Aboki Naira to Dollar Black Market Rate Today, 16th March 2025

As of Sunday, March 16, 2025, the Nigerian Naira (NGN) continues to experience fluctuations against the US Dollar (USD) in the black market, reflecting ongoing economic pressures and foreign exchange dynamics.

According to reports from Aboki Forex dealers and parallel market operators in key cities such as Lagos, Abuja, and Kano, the Naira has experienced slight fluctuations against the Dollar in the unofficial market.

This morning, at approximately 9:23 AM WAT, currency dealers in Lagos reported that the Dollar was being bought at an average rate of ₦1,580 and sold at ₦1,590 in the black market. In Abuja’s Zone 4 market, a hub for Bureau De Change (BDC) operators, the buying rate hovered around ₦1,575, with the selling rate pegged at ₦1,585. Meanwhile, in Kano, traders noted a slightly higher rate, with the Dollar being bought at ₦1,585 and sold at ₦1,595. These rates indicate a marginal variation across regions, a common phenomenon in Nigeria’s unregulated parallel market.

The black market, often referred to as the “Aboki” market due to the prominence of informal traders, remains a critical source of foreign currency for many Nigerians, especially given the persistent scarcity of Dollars through official channels. The Central Bank of Nigeria (CBN) has implemented various policies to stabilize the Naira and bridge the gap between official and parallel market rates, but demand for foreign exchange continues to outstrip supply, driving activity in the black market.

Analysts attribute the current rates to factors such as global oil price fluctuations, Nigeria’s reliance on oil exports for foreign exchange earnings, and speculative trading in the parallel market. Recent efforts by the CBN to increase Dollar inflows through official channels have shown some impact, with the Naira appreciating slightly in the past few weeks. However, the black market continues to reflect a higher exchange rate compared to the official rate, which is typically lower and more regulated.

For context, the official exchange rate set by the CBN is expected to be updated later today, but as of the last report on March 15, 2025, it stood at approximately ₦1,562 per Dollar. This disparity underscores the challenges faced by businesses and individuals who rely on the black market for transactions, as the higher rates increase the cost of imported goods and services.

Traders and economic observers closely monitor the situation, with some expressing cautious optimism that increased foreign investment and government policies could further stabilize the Naira. However, others warn that the pressure on the Naira will likely persist without addressing structural issues such as import dependency and low productivity.

For real-time updates on the Aboki Naira to Dollar black market rate, Nigerians are encouraged to consult trusted sources such as Aboki Forex platforms and local BDC operators. As the economic landscape evolves, the exchange rate remains a key indicator of Nigeria’s financial health and a focal point for both policymakers and citizens.