Aboki Naira To Dollar Black Market Rate Today 22nd February 2025

The Nigerian Naira has appreciated significantly against the US Dollar on the black market, reaching an exchange rate of N1,500 per dollar as of Saturday, February 22, 2025.

This marks a significant improvement from recent trends, reflecting a potential shift in Nigeria’s parallel currency market dynamics. Currency dealers in key hubs like Lagos and Abuja reported this rate in early morning trading sessions, sparking optimism among traders and everyday Nigerians reliant on foreign exchange.

According to sources from the Bureau De Change (BDC) operators, commonly referred to as “Aboki” traders, the buying rate for the dollar stood at approximately N1,490, while the selling rate was pegged at N1,500. This appreciation comes amid ongoing economic fluctuations and efforts by the Central Bank of Nigeria (CBN) to stabilize the Naira’s value. However, the CBN does not officially recognize the black market rates and continues to urge citizens to conduct forex transactions through regulated banking channels.

The strengthening of the Naira on the parallel market has been attributed to several factors, including a reported increase in dollar supply from informal sources and a slight easing of demand pressure. Economic analysts suggest that this could signal a temporary respite for Nigerians grappling with the high cost of imported goods and services, though they caution that black market rates remain volatile and subject to rapid shifts.

In contrast, the CBN’s official exchange rate continues to lag behind the parallel market, creating a persistent gap that fuels arbitrage opportunities. Today’s black market rate of N1,500 per dollar is a key indicator of Naira’s street value, differing significantly from that of the regulated market, where rates are typically lower.

Local traders in Lagos’ bustling Wuse Zone 4 market expressed mixed sentiments. “The Naira is breathing a little today,” said Ibrahim Musa, a veteran Aboki trader. “But we’ve seen this before—it goes up, it comes down. People should be careful.” Others noted that the rate could influence the prices of goods in the coming days, offering a glimmer of hope for consumers facing inflationary pressures.

While unregulated, the black market remains a critical lifeline for many Nigerians who lack access to official forex channels or need quick transactions. Today’s rate of N1,500 per dollar underscores its role as a barometer of economic sentiment, even as the government pushes for greater control over currency flows.

As of 08:55 AM WAT, the situation remains fluid, with traders keeping a close eye on both local and international developments that could sway the Naira’s trajectory. For now, the Aboki rate of N1,500 to the dollar offers relief in Nigeria’s complex forex landscape, though questions linger about its sustainability.