Aboki Naira To Dollar Black Market Rate Today 1st March 2025

Saturday, 22 March 2025, 8:31 am 0 Posted By Aboki Exchange

According to currency traders in Lagos and Abuja, the black market exchange rate for the Nigerian Naira (NGN) against the US Dollar (USD) today, March 1, 2025, remains relatively stable.

Known locally as the “Aboki” exchange rate, the parallel market continues to reflect the economic realities influencing Nigeria’s foreign exchange landscape.

As of this morning, reports from Bureau De Change (BDC) operators indicate that the US Dollar is being bought at approximately ₦1,495 and sold at ₦1,505 in the Lagos Parallel Market. This places the average Aboki rate at around ₦1,503.518 per dollar, a slight fluctuation from yesterday’s rates, which hovered between ₦1,490 and ₦1,510.

Traders attribute this stability to a temporary balance in dollar supply and demand within the informal market despite ongoing economic pressures.

The Central Bank of Nigeria (CBN) does not officially recognize the black market rates, urging citizens to use formal banking channels for foreign exchange transactions. However, due to persistent forex scarcity, the parallel market remains a critical lifeline for many Nigerians, tiny businesses, and individuals who cannot access dollars through official means.

Economic analysts note that the Naira’s performance in the black market is often a barometer of public confidence in Nigeria’s monetary policies. “The slight tightening of the spread between buying and selling rates suggests a cautious optimism among traders,” said Chinedu Okeke, a Lagos-based currency analyst. “But with inflation still high and oil revenues under pressure, the Naira’s stability could be tested in the coming weeks.”

Variations across regions are expected, with some traders in Abuja quoting marginally higher rates due to transportation costs and local demand.

The Aboki market’s resilience comes amid broader economic challenges, including fluctuating global oil prices and the CBN’s efforts to unify exchange rates.

For now, Nigerians relying on the black market for dollars continue to navigate complex financial terrain, with the Aboki rate serving as a vital, albeit unofficial, economic indicator on this first day of March 2025.