Naira Sees Marginal Shift Against Dollar in Black Market on April 9, 2025

On Wednesday, April 9, 2025, the Nigerian Naira experienced slight fluctuations against the US Dollar in the parallel market, commonly known as the “Aboki” black market.

According to currency traders in Lagos’ bustling Zone 4 market and reports from informal exchange networks, the Naira traded at an average buying rate of ₦1,545 and a selling rate of ₦1,560 per dollar by mid-morning. This reflects a modest change from the previous day’s rates, which hovered around ₦1,540 to ₦1,558, signaling ongoing volatility in Nigeria’s unregulated forex market.

Street traders, often referred to as “Aboki” exchangers, noted a steady demand for dollars despite the minor appreciation of the Naira. “The market is holding firm today, but people are still chasing dollars for business and travel,” said Ahmed Yusuf, a currency dealer in Lagos. Slight regional variations were observed, with Abuja traders quoting buying rates around ₦1,542 and selling rates near ₦1,565, while Kano saw marginally higher figures.

The Central Bank of Nigeria (CBN) continues its efforts to stabilize the Naira through periodic interventions, but the black market remains a vital lifeline for many Nigerians seeking foreign exchange outside official channels. Economic analysts attribute today’s subtle movements to a mix of speculative trading and a dip in dollar demand following early-year pressures. However, concerns persist over Nigeria’s inflation rates and foreign reserve levels, influencing currency dynamics.

The Aboki black market rates for other currencies included approximately ₦1,910 per British Pound (GBP) and ₦1,655 per Euro (EUR), showing similar stability. Traders and citizens alike are closely monitoring potential CBN policy updates, which could sway the parallel market in the coming days. The Aboki exchange remains a key indicator of the Naira’s real-time street value on April 9, 2025.