Aboki Naira to Dollar Black Market Rate Today, 7th April 2025

On Monday, April 7, 2025, the Nigerian Naira experienced a marginal decline against the US Dollar in the parallel market, commonly referred to as the “black market.”

According to data sourced from local currency traders, known as “Aboki” dealers, the exchange rate stood at approximately ₦1,560 per US Dollar. This marks a slight depreciation from the rate of ₦1,554 recorded on the previous day, April 6, reflecting ongoing volatility in Nigeria’s unregulated forex market.

The black market rate, which often diverges significantly from the official Central Bank of Nigeria (CBN) rate, is a critical indicator for many Nigerians who rely on it for foreign exchange transactions due to limited access to official channels.

Currency dealers in Lagos and Abuja reported a buying rate of around ₦1,550 and a selling rate of ₦1,560, with minor variations across different regions. The uptick in the rate comes amid persistent demand for dollars, driven by importers, travelers, and individuals seeking to hedge against inflation.

Economic analysts attribute the Naira’s fluctuations to a combination of factors, including Nigeria’s dependence on oil exports, foreign exchange reserve pressures, and global market dynamics. Despite recent efforts by the CBN to stabilize the currency through policy interventions, the parallel market continues to reflect a wide disparity, underscoring challenges in forex liquidity.

Traders and Nigerians alike are keeping a close eye on the market, with some expressing cautious optimism about potential stabilization. “The rate changes every day, but we hope for better days ahead,” said Musa Ibrahim, a currency exchanger in Lagos’ Zone 4 market.

For now, the Aboki black market remains a vital lifeline for many, even as it highlights the broader economic uncertainties facing Africa’s largest economy on April 7, 2025.