Aboki Naira To Dollar Black Market Rate Today 7th February 2025

As of today, Friday, February 7, 2025, the Nigerian Naira has shown slight fluctuations against the US Dollar in the parallel market, popularly known as the “Aboki” or black market.

According to recent updates from various sources, including posts on social media and reports from currency exchange platforms, the black market exchange rate for the US Dollar to Naira has been recorded at the following rates:

• Buying Rate (USD to NGN): ₦1,570  
• Selling Rate (USD to NGN): ₦1,580

These rates reflect the average prices observed across major trading hubs in Nigeria, particularly in Lagos and Abuja, as shared by traders and online platforms monitoring the parallel market. However, it is important to note that black market rates can vary slightly depending on location, the volume of transactions, and the availability of foreign currency.

The black market remains a critical indicator of the Naira’s real-time value, often diverging from the official exchange rates set by the Central Bank of Nigeria (CBN). The CBN continues to caution against using the parallel market for foreign exchange transactions, urging individuals and businesses to utilize authorized banking channels. Despite this, the black market remains a preferred option for many due to its accessibility and the perceived scarcity of dollars in the official market.

Recent economic policies, fluctuations in oil revenues, and Nigeria’s ongoing challenges with foreign exchange liquidity have continued to exert pressure on the Naira. The disparity between the official and black market rates underscores the complexities of Nigeria’s dual exchange rate system, with the official rate often lagging behind the street-level reality.

Social media posts and updates from platforms like Abokiforex.app and others suggest a cautious but stable sentiment in the market today. While the Naira has experienced depreciation in recent months, today’s rates indicate a marginal improvement compared to earlier in the week, when the dollar was reportedly bought at ₦1,605 and sold at ₦1,615 in some areas.

Economic analysts note that factors such as government debt, inflation, and global oil prices will continue to influence the Naira’s performance in both the official and parallel markets. The recent stability in the black market rates could be attributed to slight improvements in market confidence, though traders remain wary of sudden shifts.

For those engaging in foreign exchange transactions, experts recommend exercising caution when dealing with black market operators. Here are some tips:

• Verify Rates: Always check the latest rates from trusted sources before exchanging currency.
• Use Reputable Dealers: Avoid unofficial or unverified traders to minimize the risk of scams.
• Stay Informed: Monitor economic developments and policy announcements that could impact exchange rates.

As Nigeria navigates its economic challenges, the black market will likely remain a key barometer of the Naira’s value. Analysts suggest that sustained efforts to boost foreign exchange reserves, improve productivity, and attract foreign investment will stabilize the currency long-term.

For the latest Aboki Naira to Dollar black market rates updates, traders and consumers are encouraged to consult reliable platforms and stay informed about economic trends.

Disclaimer: The Central Bank of Nigeria does not regulate the black market, and rates are subject to rapid change. This report is for informational purposes only and does not constitute financial advice.