This article provides a detailed breakdown of the Dollar to naira exchange rate today, covering key platforms such as the black market (Aboki FX), the CBN rate, and P2P rates. It also explores how the current exchange rate is affecting the Nigerian economy

What is the dollar-to-naira exchange rate on the black market

The exchange rate for the US dollar (USD) to Nigerian naira (NGN) in the parallel market, also known as the black market, as of 26th May 2025, is N1,615 for 1 USD.

This rate is often sourced from the latest data provided by Bureau De Change (BDC) operators.

What Is the Dollar to Naira Exchange Rate at the Black Market Today (Aboki FX)?

The dollar to naira exchange rate at the black market—commonly referred to as the Aboki FX rate—often differs widely from the official rate set by the Central Bank of Nigeria (CBN). This is mainly due to the ongoing challenges in Nigeria’s foreign exchange market, particularly the demand and supply dynamics in the informal sector.

As of today, 26th May 2025, the black market rate for the US dollar is:

• Buying rate: ₦1,605

• Selling rate: ₦1,615

It’s important to note that these rates can change several times a day, depending on factors such as economic conditions, speculation, and government policies.

The consistent fluctuation in the dollar-to-naira rate at the black market reflects deeper issues like forex shortages, economic uncertainty, and inflation pressures.

In comparison, the CBN’s official exchange rate for the dollar stands at ₦1,580.44 today.

This growing gap between the black market rate and the CBN rate shows how much pressure the naira is currently under, and it highlights the ongoing challenges in stabilizing Nigeria’s foreign exchange market.

Black Market Exchange Rate Today

CBN Exchange Rate Today

50 Dollars to Naira Today Black Market

For people looking to exchange 50 US dollars today, the rate in the black market will be approximately N80,250 if obtained at the buying rate of N1,605 per dollar.

For those buying from retailers, it would cost N80,750 at the selling rate of N1,615 per dollar.

100 Dollars to Naira Today Black Market

Exchanging 100 US dollars today in the black market will get you N160,500 if sold at the current buying rate.

For those purchasing dollars, it will cost them N161,500. This rate of increase no doubt affects businesses, travelers, and others who need dollars and other foreign currencies for overseas transactions.

500 Dollars to Naira Today Black Market

A larger transaction of 500 US dollars will result in N802,500 at the buying rate and N807,500 at the selling rate in the black market today.

The higher volumes reflect the ongoing need for dollars in the business community.

1,000 Dollars to Naira Today Black Market

For those who need up to 1000 US dollars, the black market will offer N1,605,000 at the buying rate and N1,615,000 at the selling rate.

Latest Exchange Rate News and How It Is Affecting Nigeria’s Economy

The dollar to naira exchange rate continues to be a major talking point across Nigeria, with daily fluctuations influencing everything from food prices to business operations. Whether you’re following the black market rate via Aboki FX, the official CBN rate, or using P2P platforms, one thing is clear — the exchange rate has a real and growing impact on the country’s economy.

Why the Black Market Rate Keeps Changing

The black market rate is largely driven by demand and supply. With limited access to official forex channels, many Nigerians and businesses turn to the black market to get dollars, pushing the demand even higher. Other contributing factors include:

• Inconsistent government policies

• Forex reserves pressure

• High import dependency

• Market speculation

• Inflation and devaluation fears

How the Current Exchange Rate Affects Nigeria’s Economy

1. Rising Cost of Living

As the naira weakens, imported goods become more expensive  from food and electronics to fuel and medicine. This has led to a noticeable increase in the cost of living, especially for middle and low-income households.

2. Impact on Businesses

Many Nigerian businesses rely on imported raw materials and equipment. A high exchange rate means they now pay more in naira for the same dollar-denominated goods, cutting into profits and driving up product prices.

3. Pressure on Local Production

While the government encourages local production to reduce import dependence, the cost of machinery and international inputs makes it tough for local manufacturers to compete, especially with limited access to official forex.

4. Investor Confidence

Foreign investors are often cautious in markets where currency value is unstable. The wide gap between the CBN and black market rates creates uncertainty, which may lead to capital flight or reduced foreign direct investment (FDI).

5. P2P and Cryptocurrency Influence

In the face of forex scarcity, many Nigerians now turn to peer-to-peer (P2P) platforms to buy and sell foreign currency, often at rates similar to or even higher than black market rates. This unregulated space complicates government efforts to control exchange flows

What Is the Government Doing?

The Central Bank of Nigeria has made several moves to stabilize the naira, including:

• Limiting access to forex for certain imports

• Unifying exchange rate windows

• Collaborating with other financial institutions to track illegal forex activities

• Considering the reintroduction of some currency controls

However, critics argue that these steps are not enough without stronger economic policies, increased production, and a transparent forex management system

What Can Nigerians Do?

While individuals may not control the forex market, staying informed is crucial. Here are a few tips:

• Monitor daily rates from trusted sources (e.g., CBN, Aboki FX)

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• Consider alternatives like local products instead of imports

• For businesses, factor exchange rate risks into pricing and sourcing

• Stay cautious with P2P forex platforms and cryptocurrency trades

Conclusion

The exchange rate situation in Nigeria is more than just numbers; it affects jobs, prices, and the entire economy. As the naira continues to face pressure from both local and international factors, the key to stability lies in a combination of good governance, sound monetary policy, and increased local production.

Whether you’re a business owner, student, or investor, it’s important to understand how these exchange rates work  and how they shape the economic environment we all live in.