Aboki Naira to Dollar Black Market Rate Today, 1st May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) today, as reported by Aboki Forex and other currency dealers, shows slight fluctuations amid ongoing economic dynamics.

According to real-time data from the parallel market, particularly in Lagos and Abuja, the average buying rate for the dollar stands at ₦1,600, while the selling rate is approximately ₦1,610. These rates reflect a marginal increase from yesterday’s figures, where the dollar was traded at ₦1,595 (buy) and ₦1,605 (sell) in some markets.

The Nigerian Naira has faced persistent pressure in recent months, driven by foreign exchange scarcity, declining external reserves, and a heavy reliance on imports. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency through interventions and policy reforms, the black market continues to thrive as a primary source for foreign currency for many Nigerians. On April 30, 2025, reports indicated the Naira depreciated to ₦1,615/$ in the parallel market, highlighting the volatility in the unregulated market.

Currency dealers in Abuja’s Wuse Zone 4 and Lagos’ Alaba International Market noted that demand for dollars remains high due to international transactions, school fee payments, and import-related activities. “The dollar rate is not stable because the supply is low. People are rushing to buy dollars for business and travel,” said Mallam Usman, a Bureau De Change operator in Lagos.

In contrast, the official CBN rate, which is now aligned with the Investors and Exporters (I&E) window, is significantly lower. As of April 30, 2025, the official rate hovered around ₦1,599.46, with a slight daily depreciation of -0.155%. Over the past week, the official rate fluctuated between a high of ₦1,605.42 and a low of ₦1,567.99. However, access to the official market remains limited for many, pushing traders and individuals to the parallel market.