Aboki Naira to Dollar Black Market Rate Today, 7th June 2025

The black market exchange rate for the US dollar (USD) to Nigerian Naira (NGN) today, as reported by Bureau De Change (BDC) operators, stands at approximately ₦1,590 for buying and ₦1,615 for selling per US dollar, according to various online sources. This reflects a slight fluctuation compared to recent days, highlighting the ongoing volatility in Nigeria’s parallel market.

The black market, also known as the parallel market, remains a crucial channel for currency exchange in Nigeria, largely due to the limited access to dollars through official channels regulated by the Central Bank of Nigeria (CBN). On June 6, 2025, the average rates were reported at ₦1,605 (buy) and ₦1,615 (sell), indicating a marginal strengthening of the Naira by June 7, with some sources citing a rate as low as ₦1,590 for buying.

The persistent gap between the official and black market rates is driven by high demand for dollars, fueled by importation needs, international travel, and commercial activities. The CBN’s constrained foreign currency supply has prompted individuals and businesses to turn to the parallel market, where rates are typically higher due to unregulated transactions. Experts note that factors such as economic policies, oil prices, and foreign investment trends continue to influence these rates.

Analysts warn that engaging in black market transactions carries risks, including potential scams and legal implications. Nigerians are advised to verify rates with reputable BDC operators and compare multiple sources before exchanging currency.

As the Naira navigates economic pressures, stakeholders urge the government to address currency scarcity and boost confidence in official exchange channels to stabilize the market.

For now, the black market remains a vital, albeit volatile, lifeline for many Nigerians seeking foreign currency.