Aboki Naira to Dollar Black Market Exchange Rate Today, 16th May 2026

As of Saturday, May 16, 2026, the Nigerian naira continued its downward slide in the black market, with currency dealers quoting the US dollar at ₦1,395 for selling and ₦1,385 for buying.

This reflects a notable daily gain of roughly 2.95 percent for the greenback, widening the gap with the Central Bank of Nigeria’s official rate, which stood at approximately ₦1,370.56.

Market participants in major hubs like Lagos, Abuja, and Kano reported heightened activity driven by importers seeking dollars for essential goods amid ongoing supply constraints and seasonal pressures. Street traders, commonly referred to as Aboki, maintained a tight spread of about ₦10, signaling cautious optimism despite the volatility. The parallel market premium over the official window remained modest but persistent, underscoring the persistent divergence between formal and informal forex channels.

Analysts attribute the latest uptick to sustained demand from businesses navigating import duties and remittances, even as authorities push for greater liquidity in the official market. Compared to mid-week levels around ₦1,390–1,400, today’s rates highlight the naira’s vulnerability to short-term swings, though some observers note relative stability when benchmarked against peaks seen earlier in the year.

For everyday Nigerians, the development translates to higher costs for foreign goods, travel, and school fees paid abroad. Exporters and diaspora senders, however, stand to benefit from more competitive returns when converting earnings. Stakeholders urge continued vigilance, as forex policies evolve to bridge the gap between official and parallel rates while supporting broader economic recovery efforts.

Rates in the black market can fluctuate rapidly based on location, volume, and time of day, so individuals are advised to verify with trusted dealers before transacting.