Aboki Naira to Dollar Black Market Rate Today, 12th May 2025
The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) remains a critical indicator of Nigeria’s foreign exchange dynamics.
As of today, Monday, May 12, 2025, the latest rates in the parallel market, commonly referred to as the “Aboki” market, are as follows:
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- Buying Rate: ₦1,595 per $1
- Selling Rate: ₦1,616.924 per $1
These rates reflect a slight fluctuation compared to recent days, driven by ongoing demand for foreign currency, limited access to official forex windows, and broader economic pressures.
The black market continues to play a significant role in Nigeria’s forex landscape, as many individuals and businesses turn to it due to restrictions and delays in accessing dollars through official channels like the Central Bank of Nigeria (CBN). Analysts note that inflation, foreign reserve levels, and the CBN’s monetary policies influence the Naira’s value. Recent reports indicate that the CBN has implemented measures to stabilize the Naira, but the parallel market remains volatile due to unregulated trading.
A currency dealer in Abuja’s Wuse Zone 4 market commented, “The rates change every day. Today, we’re seeing a lot of demand for dollars because of import needs, but supply is tight.” This sentiment aligns with observations that the Naira has faced significant pressure, with some projections suggesting it could approach ₦2,000 per $1 in the near future if economic challenges persist.
The official exchange rate, as tracked by platforms like XE.com, is significantly lower, with 1 NGN equating to approximately 0.000625 USD as of February 2025. The gap between official and black market rates underscores the challenges in Nigeria’s forex market, fueling discussions about the need for reforms to bridge this disparity.
For real-time updates, investors and traders are advised to monitor platforms like Aboki Forex, Investors King, and NgnRates.com, as rates can vary slightly across cities like Lagos, Abuja, and Kano. Aboki Forex, in particular, emphasizes that black market rates are averages and may differ across local markets due to their unregulated nature.
Disclaimer: Black market rates are subject to rapid changes and may vary by location. Always exercise caution when engaging in currency transactions.
