Aboki Naira To Dollar Black Market Rate Today 9th March 2025

The Nigerian Naira (NGN) continues to experience fluctuations against the US Dollar (USD) in the parallel (black) market, with the exchange rate on Sunday, March 9, 2025, reflecting ongoing economic pressures and demand for foreign currency.

According to reports from Bureau De Change (BDC) operators, commonly referred to as “Aboki” traders, the black market exchange rate for the Naira to Dollar today stands at an average buying rate of ₦1,510 and a selling rate of ₦1,530 per US Dollar.

Financial experts note that these rates indicate a slight shift from yesterday’s figures, which hovered between ₦1,500 and ₦1,520, depending on the region. In major hubs like Lagos and Abuja, some dealers reported selling rates as high as ₦1,535, citing increased demand for dollars amid limited supply in the official foreign exchange market.

The black market, which operates outside formal banking channels, remains a critical source of foreign currency for many Nigerians due to restrictions and delays in accessing dollars through official means.

Traders attribute the relative stability in today’s rates to a temporary balance in dollar supply and demand within the parallel market. However, persistent economic challenges continue to exert pressure on the Naira, including inflation, reduced foreign exchange liquidity, and speculative activities. “The demand for dollars is still high, especially from businesses and individuals who cannot access the official market. This keeps the black market rates elevated,” said a currency trader in Wuse Zone 4, Abuja, a known hub for BDC operations.

The Central Bank of Nigeria (CBN) has repeatedly cautioned against reliance on the black market, emphasizing efforts to stabilize the Naira through interventions in the official foreign exchange market. Despite these efforts, the gap between the official exchange rate and the black market rate remains significant, with the official rate reported at approximately ₦1,554 to the dollar as of this week, according to financial platforms like Western Union and Wise.

In regional variations, some traders in Lagos quoted a slightly lower selling rate of ₦1,525; in Kano, rates were reported at ₦1,530. These differences highlight the unregulated nature of the black market, where rates can vary based on location, demand, and the availability of dollars. Analysts warn that without increased foreign exchange inflows and improved economic policies, the Naira may face further depreciation in the coming months.

Experts advise caution for Nigerians relying on the black market when engaging with currency dealers. “Always verify rates from trusted sources and deal with reputable Aboki traders to avoid scams,” cautioned a financial analyst. The public is also encouraged to monitor official channels for updates on government interventions aimed at stabilizing the currency.

As of today, March 9, 2025, the Aboki Naira to Dollar black market rate serves as a key economic indicator, reflecting Nigeria’s economy’s broader challenges.

With the current trends, many are hopeful that ongoing reforms and increased dollar supply will eventually narrow the gap between the official and parallel market rates, providing relief to businesses and individuals alike.