Aboki Naira To Dollar Black Market Rate Today 10th February 2025

On this Monday, February 10th, 2025, the Nigerian Naira continues to experience fluctuations in the parallel (black) market, with the latest exchange rates for the US Dollar (USD) reflecting the country’s ongoing economic dynamics.

According to local currency dealers, commonly referred to as “Aboki” traders, the black market exchange rate for the Naira against the US Dollar is as follows:

• Buying Rate (USD to NGN): ₦1,550  
• Selling Rate (USD to NGN): ₦1,560

This information is based on recent social media posts, which indicate the current sentiment and average rates across major Nigerian cities like Lagos and Abuja. However, these rates are subject to rapid change due to the unregulated nature of the black market and local supply-demand dynamics.

The black market, often seen as a real-time indicator of the Naira’s value, diverges significantly from the official exchange rates set by the Central Bank of Nigeria (CBN). The CBN has repeatedly advised Nigerians to use official banking channels for foreign exchange transactions, as the apex bank does not recognize the parallel market. Despite these efforts, many individuals and businesses rely on the black market due to the perceived inefficiencies or restrictions in the official system.

Economic analysts note that the Naira’s performance in the black market is influenced by several factors, including foreign currency inflows, oil revenues, and global economic trends. Recent government policies aimed at increasing forex inflows have had mixed results, with the black market remaining volatile. Nigeria’s dependence on oil exports continues to play a significant role in the availability of dollars in the market. Fluctuations in global markets and investor confidence in emerging economies also impact the Naira’s value.

Currency dealers in major hubs like Lagos’ Wuse Zone 4 and Abuja report that while today’s rates suggest a slight appreciation compared to earlier in the month, the market remains unpredictable. “The dollar rate changes every few hours,” said a local trader. “We buy and sell based on what we hear from other dealers and the demand on the streets.”

Posts on social media earlier this week showed a range of rates, with some dealers quoting as high as ₦1,590 for selling on February 5th. This indicates a gradual strengthening of the Naira in recent days. However, these figures are inconclusive and should be treated cautiously, as the black market operates outside official oversight.

The disparity between the official and black market rates continues to affect everyday transactions, particularly for those involved in international trade, travel, or remittances. The high cost of dollars in the parallel market has also contributed to inflationary pressures as the cost of imported goods and services rises.

Economic experts urge the government to address structural issues, such as improving forex liquidity and reducing reliance on oil exports, to stabilize the Naira in the long term. In the meantime, individuals and businesses are advised to exercise caution when engaging in black market transactions and to verify rates from multiple sources.

The Central Bank of Nigeria does not recognize the parallel market (black market) and advises individuals interested in foreign exchange to contact their banks for official transactions. Black market rates are unofficial and can vary significantly between regions and dealers.

For the latest updates on currency exchange rates, consult reputable financial news sources or official banking channels.