Below is a detailed report of the Latest Exchange Rate of Dollar to Naira in Nigeria Today.
As of today, Friday, 2nd 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:
-
₦1,602 (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.
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 |
What Are The Factors Affecting The Black Market Exchange Rates In Nigeria?
The black market exchange rates in Nigeria have been a subject of concern for many years. The exchange rate of the Nigerian Naira to foreign currencies such as the US dollar, British pounds, and the Euro has always been a matter of interest for many Nigerians. The black market rates are the unofficial exchange rates that are used outside the official channels. In this article, we will look at the factors affecting the black market exchange rates in Nigeria.
One of the major factors affecting the black market exchange rates in Nigeria is the demand and supply of foreign currencies. Nigeria is an import-dependent country, and as such, there is always a high demand for foreign currencies such as the US dollar, British pounds, and the Euro. The higher the demand for these currencies, the higher the black market rates. On the other hand, when there is a surplus supply of these currencies, the black market rates will decrease.
Another factor affecting the black market exchange rates in Nigeria is the state of the Nigerian economy. The Nigerian economy is highly dependent on oil exports, and as such, any fluctuations in the global oil prices can have a significant impact on the exchange rates. When the oil prices are high, the Nigerian economy will experience an inflow of foreign currencies, which will lead to a decrease in the black market rates. Conversely, when the oil prices are low, the economy will experience a shortage of foreign currencies, which will lead to an increase in the black market rates.
Political instability is another factor that affects the black market exchange rates in Nigeria. Nigeria has a history of political instability, and this has had a significant impact on the country’s economy. When there is political instability in the country, foreign investors tend to shy away from investing in Nigeria, which leads to a shortage of foreign currencies. This shortage of foreign currencies leads to an increase in the black market rates.
The level of inflation in Nigeria is also a factor that affects the black market exchange rates. When the inflation rate is high, the value of the Naira decreases, which leads to an increase in the black market rates. On the other hand, when the inflation rate is low, the value of the Naira increases, which leads to a decrease in the black market rates.
Finally, the black market exchange rates in Nigeria are affected by various factors such as demand and supply of foreign currencies, the state of the Nigerian economy, political instability, and inflation. It is essential to keep an eye on these factors to understand how they affect the black market rates. As of today, 1 dollar to naira on the black market can be seen from the table above. However, it is important to note that the black market rates are not official, and it is always advisable to use the official exchange rates when making transactions.
