Naira Falls Again: Black Market Rate Hits ₦1,539 – March 29, 2025
The Nigerian Naira remains volatile against the US Dollar in the black market, reflecting ongoing economic pressures and forex market dynamics.
On Saturday, March 29, 2025, the Aboki black market exchange rate for one US Dollar is approximately ₦1,539, according to local currency traders in key hubs such as Lagos, Abuja, and Abeokuta.
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Reports from street-level dealers, commonly known as “Aboki” traders, indicate a slight increase from yesterday’s rate of ₦1,535, signalling a minor depreciation of the Naira. The buy rate currently stands at around ₦1,530, while the sell rate is pegged at ₦1,545, reflecting the usual spread in the parallel market. This shift comes amid persistent dollar scarcity in official channels, driving demand toward the black market despite ongoing efforts by the Central Bank of Nigeria (CBN) to stabilize the currency.
Analysts attribute today’s exchange rate movement to various factors, including global oil price trends—Nigeria’s primary source of forex earnings—and speculative trading. “The Naira remains under pressure due to limited dollar inflows and high demand from importers and individuals,” said local forex analyst Tunde Adebayo. “Until liquidity improves in official markets, the black market will continue to be a key indicator of the Naira’s street value.”
The CBN’s official rate, typically lower than the black market rate, was not immediately available for comparison. However, recent policy measures aimed at curbing forex speculation have yet to significantly narrow the gap between the two markets.
For Nigerians relying on the black market for dollar transactions—whether for travel, imports, or remittances—the current rate highlights the ongoing challenge of accessing foreign currency at affordable levels. Traders advise caution, urging individuals to verify rates with reputable dealers to avoid scams common in the informal market.
Further fluctuations may occur as the day progresses, as hourly rate shifts are a hallmark of the Aboki exchange system. Stay tuned for updates as the forex landscape continues to evolve.
