate, in contrast, remains lower, with estimates ranging between ₦1,603 and ₦1,609 as of May 11, 2025. The CBN continues to urge Nigerians to use formal banking channels for foreign exchange transactions, citing the risks associated with the unregulated parallel market. However, the black market remains a popular avenue for many due to its accessibility and flexibility, despite the premium rates.
The persistent gap between the official and black market rates reflects broader economic challenges in Nigeria, including foreign exchange scarcity, import dependency, and bureaucratic hurdles deterring foreign direct investment. Analysts note that the Naira’s value has been under pressure, with some projecting a potential slide toward ₦2,000 per USD in the near future if current fiscal dynamics persist.
Currency dealers advise caution when engaging in black market transactions. Aboki Forex emphasizes that rates can vary slightly across different markets due to the unregulated nature of the parallel market. “Do not exchange large amounts of currency at once, and always verify rates with trusted local dealers,” a spokesperson from Aboki Forex noted.
For those seeking to track real-time rates, platforms like Aboki Forex, Nairatoday, and Monierate provide daily updates on black market exchange rates. Additionally, the CBN’s official rates can be monitored for comparison through formal financial institutions.
As Nigeria navigates its complex economic landscape, the black market remains a critical, albeit controversial, component of the country’s forex ecosystem. Stay tuned for further updates on the Dollar to Naira exchange rate and its impact on the Nigerian economy.
Disclaimer: Black market rates are subject to rapid changes and may vary by location. Always consult trusted sources or financial institutions before engaging in currency exchange.
