Aboki Naira To Dollar Black Market Rate Today 23rd February 2025
February 23, 2025 – The Nigerian Naira recorded a slight appreciation against the US Dollar in the black market, commonly referred to as the “Aboki” market today.
According to currency traders in major hubs like Lagos and Abuja, the buying rate for the US Dollar was set at approximately N1,485, while the selling rate stood at N1,495. This marks a modest improvement from yesterday’s rates, where the Naira traded at N1,490 for buying and N1,500 for selling, reflecting a subtle shift in the parallel market dynamics.
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The black market exchange rate continues to diverge significantly from the official rate set by the Central Bank of Nigeria (CBN), which has yet to release its figures for the day. Analysts attribute today’s marginal gain to a temporary easing of demand for foreign currency, possibly linked to increased dollar inflows from informal channels.
However, the persistent gap between the official and black market rates underscores the ongoing challenges in Nigeria’s foreign exchange market, driven by factors such as limited dollar supply, high import demand, and economic uncertainty.
Traders in Lagos’ bustling Wuse Zone 4 market noted that while the Naira’s slight uptick is a welcome development, volatility remains a concern. “The rates can change by the hour,” said Ibrahim Musa, a local currency dealer. “People are still rushing for dollars to pay for goods and school fees abroad, but today feels a bit calmer.”
Economic observers suggest that the Naira’s performance in the coming days could hinge on government policies to stabilize the currency, including President Bola Tinubu’s ambitious target to reduce inflation from its current highs to 15% by year-end. The black market remains a critical barometer of Nigeria’s economic pulse, with the Aboki rate serving as a real-time reflection of public sentiment and market pressures.
As of today, exchanging $100 in the black market would fetch approximately N148,500 at the buying rate, while selling $100 would yield N149,500.
Nigerians navigating this dual-rate system continue to adapt to the fluctuating financial landscape, with many hoping for sustained stability in the months ahead.
