Aboki Naira To Dollar Black Market Rate Today 8th March 2025

The Nigerian Naira continues to experience fluctuations against the US Dollar in the parallel market, commonly referred to as the “Aboki” black market.

As of today, Saturday, March 08, 2025, Bureau De Change (BDC) operators in major hubs such as Lagos and Abuja report that the Naira is trading at an average buying rate of ₦1,510 and a selling rate of ₦1,520 per US Dollar.

This reflects a slight shift from yesterday’s rates, which hovered around ₦1,515 for buying and ₦1,525 for selling, indicating a marginal strengthening of the Naira in the informal market.

Currency traders attribute this minor adjustment to a combination of factors, including a slight increase in dollar supply from remittances and a cautious optimism surrounding recent government efforts to stabilize the forex market. However, demand for the US Dollar remains high due to ongoing economic uncertainties, persistent inflation, and the need for foreign currency to facilitate imports and international transactions.

“The market is still unpredictable,” said Musa Ibrahim, a trader in Lagos’ bustling Wuse Zone 4 market. “People are holding onto dollars because they’re not sure what will happen next week.”

The black market rate diverges significantly from the official exchange rate set by the Central Bank of Nigeria (CBN), which has directed individuals and businesses to conduct forex transactions through formal banking channels. Despite these efforts, the parallel market remains a critical lifeline for many Nigerians who face challenges accessing dollars through official means due to stringent regulations and limited availability.

For everyday Nigerians, the current rates translate to practical implications. Exchanging $100 in the black market today would fetch approximately ₦151,000 at the buying rate, while purchasing $100 would cost around ₦152,000 at the selling rate.

For larger transactions, such as $1,000, the figures rise to ₦1.51 million when selling and ₦1.52 million when buying. These rates underscore the premium placed on the US Dollar in the informal economy, where it serves as a hedge against inflation and currency depreciation.

Financial analysts caution that the Naira’s stability in the black market could be short-lived without sustained improvements in dollar inflows, such as increased oil revenues or foreign investment.

“The Naira’s value is heavily tied to Nigeria’s economic fundamentals,” noted Adaobi Eze, a Lagos-based economist. “Unless we see consistent policy measures and a boost in forex earnings, the pressure on the Naira will persist.”

As the situation remains fluid, Nigerians continue to monitor both the official and black market rates closely, with the Aboki market serving as a real-time barometer of public confidence in the nation’s monetary policies.

Traders and citizens alike are keeping a watchful eye on local and international developments that could further influence the Naira’s trajectory in the coming days.