Aboki Naira To Dollar Black Market Rate Today 11th March 2025

According to reports from local currency traders, commonly known as “Aboki” dealers, the black market exchange rate for the Nigerian naira (NGN) against the US dollar (USD) has experienced notable fluctuations today.

As of this morning, the Aboki black market rate for 1 USD ranges between ₦1,550 and ₦1,570, marking a slight depreciation from yesterday’s average rate of ₦1,530, as reported by financial platforms tracking parallel market trends.

Operating outside the official banking system, supply and demand dynamics primarily influence the black market. Today’s rate shift comes amid ongoing economic challenges in Nigeria, including foreign exchange shortages, rising inflation, and uncertainties surrounding the Central Bank of Nigeria’s (CBN) policies to stabilize the Naira.

Currency dealers in major trading hubs such as Lagos, Abuja, and Kano have observed increased demand for dollars, driven by importers and individuals seeking to hedge against the Naira’s volatility.

A currency trader in Wuse Zone 4, Abuja, who wished to remain anonymous, stated, “The dollar rate is up today because people are rushing to buy before it climbs higher. Supply is tight, and the official channels are not meeting demand.”

In Lagos, another dealer reported a buying rate of ₦1,550 and a selling rate of ₦1,570, illustrating the typical spread in the black market. These figures contrast sharply with the official CBN rate, which remains significantly lower, compelling many Nigerians to rely on the parallel market for foreign exchange transactions.

Financial analysts attribute today’s rate movement to multiple factors, including a decline in foreign exchange inflows, disruptions in Nigeria’s crude oil exports, and speculation regarding potential policy shifts from the CBN. As reported earlier this month, the recent suspension of the “Naira-for-Crude” deal has further strained dollar availability, exacerbating pressure on the Naira.

The widening gap between the official and black market exchange rates continues to challenge businesses and individuals. Due to stringent banking regulations and limited dollar supply through official channels, many Nigerians turn to the parallel market. This disparity has fueled inflation, driving up the cost of imported goods and services.

Economic experts have called for urgent reforms to address the foreign exchange crisis. Dr. Chinedu Okeke, a Lagos-based economist, remarked, “The persistent volatility in the black market is a symptom of deeper structural issues. The CBN needs to boost dollar supply and rebuild confidence in the official market to narrow this gap.”

Nigerians have voiced frustration over the rising exchange rate on social media platforms. Trending discussions highlight concerns about the increasing cost of living and the government’s economic management. While specific rates and opinions vary, the sentiment reflects the broader impact of the Naira’s depreciation on everyday life.

The black market exchange rate remains fluid, with dealers cautioning that rates could fluctuate further throughout the day depending on market conditions. Given the risks of scams in the unregulated parallel market, Nigerians are advised to stay informed through reputable sources and exercise caution when engaging in currency exchanges. The CBN has yet to release an official statement on today’s developments, but all eyes remain on the apex bank for potential interventions to stabilize the Naira.

For now, the Aboki black market rate serves as a critical barometer of Nigeria’s economic pulse, reflecting both local realities and global economic pressures.

Note: Black market exchange rates can vary by location and dealer. The rates provided here are based on averages reported from multiple sources and should be verified with local traders for accuracy.