Naira Falls Again: Black Market Rate Hits ₦1,595 – March 22, 2025
The black market exchange rate for the Nigerian Naira (NGN) against the United States Dollar (USD) remains a key concern for businesses, traders, and individuals across Nigeria today, Saturday, March 22, 2025.
Reports from local currency dealers, commonly known as “Aboki” traders, indicate ongoing fluctuations in the parallel market, driven by economic pressures and sustained demand for foreign currency.
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As of this morning, in major cities such as Lagos, Abuja, and Kano, the US Dollar is being bought at approximately ₦1,580 and sold at ₦1,595 per dollar. These figures reflect a slight depreciation of the Naira compared to earlier in the week, as traders cite increased demand for dollars. However, rates may vary slightly depending on location and individual Aboki dealers, given the unregulated nature of the parallel market.
Economic analysts link today’s rates to factors such as limited forex supply through official channels, rising inflation, and speculative trading. “The demand for dollars remains high due to import needs and international transactions, while the Central Bank of Nigeria’s (CBN) interventions have yet to fully bridge the gap, leading many to the black market,” explained Chinedu Okeke, a Lagos-based financial analyst.
Meanwhile, the official exchange rate set by the CBN is typically lower, though real-time data for today’s official rate was unavailable at the time of reporting. The persistent gap between the official and black market rates continues to drive individuals and businesses toward the parallel market for faster forex access, despite the risks associated with unregulated transactions.
On social media, discussions about the Naira’s performance are trending, with many Nigerians voicing concerns over currency depreciation while others share strategies for navigating the volatile forex market. The Aboki exchange network remains a go-to source for real-time black market rates, providing crucial updates for those monitoring currency trends outside the formal banking system.
For those engaging in currency exchanges today, experts urge caution. “Always confirm rates with trusted dealers and avoid large transactions without proper verification to mitigate risks,” advised Amina Yusuf, a currency trader at Abuja’s Wuse Zone 4 market.
As Nigeria’s economic landscape shifts, the black market exchange rate remains a vital indicator of the Naira’s street value. Stay tuned for updates as market conditions evolve and potential CBN policy adjustments emerge throughout the day.
