Aboki Naira to Dollar Black Market Exchange Rate Today, 31st July 2025

The Nigerian Naira experienced a slight shift in the black market, also known as the parallel market, against the US Dollar today.

According to sources from Bureau De Change (BDC) operators across major hubs in Lagos, Abuja, Port Harcourt, and Kano, the Dollar to Naira black market exchange rate on Thursday, July 31, 2025, is as follows:

• Buying Rate: ₦1,545 per $1
• Selling Rate: ₦1,550 per $1

This reflects a marginal change from yesterday’s rates, which stood at ₦1,545 for buying and ₦1,550 for selling, indicating relative stability in the parallel market with a narrow ₦5 spread.

The consistency in rates suggests a balanced demand and supply dynamic in the informal forex market, despite ongoing economic pressures. The black market, commonly referred to as the “Aboki” market, remains a critical benchmark for many Nigerians, influencing the cost of imported goods, international tuition, travel expenses, and other dollar-dependent transactions.

For instance, at today’s selling rate, $100 converts to approximately ₦155,000, while $1,000 fetches around ₦1,550,000. Smaller transactions, such as $50, would yield about ₦77,500.

The Central Bank of Nigeria (CBN) continues to caution against reliance on the parallel market, citing risks such as scams and counterfeit currency. The official CBN exchange rate, reported at approximately ₦1,530 per dollar today, remains slightly lower than the black market rates, highlighting the persistent gap between official and informal 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. “While the Naira’s stability this week is encouraging, seasonal demands for dollars, such as for overseas education and import orders, could exert further pressure in the coming weeks,” said Chinedu Okeke, a Lagos-based forex analyst.

However, rates can vary slightly across cities and dealers, so individuals are advised to compare offers from local BDC operators for the best deals. The CBN has reiterated its commitment to stabilizing the Naira through interventions in the official forex market, but the black market continues to dominate for everyday transactions due to its accessibility.

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

For the latest updates on black market exchange rates, visit trusted platforms like Aboki Forex or contact local BDC operators. For official rates and policy updates, refer to the Central Bank of Nigeria’s announcements.

Note: Black market rates are unregulated and can fluctuate throughout the day. Always verify rates with trusted sources before engaging in transactions.