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

The Nigerian Naira continues to face pressure against the US Dollar in the parallel market, commonly referred to as the “Aboki” black market, as currency traders report fluctuating exchange rates on this day.

As of today, Friday, March 07, 2025, Bureau De Change (BDC) operators in key hubs like Lagos and Abuja have pegged the buying rate for the US Dollar at approximately ₦1,515 and the selling rate at ₦1,525, according to sources familiar with the market.

Currency traders attribute this movement to ongoing foreign exchange scarcity, heightened demand for dollars, and economic uncertainties impacting Nigeria’s forex market. “The supply just isn’t meeting the demand right now,” said Musa Ibrahim, a trader in Lagos’ bustling Wuse Zone 4 market. “People need dollars for imports, school fees, and travel, but the official channels are still tight.”

The Central Bank of Nigeria (CBN) does not recognize the parallel market and continues to encourage citizens to access foreign exchange through formal banking systems. However, with official rates often lagging behind and limited dollar availability, the black market remains a critical lifeline for many Nigerians, small businesses, and informal traders.

Economic analysts note that the disparity between the official rate—hovering around ₦1,554 according to historical data from currency converters like Wise—and the black market rate underscores the challenges in stabilizing the Naira.

In Abuja, some traders reported slightly higher rates, with selling prices reaching ₦1,530, reflecting regional variations driven by transportation costs and local demand. “It’s a daily gamble,” said Aisha Bello, a currency exchanger in the capital. “We adjust based on what we hear from other markets and how much dollar cash is moving.”

The Naira’s performance in the black market has long been a barometer of public confidence in Nigeria’s monetary policies. With inflation pressures persisting and global oil prices—a key driver of Nigeria’s forex earnings—remaining volatile, experts suggest the Naira could face further tests in the coming weeks. “The stability we’ve seen recently might not hold if dollar inflows don’t improve,” warned Chinedu Okeke, a Lagos-based financial analyst.

For now, Nigerians relying on the Aboki market for their forex needs continue to navigate a complex and unpredictable landscape. As of today, exchanging $50 on the black market would fetch around ₦75,750 at the selling rate, while $100 would net approximately ₦151,500—figures that highlight the premium placed on the dollar in this informal economy.

The situation remains fluid, with traders and citizens alike keeping a close eye on local and international developments that could further sway the rates.

For the latest updates, many turn to platforms like Aboki Forex and social media discussions, where real-time sentiments and rates are shared widely.