Aboki Naira to Dollar Black Market Rate Today, 7th May 2025
The black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) remains a focal point for traders and consumers amid Nigeria’s ongoing economic challenges.
As of today, Wednesday, May 7, 2025, the Aboki black market exchange rate for 1 USD stands at approximately ₦1,615 to buy and ₦1,600 to sell, according to data aggregated from street currency dealers in major markets like Lagos, Abuja, and Kano.
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The rate reflects a marginal increase from yesterday’s figures, with no significant change in value (0% fluctuation), signaling relative stability in the parallel market over the past 24 hours. This comes as the Central Bank of Nigeria (CBN) continues to advocate for the use of official banking channels, where the exchange rate is slightly lower, hovering between ₦1,600 and ₦1,606.
Currency dealers in Abuja’s Wuse Zone 4 market and Lagos’ parallel market reported brisk activity, with slight variations in rates depending on location and transaction volume. One trader noted, “The dollar is steady today, but demand is high. People are cautious because of CBN’s warnings about black market risks.”
The persistent gap between the official and black market rates underscores Nigeria’s foreign exchange liquidity issues, driven by import dependency and limited foreign direct investment. Analysts warn that without structural reforms, the Naira could face further pressure, with some projecting a potential climb toward ₦2,000/$1 in the near future if current economic trends persist.
The CBN has reiterated its commitment to stabilizing the Naira and curbing black market activities, urging citizens to use regulated financial institutions for forex transactions to avoid fraud and ensure transparency.
Platforms like Aboki Forex and Nairatoday remain the go-to sources for real-time updates on the dollar-to-naira black market exchange rate for traders and individuals navigating Nigeria’s volatile forex landscape.
Note: Black market rates are unregulated and may vary slightly across regions. Always exercise caution when engaging in currency exchange.
