Aboki Naira to Dollar Black Market Rate Today, 6th May 2025

The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) has seen slight fluctuations today, as reported by currency dealers in major markets across Nigeria, including Lagos and Abuja.

According to sources from the parallel market, commonly referred to as the “Aboki” market, the average buying rate for the dollar stands at ₦1,595, while the selling rate is approximately ₦1,602.

These rates reflect a marginal increase from yesterday’s figures, where the dollar was bought at ₦1,595 and sold at ₦1,600 in Lagos. Currency dealers in Abuja’s Wuse Zone 4 market reported similar trends, with buying rates around ₦1,605 and selling rates at ₦1,620 for some transactions. The slight uptick in rates is attributed to ongoing demand for dollars amid limited supply in the informal market, coupled with economic uncertainties impacting the Naira’s value.

The Central Bank of Nigeria (CBN) urges citizens to utilize official banking channels for foreign exchange transactions, warning that the parallel market carries risks due to its unregulated nature. The CBN’s official rate, which aligns with the Investors and Exporters (I&E) window, is reported to be between ₦1,600 and ₦1,606. However, many Nigerians still rely on the black market for quicker access to foreign currency, especially for international transactions, as restrictions on Naira card usage abroad persist.

Analysts note that the Naira’s value remains under pressure due to factors such as inflation, speculative trading, and Nigeria’s import-dependent economy. Some traders expressed cautious optimism about the Naira’s gradual appreciation recently but emphasized that sustained economic reforms are needed to stabilize the currency.

For those engaging in currency exchange, experts advise caution and recommend verifying rates with trusted local dealers, as prices can vary across markets and even within the same city. Stay updated with real-time rates through platforms like Aboki Forex or consult local Bureau De Change operators for the most accurate information.

Disclaimer: Black market rates are unofficial and subject to rapid changes. For official transactions, contact your bank or authorized financial institutions.