Aboki Naira to Dollar Black Market Rate Today, 8th May 2025

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

According to sources from Bureau De Change (BDC) operators in Lagos, the black market rate for the dollar on Wednesday, May 7, 2025, was reported at a buying rate of ₦1628 and a selling rate of ₦1673.

However, due to the unregulated nature of the black market, these rates are subject to variation across different locations, such as Abuja, Kano, and Lagos.

The Central Bank of Nigeria (CBN) continues to distance itself from the parallel market, urging individuals to conduct foreign exchange transactions through official channels like banks or the Investors and Exporters (I&E) window. As referenced on May 7, the CBN’s official rate ranged between ₦1603 and ₦1609, highlighting a persistent gap between official and black market rates. This disparity is driven by high demand for dollars and limited supply in the formal market, compounded by Nigeria’s import dependency and speculative activities.

Economic analysts note that the naira’s performance in the black market remains volatile due to factors such as inflation, government debt, and global economic uncertainties. Despite recent efforts by the CBN to stabilize the naira, including reforms under Governor Olayemi Cardoso, the parallel market continues to thrive as a quick source of foreign currency for many Nigerians.

Traders and businesses are advised to verify rates in real-time from trusted sources and exercise caution when engaging with black market operators, as rates can vary significantly within hours. The CBN’s ongoing push for transparency in forex transactions aims to reduce reliance on the parallel market, but for now, the Aboki rate remains a critical benchmark for many in Nigeria’s informal economy.

Disclaimer: Black market rates are unofficial and may fluctuate rapidly. For official transactions, contact registered financial institutions.