Dollar to Naira Black Market Rate Today – 1st May 2025
As of today, Thursday, 1st May 2025, the exchange rate for the US dollar to naira at the black market (also known as the parallel market or Aboki fx) is:
₦1,595 (Buying)
₦1,610 (Selling)
This rate reflects the ongoing scarcity of the US Dollar in Nigeria’s official market, pushing individuals and businesses to rely on black market vendors for their foreign exchange needs.
Important: The black market rates may vary slightly depending on your location (Lagos, Abuja, Kano, Port Harcourt) and your dealer. Always confirm with trusted Abokis before making transactions.
CBN Official Dollar to Naira Exchange Rate – 1st May 2025
According to the Central Bank of Nigeria (CBN):
Official Rate: ₦1,601.40 per $1 (source: XE.com & CBN)
The significant difference between the official CBN rate and the black market rate continues to widen due to forex shortages and rising demand in the informal sector.
Dollar to Naira Exchange Rate Table (1st May 2025)
| Exchange Platform | Buying Rate | Selling Rate |
|---|---|---|
| Black Market (Aboki fx) | ₦1,595 | ₦1,610 |
| CBN Official Rate | ₦1,601.40 | ₦1,601.40 |
| Bureau De Change (Avg) | ₦1,600 | ₦1,615 |
| Western Union Rate | Varies by location | Varies |
Why Is the Black Market Rate Different from the Official Rate?
There are several reasons the black market exchange rate continues to be higher than the CBN official rate:
1. Forex Scarcity
The Central Bank has limited forex supply to banks and BDCs, leaving many importers and travelers no choice but to source dollars through informal channels.
2. Import Dependency
Nigeria heavily relies on imported goods, increasing the demand for foreign currencies—especially the US dollar.
3. Speculation and Inflation
As naira depreciates, many individuals and businesses rush to convert their naira into dollars for preservation, further straining the market.
4. Fluctuating Oil Prices
Oil exports contribute majorly to Nigeria’s foreign reserves. Any instability in oil prices impacts the country’s ability to defend the naira.
Recent Trends in Dollar to Naira (April – May 2025)
| Date | Black Market Rate (₦/$1) |
|---|---|
| April 30 | ₦1,590 – ₦1,605 |
| April 25 | ₦1,580 – ₦1,600 |
| April 20 | ₦1,575 – ₦1,590 |
| April 15 | ₦1,560 – ₦1,585 |
| April 10 | ₦1,555 – ₦1,570 |
The above table shows how the dollar has maintained steady gains against the naira. Experts suggest continued pressure unless Nigeria’s forex inflows increase significantly.
Should You Buy Dollars from the Black Market?
While the parallel market may offer quicker access to foreign exchange, it comes with risks:
Volatile rates
No official protection or regulation
Risk of counterfeit currency
Varying rates by location
Always ensure you deal with a trusted currency trader and verify all transactions.
Black Market Exchange Rate for 1st May 2025
The black market dollar to naira exchange rate today, May 1st, 2025, continues to reflect Nigeria’s ongoing forex challenges and economic instability. As we move forward, traders, travelers, and investors are advised to stay informed and cautious in their dealings.
FAQs – Black Market Dollar to Naira Today
1. What is the dollar to naira black market rate today?
As of May 1st, 2025, the rate is around ₦1,595 – ₦1,610 per dollar.
2. Why is the black market rate different from the CBN rate?
Because of limited forex access from the CBN, many Nigerians turn to the black market, where demand drives up prices.
3. Where can I check daily black market rates in Nigeria?
Visit trusted platforms like ngnrates.com, xe.com, and follow reliable Aboki exchange rate blogs.
4. Is it illegal to buy dollars from the black market?
While it’s not officially endorsed, many Nigerians use the parallel market due to unavailability at banks. However, always be cautious.
