Aboki Naira To Dollar Black Market Rate Today 21st February 2025
As of Friday, February 21, 2025, the Nigerian Naira has recorded a modest gain against the US Dollar in the black market, also known as the parallel market.
According to currency traders, popularly referred to as “Aboki” dealers operating in key hubs like Lagos and Abuja, the exchange rate for 1 USD is hovering around ₦1,500. This marks a slight appreciation from rates reported earlier in the week, reflecting subtle shifts in the informal forex market.
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Reports from the streets indicate that the buying rate for the US Dollar stands at approximately ₦1,490, while the selling rate is pegged at ₦1,500. These figures, sourced from local Bureau De Change (BDC) operators, highlight the ongoing volatility in Nigeria’s parallel market, driven by factors such as forex supply shortages, speculative trading, and economic policies.
The black market rate remains significantly higher than the official Central Bank of Nigeria (CBN) rate, underscoring the persistent disparity between regulated and unregulated forex channels.
Currency dealers noted that today’s rate reflects a cautious optimism among traders, possibly fueled by rumors of increased dollar inflows or anticipated government interventions to stabilize the Naira. However, they cautioned that the market remains unpredictable, with rates subject to rapid daily fluctuations. “The dollar is still strong, but we’re seeing some calm today. Let’s see how it goes by evening,” said Musa Ibrahim, a trader in Lagos’ bustling Wuse Zone 4 market.
The appreciation comes amid broader economic challenges in Nigeria, including inflation and a reliance on imported goods, which continue to exert pressure on the Naira. Analysts suggest that while the slight uptick is a welcome development for those exchanging dollars, it may not yet signal a sustained recovery. The parallel market, unregulated by the CBN, remains a critical lifeline for businesses and individuals unable to access foreign currency through official channels.
For context, posts on social media this morning align with these observations, with some users reporting a black market rate of ₦1,500 per USD as of 08:00 AM WAT. This sentiment echoes the real-time nature of the informal market, where rates can differ slightly by location and dealer.
The CBN has consistently distanced itself from the parallel market, urging Nigerians to conduct forex transactions through licensed banks. However, the black market’s accessibility and responsiveness to immediate demand continue to dominate Nigeria’s currency exchange landscape.
As the day progresses, all eyes will be on whether this minor gain holds or if external pressures push the Naira back into depreciation. For now, the Aboki rate of ₦1,500 to 1 USD offers a glimmer of relief in an otherwise turbulent forex environment.
