Aboki Naira To Dollar Black Market Rate Today 24th February 2025

The Nigerian Naira showed modest gains against the US Dollar in the parallel market today, with the black market exchange rate settling at an average of ₦1,480 per dollar, according to local currency traders known as “Aboki” in Lagos and Abuja.

This marks a slight improvement from yesterday’s rate of ₦1,484, as reported on February 24, 2025, reflecting a cautious optimism among traders amid fluctuating economic conditions.

Currency dealers in Lagos’ bustling Wuse Zone 4 and Abuja’s parallel markets noted that the buying rate for the dollar ranged between ₦1,470 and ₦1,475, while the selling rate hovered around ₦1,480 to ₦1,485. “The market is stabilizing a bit, but demand for dollars is still high,” said Musa Ibrahim, a trader in Lagos. “People are watching the official market closely, and any shift there affects us here.”

Yesterday, reports indicated the Naira traded at ₦1,490/$ in the parallel market and ₦1,502/$ in the official foreign exchange market, suggesting that today’s black market rate reflects a tighter gap with the Central Bank of Nigeria (CBN)-regulated rate. Economists attribute this minor appreciation to increased dollar inflows from remittances and a slight uptick in investor confidence following recent government efforts to stabilize the currency.

However, the black market remains volatile, with rates varying slightly across regions. In Kano, traders reported a selling rate of ₦1,482, while some dealers in Port Harcourt quoted as high as ₦1,490. The disparity underscores the unregulated nature of the parallel market, where supply and demand dynamics dictate daily fluctuations.

Analysts warn that despite this marginal gain, the Naira’s value remains under pressure due to Nigeria’s heavy reliance on imports and limited export earnings. “The Naira’s stability hinges on broader economic reforms,” said Chika Okeke, a financial analyst. “Until we see consistent dollar supply and reduced speculation, these small gains might not hold.”

For Nigerians, the black market rate directly impacts the cost of goods and services, as many businesses source foreign currency informally. Today’s rate of ₦1,480/$ translates to ₦148,000 for $100, a figure that continues to strain household budgets amid rising inflation.

As of this morning, the official exchange rate has not been updated, but market watchers expect the CBN to respond to these shifts in the coming days. For now, Aboki traders remain the pulse of the streets, navigating an ever-changing forex landscape with resilience and adaptability.