Aboki Naira to Dollar Black Market Rate Today, 23rd April 2025

The Nigerian Naira continues to grapple with volatility in the parallel market as the black market exchange rate for the US Dollar reached alarming levels today.

According to data aggregated from currency dealers in key markets such as Lagos, Abuja, and Kano, the black market rate for the Dollar to Naira averaged around ₦1,620 for buying and ₦1,640 for selling, reflecting a significant premium over the official Central Bank of Nigeria (CBN) rate of approximately ₦1,567.99 as reported by currency converters like Wise.

The persistent gap between the official and black market rates underscores the ongoing challenges in Nigeria’s foreign exchange market, driven by dollar scarcity, speculative trading, and global economic uncertainties.

Currency traders in Abuja’s Wuse Zone 4 market noted a surge in demand for dollars, with businesses and individuals stockpiling the currency amid fears of further Naira depreciation. “The market is tight; dollars are scarce, and everyone wants to hold onto them,” said a trader who spoke anonymously.

Recent CBN interventions, including a reported $280 million injection into the forex market earlier this month, have done little to stabilize the parallel market. Analysts attribute the Naira’s struggles to Nigeria’s heavy reliance on oil exports, fluctuating global oil prices, and reduced foreign exchange reserves.

Additionally, external factors such as US tariff policies and trade war concerns have indirectly impacted Nigeria’s forex landscape, further weakening the Naira.

The black market, often referred to as the “Aboki” market, remains a critical barometer of Nigeria’s economic sentiment. While the CBN has urged citizens to rely on official channels for forex transactions, the parallel market’s accessibility and flexibility continue to attract a wide range of participants, from small-scale traders to large businesses.

Financial experts advise Nigerians to monitor exchange rates closely and exercise caution when engaging in currency transactions. “The volatility in the black market is a reflection of broader economic challenges. Businesses and individuals should compare rates across multiple sources and avoid speculative trading,” said Chinedu Okeke, a Lagos-based forex analyst.

Platforms like Aboki Forex, Investors King, and Nairatoday provide valuable insights into the dollar-to-naira exchange rate in real-time, though rates may vary slightly across different markets. As Nigeria navigates these turbulent economic waters, the Naira’s trajectory remains a focal point for policymakers and citizens alike.

Disclaimer: Black market rates are unregulated and may vary. Always verify rates with trusted sources before engaging in transactions.