Aboki Naira To Dollar Black Market Rate Today 3rd March 2025

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

According to currency traders in Lagos and Abuja, as of this morning, the US Dollar is being bought at approximately ₦1,493 and sold at around ₦1,499 in the parallel market, placing the average rate at roughly ₦1,496 per dollar.

This rate marks a marginal shift from figures reported over the weekend, where the dollar hovered between ₦1,490 and ₦1,505. Traders attribute the relative stability to a temporary balance in dollar supply and demand within the black market despite Nigeria’s broader economic challenges, including inflation pressures and foreign exchange scarcity. “The market is calm for now, but we’re watching closely—any sudden dollar shortage could push rates up again,” said Musa Ibrahim, a currency dealer in Lagos’ bustling Wuse Zone 4 market.

The Aboki rate, sourced from Bureau De Change (BDC) operators, continues to serve as a critical economic indicator for many Nigerians who rely on the parallel market due to limited access to official forex channels.

Economic analysts suggest that the Naira’s performance in the black market reflects public sentiment toward the Central Bank of Nigeria’s (CBN) policies, which do not officially recognize these rates. The CBN encourages formal banking systems, but persistent forex shortages keep the parallel market thriving. “The Aboki rate is more than just a number—it’s a pulse check on confidence in the economy,” noted Chinedu Okeke, a financial commentator based in Lagos.

As of today, March 3, 2025, the slight tightening of the buy-sell spread hints at cautious optimism among traders. However, with global oil prices fluctuating and domestic inflation still being a concern, analysts warn that Naira’s stability could face tests in the coming weeks.

Individuals and small businesses dependent on the black market for dollars will continue to monitor these rates closely as they navigate Nigeria’s complex financial landscape.