Aboki Naira To Dollar Black Market Rate Today 16th February 2025

The Nigerian Naira continues to exhibit slight fluctuations against the US Dollar in the black market, commonly referred to as the “Aboki” market.

On this day, February 16, 2025, the informal exchange rates have been observed across various trading hubs in Nigeria, with the average buying rate for the US Dollar settling at around ₦1,555 and the selling rate hovering at about ₦1,565.

This minor adjustment from previous days reflects the ongoing volatility in Nigeria’s currency market, which is influenced by a range of factors, including government policy, global economic conditions, and local demand for foreign currency.

Recent weeks have seen the Naira grappling with depreciation pressures, with today’s rates showing a marginal improvement over the rates reported on February 13 and 14, where the buying and selling rates for the dollar were slightly higher at ₦1,560/₦1,570 and ₦1,555/₦1,565 respectively.

Analysts have pointed out that while the black market rates are often higher than the official rates due to the parallel market’s supply-demand dynamics, the Central Bank of Nigeria (CBN) has been implementing policies aimed at stabilizing the Naira. These include efforts to increase foreign exchange inflows and curb inflation, which currently stands at around 34.6%.

The CBN’s strategies are part of a broader economic plan under President Tinubu’s administration to reduce inflation to 15% by the end of 2025, potentially leading to a more stable Naira. However, the effectiveness of these policies in the informal sector remains to be seen, given the market’s sensitivity to immediate economic signals and public sentiment.

The black market remains a significant indicator for many Nigerians, especially for those dealing with international trade, travel, or remittances, where the official channels might not meet the immediate needs due to various restrictions or bureaucratic processes.

For those engaged in forex transactions, staying updated with the latest rates via platforms and social media can be crucial, as these rates can shift rapidly within a day.

As the situation evolves, the Nigerian government’s ongoing efforts to manage economic stability will be closely watched by both domestic and international observers. The Naira’s performance against major currencies like the Dollar will be a key barometer of these efforts.