Aboki Naira to Dollar Black Market Rate Today, 23rd May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN), commonly referred to as the “Aboki rate,” has shown slight fluctuations today in major Nigerian cities like Lagos, Abuja, Port Harcourt, and Kano.

As of today, the black market rate for the Dollar to Naira stands at approximately ₦1625 to buy and ₦1610 to sell per $1, according to sources from Bureau De Change (BDC) operators and street traders in Lagos.

The black market, also known as the parallel market, continues to be a critical source for foreign currency in Nigeria due to limited access to dollars through official channels regulated by the Central Bank of Nigeria (CBN). The CBN does not recognize transactions in the parallel market and encourages individuals to use banks for foreign exchange needs. However, high demand for dollars for importation, travel, and international payments continues to drive activity in the black market, where rates are typically higher than the official exchange rate.

Compared to yesterday’s rate of ₦1625 to buy and ₦1610 to sell, the market has remained relatively stable, with no significant change reported. Over the past week, the USD to NGN black market rate has fluctuated between a high of ₦1630 and a low of ₦1600, reflecting the dynamic nature of the parallel market influenced by currency scarcity and economic factors.

Analysts note that the black market rates can vary slightly depending on location and the specific BDC operator. For instance, traders in Abuja’s Wuse Zone 4 market reported rates of ₦1615 to buy and ₦1620 to sell earlier this week. Nigerians are advised to exercise caution when engaging in black market transactions due to the risks of scams, counterfeit currency, and potential legal implications.

The CBN’s official exchange rate, as of May 20, 2025, was reported at ₦1610 per $1, showing a narrower gap between the official and black market rates compared to previous years.

As Nigeria’s economy navigates challenges such as import dependency and fluctuating oil prices, the Dollar to Naira exchange rate remains a key concern for businesses and individuals alike.

Stay tuned for daily updates on the Aboki black market rates as the market continues to evolve.