What is the current dollar to naira exchange rate at the black market (also known as the parallel market or Aboki FX)?
Below is the black market exchange rate for the dollar to naira as of Friday, May 9, 2025. These are the prevailing rates at which individuals can exchange their dollars for naira through Bureau De Change (BDC) operators.
Black Market (Aboki FX) Dollar to Naira Exchange Rate Today
According to reports from currency dealers in Lagos and other major cities, the dollar is being bought at ₦1620 and sold at ₦1627 in the black market on Friday, May 9, 2025.
This rate reflects the ongoing fluctuations in Nigeria’s parallel currency market, where demand for the U.S. dollar continues to outpace supply.
Important Disclaimer
The Central Bank of Nigeria (CBN) does not officially recognize or endorse transactions conducted through the black market. The apex bank has consistently urged individuals and businesses seeking foreign exchange to use regulated financial institutions and approach their respective banks.
However, due to the less favourable rates and bureaucratic hurdles often associated with official channels, many Nigerians continue to patronize the black market. This reality underscores the widening gap between official and unofficial exchange rates and the urgent need for more transparent, accessible currency policies.
Dollar to Naira Black Market Rate – May 9, 2025
- Buying Rate: ₦1620
- Selling Rate: ₦1627
Dollar to Naira CBN Rate – May 9, 2025
As of the latest update from the CBN:
- Highest Rate: ₦1614
- Lowest Rate: ₦1608
These official rates are subject to frequent adjustments due to market dynamics and policy shifts.
Why the Difference in Exchange Rates?
The wide disparity between the black market and official exchange rates reflects the underlying instability in Nigeria’s forex market, as well as the challenges faced by businesses and individuals who require dollars for trade, tuition, travel, or medical expenses.
This ongoing volatility continues to drive many toward the parallel market, despite its unregulated nature.
Caution for Forex Buyers and Sellers
Please be advised that the rates mentioned in this article are indicative figures and may vary based on your location, negotiation, and the volume of the transaction. Always confirm with trusted sources or BDC operators before making large exchanges.
For real-time updates on forex, economic policies, and financial trends in Nigeria, stay connected with TJ News Nigeria.
