Aboki Naira to Dollar Black Market Exchange Rate Today, 2nd October 2025

The Nigerian Naira showed resilience in the parallel market today, with the black market exchange rate for the US Dollar hovering around ₦1,485 per $1, according to real-time updates from traders and monitoring platforms.

This marks a slight dip from yesterday’s rates, where Bureau De Change (BDC) operators sold dollars at ₦1,490 and bought at ₦1,470, offering a glimmer of stability for importers and currency speculators navigating Nigeria’s volatile forex landscape.

Known colloquially as the “Aboki” rate – a nod to the informal street traders who dominate Lagos’ bustling parallel markets – the current valuation reflects a modest appreciation for the Naira.

Early morning reports from sources like NairaFx pegged the rate at ₦1,484.73, while FXRatesNow clocked it at ₦1,484.00 as of 6:00 AM. By mid-morning, aggregated data from All ExchangeRates indicated a buying rate of ₦1,472.75, suggesting potential for further easing if trading volumes pick up.

The parallel market, which operates outside the official framework of the Central Bank of Nigeria (CBN), continues to serve as a critical barometer for everyday Nigerians. With official rates often lagging behind demand for hard currencies amid remnants of fuel subsidies and import dependencies, black market fluctuations directly impact everything from school fees to smartphone imports.

“It’s a relief after weeks of creeping highs, but we can’t get complacent,” said Aminu Bello, a Wuse Zone 4-based BDC operator in Abuja, who reported selling dollars at ₦1,430.72 this morning – one of the lower quotes circulating today.

Factors Influencing Today’s Rate

Economists attribute the Naira’s tentative hold to a combination of domestic and global cues:

• CBN Interventions: The Central Bank’s recent reserve buildup to $42 billion, as hailed by experts last week, has injected cautious optimism. However, persistent dollar shortages in the interbank market keep parallel rates elevated.
• Global Forex Trends: A steady US Dollar ahead of Federal Reserve speakers, coupled with rupee pressures from US visa policies, has indirectly buoyed emerging market currencies like the Naira.
• Local Sentiment: Social media buzz reveals mixed reactions – from lamentations over rates nearing “breaking points” to opportunistic trades. One trader quipped, “Dollar at ₦1,455? That’s a steal if you’re buying low,” highlighting the opportunistic underbelly of Aboki dealings.

For context, here’s a snapshot of today’s black market rates across major currencies, averaged from multiple sources:

While today’s rates offer breathing room, the black market’s premium over official CBN figures (around ₦1,500/$) underscores deeper structural woes. Inflation hovers near 30%, and experts warn that without diversified exports beyond oil, the Naira could test ₦1,500 again by year-end.

“Diversification is key; manufactured goods exports jumped 46.8% last month, but it’s not enough,” noted a recent BusinessDay analysis. For consumers, this means budgeting tightly for dollar-denominated goods. Importers in Port Harcourt and Kano report paying up to ₦1,490 for bulk transactions, while remittances via platforms like stablecoins (USDT at ₦1,442) provide a cheaper workaround.

As Nigeria’s economy logs its fastest growth in four years, all eyes remain on the CBN’s next moves. Will rate cuts, such as last week’s, spark a sustained rally, or will global headwinds pull the Naira lower?

For now, Aboki traders in Lagos’ Allen Roundabout are holding on to their faith – and the dollars are flowing. Stay tuned for live updates; rates can shift by the hour in the parallel market.