Aboki Naira to Dollar Black Market Exchange Rate Today, 23rd July 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN), popularly known as the “Aboki” rate, continues to reflect the ongoing volatility in Nigeria’s foreign exchange market.

According to sources from Bureau De Change (BDC) operators in major cities such as Lagos, Abuja, Kano, and Port Harcourt, the dollar is trading at an average buying rate of ₦1,535 and a selling rate of ₦1,545 as of today, July 23, 2025.

These figures indicate a slight increase from yesterday’s rates, which stood at ₦1,530 for buying and ₦1,540 for selling, signalling persistent pressure on the Naira amid high demand for foreign currency.

The marginal uptick in rates underscores the challenges facing Nigeria’s economy, driven by a high demand for dollars due to importation, international education, travel, and commercial activities. The Central Bank of Nigeria (CBN) continues to caution against reliance on the parallel market, urging individuals and businesses to conduct foreign exchange transactions through authorized banks to mitigate risks such as scams and counterfeit currency.

However, the official CBN rate, reported at approximately ₦1,524.86 on July 17, 2025, remains lower than the black market rates, highlighting the ongoing disparity between official and parallel market channels.

For context, converting $100 to Naira at today’s black market selling rate would yield approximately ₦154,500, while $1,000 would fetch around ₦1,545,000. Smaller transactions, such as $50, would convert to about ₦77,250. These rates have a significant impact on the cost of imported goods, international transactions, and Nigerians’ purchasing power.

Market analysts attribute the elevated black market rates to Nigeria’s reliance on imports and a constrained supply of foreign currency through official channels. The black market remains a critical yet volatile source of foreign currency for many Nigerians, particularly those engaged in international trade, travel, or tuition payments.

As Nigeria navigates its economic challenges, the Aboki black market rate remains a key indicator of the Naira’s performance and the broader pressures facing the nation’s economy.

For the latest updates, Nigerians are encouraged to monitor reliable forex platforms and consult with authorized dealers for secure transactions.