Aboki Naira to Dollar Black Market Rate Today, 22nd May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) remains a focal point for Nigerians navigating the country’s dynamic economic landscape.

As of today, May 22, 2025, the black market, also known as the parallel market, shows the Dollar to Naira exchange rate hovering around ₦1,620 to $1 for buying and ₦1,630 to $1 for selling, according to sources from street traders and online platforms like AbokiPure.com. These rates reflect a slight fluctuation compared to yesterday’s figures, which stood at approximately ₦1,610 for buying and ₦1,615 for selling.

The black market plays a significant role in Nigeria’s foreign exchange ecosystem. It is driven by persistent demand for dollars due to importation, travel, and international payments.

Unlike the official rate set by the Central Bank of Nigeria (CBN), which is reported at around ₦1,610 to $1, the black market rates are more volatile, reflecting real-time supply and demand dynamics. The slight premium on the parallel market underscores ongoing challenges in accessing foreign currency through official channels, pushing individuals and businesses to street traders and Bureau De Change (BDC) operators.

Analysts note that the gap between the official and black market rates has narrowed in recent months, a development attributed to the CBN’s efforts to stabilize the Naira. However, the black market persists due to currency scarcity and limited confidence in official channels, with rates varying slightly across cities like Lagos, Abuja, Port Harcourt, and Kano.

For instance, reports from Abuja’s Wuse Zone 4 market indicate similar rates, with some traders quoting buying rates as low as ₦1,605 and selling rates up to ₦1,640, depending on transaction volume and location.

Economic observers warn that engaging in black market transactions carries risks, including exposure to scams and counterfeit currency, as the market operates outside CBN regulation. Before exchanging currency, Nigerians are advised to compare rates from multiple sources, such as trusted forex blogs and social media platforms. Platforms like AbokiPure.com and Monierate continue to provide real-time updates, helping consumers make informed decisions.

The Naira’s performance remains critical, with its value fluctuating due to Nigeria’s reliance on imports and global economic pressures. As the CBN maintains its benchmark interest rate at 27.5%, experts anticipate continued efforts to bolster the Naira’s stability, though the black market is likely to remain a key player in the forex landscape for the foreseeable future.