Aboki Naira to Dollar Black Market Rate Today, 10th April 2025

The black market exchange rate for the Nigerian Naira (NGN) against the United States Dollar (USD) has seen notable activity today, as reported by local currency traders, commonly referred to as “Aboki” dealers.

The Naira is trading at approximately ₦1,720 to buy one USD and ₦1,735 to sell, reflecting a slight uptick from yesterday’s rates of ₦1,715 and ₦1,725, respectively. This fluctuation underscores the ongoing volatility in Nigeria’s parallel market, driven by persistent demand for dollars amid limited foreign exchange supply.

Currency dealers in key hubs like Lagos’ Zone 4 market and Abuja noted a steady flow of transactions, with traders citing increased demand from importers and individuals seeking to hedge against Naira depreciation.

“The dollar is scarce today, and people are rushing to secure it before the rate climbs higher,” said Musa Ibrahim, a veteran Aboki trader in Lagos. The Central Bank of Nigeria (CBN) official rate, in contrast, remains significantly lower, hovering around ₦1,535 per USD, highlighting the wide gap between formal and informal markets.

Economic analysts attribute today’s black market rate to a combination of factors, including global oil price trends and Nigeria’s foreign reserve challenges. With oil prices dipping below $70 per barrel this week, pressure on the Naira has intensified, as the country relies heavily on crude exports for dollar inflows. The situation has sparked renewed calls for government intervention to stabilize the currency, though past efforts have yielded mixed results.

For Nigerians, the rising black market rate translates to higher costs for imported goods and services, further straining an economy already grappling with inflation.

As of now, the Aboki rate serves as a critical barometer for real-time currency valuation, with traders and citizens alike keeping a close watch on its daily shifts. Updates on the Naira’s performance will continue as market conditions evolve throughout the day.