Aboki Naira to Dollar Black Market Rate Today, 31st May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) in Nigeria’s parallel market, commonly referred to as the “Aboki” rate, has seen slight fluctuations today, reflecting ongoing economic dynamics in the country.

As of today, Saturday, May 31, 2025, the black market exchange rate for the US Dollar stands at an average of ₦1,620 for buying and ₦1,630 for selling in major cities like Lagos, Abuja, Port Harcourt, and Kano.

According to sources from Bureau De Change (BDC) operators and online platforms tracking parallel market rates, the Naira has maintained relative stability against the Dollar over the past week. On May 30, 2025, the rates were reported at ₦1,610 (buy) and ₦1,620 (sell), indicating a marginal increase of approximately 0.6% in the selling rate today.

The black market, also known as the parallel market, continues to play a significant role in Nigeria’s foreign exchange landscape due to the limited availability of dollars through official channels regulated by the Central Bank of Nigeria (CBN).

The CBN’s official exchange rate, as reported recently, hovers around ₦1,584–₦1,590, creating a notable gap between the official and black market rates. This disparity is driven by high demand for dollars for importation, travel, and international payments, coupled with restricted access to foreign currency through formal banking systems.

Analysts attribute the slight uptick in today’s black market rates to ongoing economic pressures, including Nigeria’s reliance on imports and limited foreign exchange reserves. “The black market reflects real-time supply and demand dynamics, which makes it more volatile than the CBN rate,” said a Lagos-based currency trader. “Speculation and limited dollar inflows keep pushing the rates higher.”

Despite the CBN’s efforts to stabilize the Naira through interventions in the official forex market, the parallel market remains a go-to for many Nigerians due to its accessibility. However, experts caution that engaging in black market transactions carries risks, including exposure to scams and potential legal consequences, as the CBN does not recognize the parallel market.

As Nigeria navigates its economic challenges, the Dollar to Naira exchange rate remains a critical indicator of the country’s financial health, impacting the cost of goods, services, and international trade. For the latest updates, individuals are encouraged to monitor trusted forex platforms or consult local BDC operators for real-time rates.

Disclaimer: Black market exchange rates are unregulated and may fluctuate throughout the day. Always exercise caution and verify rates before engaging in transactions.