Aboki Naira To Dollar Black Market Rate Today 4th March 2025

The black market exchange rate for the Nigerian Naira (NGN) against the US Dollar (USD), commonly known as the “Aboki rate,” remained relatively stable today, with traders reporting an average rate of ₦1,499 per dollar.

This figure aligns with rates observed over the past few days, reflecting a cautious balance in the parallel market amidst Nigeria’s ongoing economic challenges.

Currency dealers in Lagos’ bustling Wuse Zone 4 market and other key trading hubs across the country noted that the dollar was bought at approximately ₦1,489 and sold at ₦1,499 as of this morning. This narrow buy-sell spread suggests a temporary lull in the volatility that has characterized the Naira’s performance in recent months. “The market is quiet today, but we’re keeping an eye on dollar inflows. Any sudden change could shift things quickly,” said Ahmed Yusuf, a Bureau De Change (BDC) operator in Lagos.

The Aboki rate, sourced from informal traders rather than official channels, continues to serve as a vital benchmark for many Nigerians who rely on the black market due to limited access to foreign exchange through banks.

Economic analysts attribute this stability to a temporary equilibrium between dollar supply and demand in the informal sector. However, they caution that broader pressures—such as fluctuating global oil prices, Nigeria’s primary export, and persistent inflation—could disrupt this calm. “The Naira’s black market rate is a reflection of real-time confidence in the economy. While it’s holding for now, the underlying issues haven’t gone away,” said Kemi Adeola, a financial analyst based in Abuja.

The Central Bank of Nigeria (CBN) does not recognize parallel market rates and continues to encourage the use of official banking channels, where the exchange rate is significantly lower. However, forex shortages and bureaucratic hurdles keep the black market thriving, catering to small businesses, travellers, and individuals needing dollars for international transactions.

For context, exchanging $100 today at the black market selling rate of ₦1,499 would yield approximately ₦149,900, while selling $100 at the buying rate of ₦1,489 would net ₦148,900. Traders advise caution, warning of potential scams in the unregulated market and urging participants to deal only with reputable operators.

As Nigerians navigate these economic realities, the Aboki rate remains a critical pulse check on the nation’s financial health. With no immediate policy shifts signalled by the CBN, all eyes are on market dynamics in the coming days to see if this stability holds or gives way to renewed pressure on the Naira.