Aboki Naira To Dollar Black Market Rate Today 27th February 2025
On Thursday, February 27, 2025, the Nigerian Naira showed minor shifts in value against the US Dollar in the parallel market, commonly referred to as the black market.
According to reports from Bureau De Change (BDC) operators in key trading hubs like Lagos and Abuja, the exchange rate for one US Dollar hovered around ₦1,500, with buying rates averaging ₦1,490 and selling rates reaching ₦1,510 as of this morning.
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Currency traders attributed the slight fluctuation to ongoing economic pressures and speculative demand, which continue to influence the Naira’s performance in the unregulated market. “The rate has been fairly stable this week, but small changes like this are normal due to supply and demand dynamics,” said a trader in Lagos’s bustling Wuse Zone 4 market.
The black market rate, often higher than the official exchange rate set by the Central Bank of Nigeria (CBN), reflects the challenges individuals and businesses face in accessing foreign currency through formal channels.
In contrast, the CBN’s official rate stood at ₦1,500.73 per US Dollar as of February 26, closing the gap slightly with the parallel market.
Analysts suggest this convergence may indicate efforts by policymakers to stabilize the forex market, though disparities remain a persistent issue. “The Naira’s value is still under pressure from limited dollar inflows and high demand for imports,” noted an economic commentator based in Abuja.
The black market remains a critical lifeline for many Nigerians, despite the CBN’s stance against its use and directives to channel forex transactions through banks. Traders caution that rates can vary across regions and even throughout the day, urging those engaging in currency exchange to stay informed and deal with reputable operators to avoid scams.
As Nigeria navigates its complex economic landscape, the Naira’s performance in both official and parallel markets continues to be a focal point for citizens and investors alike. With no major policy announcements expected today, all eyes remain on how market forces will shape the exchange rate in the coming days.
