Aboki Exchange Rate Tops ₦1,530 on September 20, 2025
The Nigerian Naira continued its downward spiral against the United States Dollar in the parallel market today, with Aboki traders quoting a selling rate of ₦1,530 per USD across major cities, including Lagos, Abuja, Port Harcourt, and Kano.
This marks a slight depreciation from Thursday’s rate of ₦1,530 to ₦1,535 for buying and selling, reflecting ongoing volatility in Nigeria’s foreign exchange landscape.
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Bureau De Change (BDC) operators, commonly referred to as “Aboki” in local parlance, reported steady demand for dollars amid limited supply, pushing the black market rate higher. Buying rates hovered around ₦1,515 to ₦1,525, allowing traders a narrow margin for transactions.
In contrast, the official Central Bank of Nigeria (CBN) rate remained more stable but significantly lower, underscoring the persistent disparity between formal and informal foreign exchange channels.
| Currency Pair | Black Market Buy Rate (₦) | Black Market Sell Rate (₦) | Official CBN Rate (₦) |
|---|---|---|---|
| USD/NGN | 1,515 – 1,525 | 1,530 | ~1,500 (approx.) |
| EUR/NGN | 1,650 – 1,670 | 1,680 | ~1,620 |
| GBP/NGN | 2,000 – 2,020 | 2,040 | ~1,980 |
| CAD/NGN | 1,120 – 1,130 | 1,140 | ~1,100 |
Economists attribute the Naira’s weakness to a combination of factors, including declining oil revenues—Nigeria’s primary export—persistent inflation hovering above 30%, and capital flight amid political uncertainties ahead of the 2027 elections.
“The black market remains a barometer for real economic pressures,” said Chike Olisah, a veteran financial analyst. “With FX reserves showing marginal gains but not enough to stem the tide, we could see rates push toward ₦1,600 by quarter’s end if interventions don’t ramp up.”
For businesses and individuals relying on dollar inflows, such as importers and remittances recipients, today’s rates translate to heightened costs.
A $1,000 remittance, for instance, now yields just ₦1,515,000 at the lower buy rate—down from over ₦1,600,000 earlier in the year. The CBN has hinted at further dollar injections to stabilize the market, but skeptics argue that structural reforms, like boosting non-oil exports, are needed for lasting relief.
As the weekend approaches, traders advise caution: “Rates can swing with news from the US Fed or local policy announcements,” one Lagos-based Aboki operator noted anonymously.
Stay tuned for updates, as parallel market dynamics evolve rapidly.
This report is based on real-time Aboki Forex data and BDC sources. Exchange rates are indicative and may vary by location and volume.
