Naira to Dollar Black Market Exchange Rate Today – March 17, 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 in Nigeria as of today, Monday, March 17, 2025. Reports from Aboki currency traders in major hubs like Lagos, Abuja, and Kano indicate continued fluctuations in the Naira’s value in the parallel market.

As of this morning, currency dealers in Abuja’s Zone 4 market reported a buying rate of approximately ₦1,580 per dollar, while the selling rate hovered around ₦1,595. Similar rates were observed in Lagos, with minor variations based on location and demand. Meanwhile, traders in Kano reported a slightly higher selling rate of ₦1,600, reflecting regional differences in supply and demand.

The parallel market remains a crucial source of foreign exchange for many Nigerians due to restricted access to official channels regulated by the Central Bank of Nigeria (CBN). The persistent gap between the official and black market exchange rates underscores key economic challenges, including dollar scarcity, inflation, and fluctuating global oil prices, which impact the Naira’s stability.

Economic analysts attribute today’s rates to strong dollar demand by importers and individuals looking to hedge against inflation, coupled with limited foreign currency supply in the official market. Despite ongoing CBN interventions to stabilize the Naira, the parallel market continues to thrive due to the immediate needs of businesses and consumers.

Traders advise caution when engaging in black market transactions, emphasizing the importance of dealing with reputable Aboki exchangers to avoid scams. They also note that exchange rates may fluctuate throughout the day based on market conditions.

For real-time updates on the Naira to Dollar exchange rate, individuals are encouraged to monitor financial platforms or consult local currency dealers. As Nigeria navigates ongoing economic challenges, the black market exchange rate remains a critical indicator of the Naira’s performance in the informal sector.