Aboki Naira to Dollar Black Market Rate Today, 20th May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) remains a focal point for many Nigerians, driven by ongoing demand for foreign currency and limited supply in the official market.

According to data gathered from Bureau De Change (BDC) operators and online platforms like AbokiPure.com and NgnRates.com, the Dollar to Naira black market exchange rate today, May 20, 2025, stands at an average of ₦1,600.00 for buying and ₦1,630.00 for selling per US Dollar.

These rates reflect slight variations across major cities like Lagos, Abuja, and Kano, where currency dealers in markets such as Abuja’s Wuse Zone 4 and Lagos’ parallel markets report a stable but volatile trading environment. The spread between buying and selling rates, typically between ₦20-₦30, allows black market traders to profit amid fluctuating demand and supply dynamics.

The black market, often referred to as the “Aboki” or parallel market, continues to thrive due to the Central Bank of Nigeria’s (CBN) constrained foreign exchange supply, which struggles to meet the high demand for dollars used for imports, travel, and international payments.

Recent reports indicate that the naira has experienced a gradual appreciation in recent weeks, with some analysts attributing this to improved forex liquidity and CBN’s non-resident BDC initiatives. However, the black market rates remain significantly higher than the official CBN rates, which are aligned with the Investors and Exporters (I&E) window.

On May 16, 2025, the naira recorded its first appreciation against the dollar in the black market, a trend that has continued modestly. Despite this, economic pressures such as inflation surging above 30% in Abuja and other states, as well as Nigeria’s import dependency, keep the black market rates elevated.

As of today, the official CBN exchange rate for USD to NGN is approximately ₦1,611.92, reflecting a marginal decline of -0.461% from yesterday. Over the past week, the official rate has fluctuated between a high of ₦1,619.38 on May 12 and a low of ₦1,599.95 on May 16. In contrast, the black market’s higher rates underscore the persistent gap between regulated and unregulated forex markets, a phenomenon rooted in Nigeria’s economic history since the 1986 introduction of the Second-Tier Foreign Exchange Market (SFEM).

Social media platforms and forex blogs are abuzz with discussions about the naira’s performance. Many Nigerians express cautious optimism about the naira’s gradual appreciation but remain concerned about the rising cost of commodities, particularly food items, which have not reflected the currency’s gains. A user on a popular forex platform commented, “The naira’s appreciation is impressive, but prices in the market are still high. We need stability.”

Analysts warn that without addressing structural issues like low productivity and bureaucratic hurdles deterring foreign direct investment, the naira may face further pressure, potentially nearing ₦2,000 per dollar in the near future.

Experts advise caution for those engaging in black market transactions. Rates can vary slightly between BDCs based on location and demand, and traders are encouraged to verify rates with trusted sources like AbokiPure.com or Monierate, which track rates across multiple providers. Additionally, exchanging large amounts at once is discouraged due to the unregulated nature of the market, where prices can shift rapidly.

As Nigeria navigates its complex economic landscape, the black market remains a critical, albeit volatile, component of the forex ecosystem. Stay tuned for daily updates on the Dollar to Naira exchange rate as the situation evolves.