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

The Nigerian Naira edged higher against the US Dollar in the black market today, trading at approximately ₦1,492 per Dollar, according to multiple reports from Bureau de Change operators and parallel market traders in major cities like Lagos, Abuja, and Kano.

This marks a slight appreciation from Tuesday’s rate of ₦1,495, offering a brief respite for importers and forex-dependent businesses grappling with ongoing currency volatility.

Informal traders, popularly known as “Aboki” operators, quoted selling rates around ₦1,492 to ₦1,495, while buying rates hovered near ₦1,480. The uptick comes despite a weakening trend in the official Nigerian Foreign Exchange Market (NFEM), where the Naira depreciated marginally to ₦1,510 per Dollar, reflecting persistent demand pressures and limited dollar inflows.

Market observers attribute the parallel market’s modest gain to seasonal factors, including remittances from the diaspora ahead of year-end holidays, coupled with cautious interventions by the Central Bank of Nigeria (CBN).

“The black market remains a barometer for grassroots sentiment,” said an analyst at a Lagos-based forex bureau. “Today’s dip in rates could signal stabilizing inflows, but without broader reforms, volatility will persist.”

The parallel market, which accounts for a significant portion of Nigeria’s daily forex transactions outside regulated channels, has been under strain since the Naira’s floatation earlier this year.

Inflation, hovering at 28.5% in September, and a widening trade deficit have fueled depreciation, pushing rates above ₦1,500 at peaks in recent weeks. However, today’s movement bucks the trend, with some traders noting increased USDT (Tether) inflows via peer-to-peer platforms, where stablecoins traded at ₦1,482–₦1,488 per unit.

In contrast, the official Investors and Exporters (I&E) window saw the Naira slip to ₦1,515, up from ₦1,508, amid reports of $45 million in CBN interventions failing to fully bridge supply gaps.

Economists warn that without accelerated oil revenues—Nigeria’s crude output rose modestly to 1.45 million barrels per day last month—the Naira could test ₦1,520 by month-end. Businesses and households continue to feel the pinch.

“Exchanging dollars for school fees just got a tad easier, but fuel and food prices won’t budge overnight,” remarked a Lagos trader.

The CBN has yet to issue a statement on today’s rates, but analysts eye upcoming meetings for potential rate hikes or tighter capital controls. For now, the black market’s flicker of strength underscores Nigeria’s resilient informal economy, even as structural challenges loom large.

Stay tuned for updates as trading progresses.