Aboki Naira to Dollar Black Market Exchange Rate Today, 29th July 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN), commonly known as the “Aboki” rate, remains a critical indicator for many Nigerians navigating the country’s volatile foreign exchange landscape.

As of today, Tuesday, July 29, 2025, Bureau De Change (BDC) operators across major cities like Lagos, Abuja, Kano, and Port Harcourt report the dollar trading at an average buying rate of ₦1,535 and a selling rate of ₦1,545 in the parallel market.

This represents a slight increase of approximately 0.33% compared to yesterday’s rates, which stood at ₦1,530 for buying and ₦1,540 for selling, signalling modest fluctuations in the black market. The narrow spread of ₦10 between buying and selling rates indicates a relatively balanced market, driven by steady demand for dollars for international transactions, including travel, tuition payments, and importation of goods.

For context, converting $100 to Naira at today’s black market selling rate yields 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 education, and travel expenses, making the Aboki rate a vital benchmark for many Nigerians and businesses.

The Central Bank of Nigeria (CBN) continues to caution against reliance on the black market, citing risks such as scams and counterfeit currency. The official CBN exchange rate, reported at approximately ₦1,529 per dollar as of today, remains slightly lower than the parallel market rates, highlighting the persistent gap between official and black market channels.

Economic analysts attribute the elevated black market rates to Nigeria’s heavy reliance on imports, limited foreign exchange reserves, and constrained access to dollars through formal channels.

Analysts warn that without significant policy interventions to boost foreign exchange inflows and reduce import dependency, the naira may face further pressure in the coming months. For now, the black market remains the primary source of foreign currency for many Nigerians seeking quick access, despite the risks and higher costs.

The CBN’s official rates and policy announcements also provide a benchmark for formal transactions.

Note: Black market rates can vary slightly by location, transaction volume, and individual dealer negotiations. Always verify rates with local BDC operators before engaging in transactions.