Naira Struggles as Black Market Holds at ₦1,580 Per Dollar – March 20, 2025

As Nigerians navigate the volatile foreign exchange market, the black market exchange rate for the Naira against the US Dollar remains a critical concern for traders, businesses, and everyday citizens.

On Thursday, March 20, 2025, the Aboki black market rate for the Dollar to Naira remains relatively stable despite mounting pressures in the official market.

Currency dealers in key trading hubs like Abuja’s Wuse Zone 4, Lagos, and Kano report that the black market buying rate for the US Dollar averages ₦1,560, while the selling rate stands at approximately ₦1,580. This represents a slight fluctuation from the previous day’s figures, indicating a period of cautious stability. Traders attribute this steadiness to a balanced supply-demand dynamic but warn that external economic factors could disrupt this equilibrium at any time.

Meanwhile, the official market has seen a notable depreciation, with the Naira plunging to ₦1,536.12 per US Dollar, according to financial sources like Business Post. The growing disparity between the official and black market rates highlights the ongoing reliance on the parallel forex market, particularly among businesses and individuals unable to access dollars through regulated channels.

Despite the Central Bank of Nigeria (CBN) ‘s continued efforts to stabilize the Naira, forex shortages and speculative trading ensure that the black market remains a dominant force in currency exchange. Economic analysts stress that global oil prices, Nigeria’s foreign reserves, and investor confidence will influence the Naira’s trajectory in the coming weeks.

For now, Aboki traders continue to serve as a vital source of foreign currency, reflecting real-time economic realities on the ground. Nigerians are urged to stay updated on the latest forex trends, as the market remains highly unpredictable. Reliable platforms like Aboki Forex and local Bureau de Change (BDC) operators provide valuable insights into daily exchange rate movements.

This report is based on information gathered from currency dealers and market observations as of March 20, 2025.