Naira Crashes to ₦1,590 Per Dollar on Black Market – March 19, 2025

On Wednesday, March 19, 2025, the black market exchange rate for the US Dollar (USD) to Nigerian Naira (NGN) remains volatile, reflecting Nigeria’s ongoing economic pressures.

Reports from currency dealers in key markets such as Lagos, Abuja, and Kano indicate that the Aboki black market rate stands at approximately ₦1,580 to buy and ₦1,590 to sell per dollar. These rates highlight persistent fluctuations, underscoring the instability in Nigeria’s parallel forex market.

The black market, often referred to as the Aboki exchange, remains a primary source of foreign currency for Nigerians due to restrictions in official forex channels regulated by the Central Bank of Nigeria (CBN). While the CBN’s official rate is lower, the parallel market reflects real-time supply and demand, influenced by foreign exchange shortages, inflation, and global oil price trends—key factors shaping Nigeria’s oil-dependent economy.

Currency traders in Lagos’ Zone 4 market report a consistent demand for dollars, driven by importers and individuals hedging against the Naira’s depreciation. “The rate has been hovering around this range for days,” said a dealer who requested anonymity. “People are still scrambling for dollars, but supply is limited.” Similar trends were observed in Abuja and Kano, where slight regional variations exist due to local market conditions.

Economic analysts attribute the sustained high exchange rates to dwindling foreign exchange inflows and speculative trading. Despite CBN’s attempts to stabilize the Naira, the widening gap between official and black market rates continues, raising concerns about the effectiveness of current monetary policies. Businesses and citizens remain focused on the Naira’s performance, with many hoping for increased dollar liquidity in the coming months.

Nigerians are advised to monitor reliable platforms and currency dealers for real-time updates on the Aboki Naira to Dollar exchange rate, as fluctuations can occur rapidly throughout the day. As of March 19, 2025, the parallel market remains a crucial indicator of Nigeria’s economic landscape.