Aboki Naira To Dollar Black Market Rate Today 17th February 2025

On this Monday, February 17, 2025, the Nigerian Naira maintains a relatively stable exchange rate against the US Dollar in the black market, often referred to as the “Aboki” market.

The current rate is approximately ₦1,665 for buying and ₦1,670 for selling, a slight improvement from last week’s figures.

Due to the scarcity of dollars in the official market, the black market, a vital part of Nigeria’s foreign exchange ecosystem, has been a focal point for traders, travelers, and those needing to convert currency outside of banking channels. The rates today reflect a cautious market, possibly influenced by recent economic policies to stabilize the Naira and increase foreign exchange liquidity.

Economic analysts have observed that while the Naira has shown some resilience today, the long-term outlook remains uncertain. Factors such as government debt, inflation rates hovering around 34.8%, and fluctuating foreign reserves continue to pose challenges. The Central Bank of Nigeria (CBN) does not officially recognize these black market rates, urging citizens to use formal banking channels for forex transactions. However, the gap between the official and black market rates persists, affecting everyday transactions, import costs, and travel expenses.

Market observers on social media platforms and forex monitoring websites have noted a general sentiment of cautious optimism. Traders are closely watching for any policy announcements from the CBN that could further influence the market dynamics. The advice for those engaging in currency exchange today is to verify rates, as they can fluctuate rapidly due to the nature of the black market.

For those interested in the exchange, here are the approximate rates:

• Buying Rate: ₦1,665 per USD
• Selling Rate: ₦1,670 per USD

This stability in the black market rate could be seen as a temporary respite for those dealing in foreign currency, but the broader economic context suggests that vigilance is necessary. The government’s ongoing efforts to curb inflation and enhance foreign currency inflows could potentially impact these informal market rates in the coming weeks.

As always, given the unofficial and volatile nature of the black market exchange, individuals are advised to stay informed through reliable sources and platforms that track these rates daily.

Disclaimer: These rates are for informational purposes only and do not constitute financial advice. The Central Bank of Nigeria does not regulate the black market, and rates are subject to change.