Aboki Naira To Dollar Black Market Rate Today 2nd March 2025
The black market exchange rate for the Nigerian Naira (NGN) against the US Dollar (USD), commonly referred to as the “Aboki rate,” has shown slight fluctuations today, reflecting ongoing economic dynamics in Nigeria’s informal forex market.
According to currency traders in Lagos and Abuja, as of this morning, the US Dollar is being bought at approximately ₦1,497 and sold at ₦1,510 in the Lagos Parallel Market, placing the average rate around ₦1,503.50 per dollar.
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Reports from Bureau De Change (BDC) operators indicate that these rates mark a marginal shift from yesterday’s figures, which hovered between ₦1,490 and ₦1,510. Traders attribute this relative stability to a temporary equilibrium in dollar supply and demand within the black market despite persistent economic pressures such as inflation and limited foreign exchange liquidity in the official market.
In Abuja, some dealers quoted slightly higher selling rates—up to ₦1,515—due to regional demand and transportation costs, though the variance remains minimal.
Given the challenges in accessing dollars through official banking channels, the Aboki exchange rate continues to serve as a critical economic indicator for many Nigerians who rely on the parallel market for foreign currency. Economic analysts note that the Naira’s performance in the black market often reflects public sentiment toward Nigeria’s monetary policies.
“The tight spread between buying and selling rates today suggests cautious optimism among traders,” said Amina Yusuf, a currency analyst based in Lagos. “However, with global oil prices fluctuating and forex reserves under strain, this stability could be short-lived.”
The Central Bank of Nigeria (CBN) does not recognize the parallel market and encourages citizens to use formal banking systems for forex transactions.
Nonetheless, the black market remains a lifeline for small businesses, travellers, and individuals amid ongoing forex scarcity. For example, exchanging $100 today would yield approximately ₦149,700 at the buying rate or cost ₦151,000 at the selling rate, highlighting the premium placed on dollars in the informal sector.
