Aboki Naira To Dollar Black Market Rate Today 20th February 2025

Today, Thursday, February 20, 2025, the Nigerian Naira continues to experience significant pressure against the US Dollar in the parallel market, commonly referred to as the “Aboki” black market.

According to local currency traders in bustling hubs like Lagos and Abuja, the exchange rate has fluctuated slightly, with the buying rate hovering around ₦1,670 and the selling rate reaching approximately ₦1,680 per US Dollar as of 9:29 AM WAT. These figures reflect the ongoing volatility in Nigeria’s informal forex market, driven by persistent demand for dollars and limited supply outside official channels.

The black market rate, a critical barometer of the Naira’s street value, underscores the widening gap between the official exchange rate set by the Central Bank of Nigeria (CBN) and the realities of everyday transactions.

While the CBN has implemented measures to stabilize the Naira—including intermittent interventions in the forex market—traders report that the informal sector remains the go-to for many Nigerians needing foreign currency for imports, travel, or personal use. Economic analysts attribute today’s rates to a combination of factors, including Nigeria’s reliance on oil revenues, foreign exchange shortages, and speculative trading in the unregulated market.

In Lagos’ Wuse Zone 4, a popular currency exchange hub, Aboki traders noted a cautious optimism amid the day’s rates. “The market is unpredictable, but it’s been steady around this range for a few days,” said Musa Ibrahim, a veteran dealer. “People are watching the dollar closely—any news from the government or the CBN can shift things fast.” Similar sentiments echoed in Abuja, where the presence of government institutions often influences local currency dynamics.

The disparity between official and black market rates continues to pose challenges for businesses and individuals. For instance, exchanging $100 today would fetch approximately ₦167,000 at the buying rate, while selling the same amount would cost around ₦168,000—highlighting the slim margins and risks in the parallel market. This volatility has broader implications, affecting the cost of imported goods, inflation rates, and the purchasing power of everyday Nigerians.

The Central Bank of Nigeria maintains that it does not recognize the parallel market and urges citizens to use official banking channels for forex transactions. However, the convenience and higher rates Aboki traders offer keep the black market thriving.

As of now, no official statement has been released by the CBN regarding today’s parallel market trends, but economists suggest that without significant boosts to dollar liquidity, the Naira’s struggles may persist.

For Nigerians navigating this economic landscape, today’s Aboki rates serve as a stark reminder of the challenges ahead. With the Naira’s value in constant flux, vigilance and adaptability remain key in managing personal and business finances on February 20, 2025.