Aboki Naira to Dollar Black Market Exchange Rate Today, 7th August 2025

As of today, Thursday, August 7, 2025, Bureau De Change (BDC) operators across major markets, including Lagos, Abuja, Kano, and Port Harcourt, are quoting the dollar at an average buying rate of ₦1,550 and a selling rate of ₦1,565, according to reliable sources in the parallel market.

These rates remain relatively stable compared to yesterday’s figures of ₦1,550 (buy) and ₦1,565 (sell), indicating a slight pause in the naira’s recent fluctuations against the dollar.

The black market, often referred to as the parallel market, remains a crucial channel for individuals and businesses seeking foreign currency due to limited access through official channels regulated by the Central Bank of Nigeria (CBN).

The CBN maintains that it does not recognize the parallel market and urges Nigerians to conduct forex transactions through authorized banks and licensed financial institutions. However, the high demand for dollars—driven by importation needs, international travel, and educational expenses abroad—continues to fuel the black market’s prominence.

Financial analysts note that the gap between the official and black market rates persists, with the official CBN rate estimated to hover between ₦1,515 and ₦1,525 per dollar at the Investors’ and Exporters’ (I&E) window.

Chinedu Okeke, a Lagos-based financial analyst, commented, “The black market remains a vital part of Nigeria’s forex ecosystem due to structural challenges in the official market. Until export revenues increase and the CBN boosts forex reserves, we’ll continue to see pressure on the naira.”

Market observers attribute the naira’s ongoing volatility to Nigeria’s import dependency, limited foreign exchange reserves, and fluctuating crude oil revenues. Experts suggest that stabilizing the currency will require structural reforms, including boosting diaspora remittances, increasing crude oil sales, and attracting foreign direct investments.

Nigerians are advised to verify rates with trusted local dealers before engaging in transactions, as black market rates can vary slightly by location, transaction volume, and dealer. For real-time updates, platforms like Aboki Forex, Investors King, and Nairatoday.com provide daily insights into parallel market trends.

As the naira continues to face pressure, the black market remains a critical, albeit unofficial, pillar of Nigeria’s foreign exchange ecosystem. Stay informed with trusted sources and always confirm rates before making a transaction.

Note: Black market rates are unofficial and subject to frequent changes throughout the day. Always verify with trusted local dealers before engaging in transactions.