Aboki Naira To Dollar Black Market Rate Today 12th March 2025

As of Wednesday, March 12, 2025, the Nigerian Naira continues to fluctuate against the US Dollar in the parallel (black) market.

According to real-time updates from Aboki Forex and other trusted currency exchange sources, the black market exchange rate for the US Dollar to Naira reflects ongoing economic pressures and market dynamics in Nigeria.

As of 9:00 AM WAT, currency dealers in major hubs like Lagos and Abuja reported that the US Dollar was being bought at approximately ₦1,565 and sold at ₦1,580 on the black market. This represents a slight increase compared to rates observed earlier this week, signaling persistent demand for foreign currency amid limited supply in the unofficial market.

These rates, often referred to as the “Aboki rate,” differ significantly from the official exchange rates set by the Central Bank of Nigeria (CBN), highlighting the ongoing disparity between the regulated and parallel markets.

Economic analysts attribute the fluctuations to factors such as Nigeria’s reliance on oil exports, foreign exchange scarcity, and inflationary pressures. The Naira’s value has been under strain in recent months, with the black market rate serving as a critical indicator of market sentiment and economic conditions for many Nigerians who rely on it for transactions outside the formal banking system.

In contrast, the official CBN exchange rate for the US Dollar to Naira was reported at approximately ₦1,561.67 as of the latest update on March 11, 2025, according to currency conversion platforms like Wise. However, access to foreign exchange through official channels remains limited, pushing many individuals and businesses to the parallel market, where rates are driven by supply and demand dynamics.

Currency traders in Lagos’ bustling Wuse Zone 4 market noted that the demand for dollars has surged in recent days, partly due to importers preparing for upcoming transactions and individuals seeking to hedge against inflation. “The market is tight right now,” said one trader who preferred anonymity. “People are holding onto dollars, and that’s driving the rate up.”

The Central Bank of Nigeria has repeatedly cautioned against using the black market, urging citizens to conduct foreign exchange transactions through licensed banks and Bureau De Change operators. However, the parallel market’s convenience and availability continue to make it a preferred option for many.

As the economic situation evolves, Nigerians are closely monitoring both the official and black market rates, hoping that government interventions or improvements in oil production and export revenues could stabilize the Naira’s value soon. For now, the Aboki Forex rate remains a vital reference point for those navigating Nigeria’s complex currency exchange landscape.

Stay tuned for further updates as the situation develops. For real-time exchange rate information, platforms like Aboki Forex, NgnRates, and Monierate provide ongoing insights into the black market trends.