Aboki Naira to Dollar Black Market Rate Today, 16th May 2025
The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) today, as reported by currency dealers in Nigeria’s major cities, stands at an average of ₦1,615.106 for buying and ₦1,625 for selling, according to real-time updates from trusted platforms like Aboki Forex.
This reflects a slight appreciation of the Naira compared to recent weeks, though the currency continues to face volatility in the parallel market.
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Currency traders, commonly referred to as “Aboki” or Bureau De Change (BDC) operators, in key markets such as Lagos, Abuja, and Kano, noted minor rates variations due to the black market’s unregulated nature. For instance, some dealers in Abuja’s Wuse Zone 4 market quoted rates as low as ₦1,605 for buying and ₦1,620 for selling, highlighting the market’s localized fluctuations.
The black market rate contrasts with the official Central Bank of Nigeria (CBN) rate, which is typically lower and aligned with the Investors and Exporters (I&E) window. Recent reports indicate the CBN rate hovers around ₦1,608.44, showing a narrowing gap between official and parallel markets, possibly due to improved forex liquidity and CBN’s non-resident BVN initiatives.
Economic analysts attribute the Naira’s relative stability to recent CBN policies aimed at boosting non-oil export forex inflows and curbing speculative trading. However, the black market remains a critical avenue for many Nigerians seeking dollars for international transactions, given restrictions in the official market. “The black market thrives because it’s faster and more accessible, despite the risks,” said Chinedu Okoye, a Lagos-based forex trader.
As seen in online discussions, public sentiment reflects cautious optimism about the Naira’s gradual appreciation. Some Nigerians hope sustained CBN interventions will further stabilize the currency and reduce the cost of imported goods.
Experts advise caution for forex transactions due to the black market’s unregulated nature. “Always verify rates with multiple sources and avoid large transactions with unverified dealers,” warned Aboki Forex in a recent update.
As the Naira navigates economic headwinds, Nigerians continue to monitor both black market and official rates closely. Platforms like Aboki Forex and NgnRates.com provide real-time updates to guide financial decisions.
Disclaimer: Black market rates are subject to change and may vary by location. For the latest updates, consult trusted currency exchange platforms or local BDC operators.
