Aboki Naira to Dollar Black Market Rate Today, 24th May 2025
The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) remains a critical indicator for many Nigerians navigating the country’s economic landscape.
As of today, Saturday, May 24, 2025, the latest updates from the parallel market, commonly referred to as the “Aboki” market, show the Dollar to Naira exchange rate holding steady with minor fluctuations.
Trending Now!!:
According to sources monitoring black market activities, the average buying rate for the US Dollar is approximately ₦1620, while the selling rate stands at around ₦1630 per $1. These rates reflect the ongoing demand for foreign currency in Nigeria’s informal market, driven by limited access to dollars through official channels and persistent economic pressures.
The black market, operating outside the Central Bank of Nigeria’s (CBN) regulated framework, continues to thrive due to currency scarcity and high demand for dollars for importation, travel, and international payments. On May 20, 2025, rates were reported at ₦1610 (buy) and ₦1615 (sell) in Lagos, indicating a slight uptick in the past few days. Traders note that rates can vary slightly across cities like Abuja, Kano, and Port Harcourt and even within different markets in Lagos due to the unregulated nature of the parallel market.
The CBN’s official exchange rate, as reported earlier this week, remains aligned with the Investor and Exporter (I&E) window at approximately ₦1610 per $1, but the black market continues to command a premium due to accessibility and immediacy. Economic analysts attribute the persistence of the black market to structural issues, including Nigeria’s reliance on imports and limited foreign exchange reserves, compounded by global economic factors like fluctuating oil prices.
Experts advise caution for those engaging in currency exchange. The black market, while accessible, carries risks such as exposure to scams and counterfeit currency. To ensure fair transactions, Nigerians are encouraged to compare rates from multiple sources, including trusted Bureau De Change (BDC) operators and online platforms like AbokiPure.com.
The black market remains a barometer of economic sentiment as Nigeria’s economy grapples with inflation and foreign exchange challenges. Stay tuned for daily updates on exchange rates and economic developments impacting the Naira.
Disclaimer: Black market exchange rates are subject to rapid changes and may vary by location. Always verify rates with trusted sources before engaging in transactions.
