Looking for the dollar to naira black market rate today? As of Monday, 7 July 2025, here’s the latest update on the parallel market (also known as Aboki FX) exchange rate in Nigeria.
According to data gathered by NewsOnline Nigeria and verified Bureau De Change (BDC) sources in Lagos, the black market opened at:
Buying Rate: ₦1,580 per $1
Selling Rate: ₦1,585 per $1
These figures reflect the demand-driven nature of the naira to dollar exchange rate on the black market, which can fluctuate multiple times daily based on forex availability and economic sentiments.
The dollar to naira exchange rate at the black market is unofficial and typically higher than the Central Bank of Nigeria (CBN) rate, due to limited forex supply from official channels.
If you’re checking the official exchange rate for USD to NGN, here’s what the Central Bank of Nigeria (CBN) reported:
Buying Rate: ₦1,575 per $1
Selling Rate: ₦1,580 per $1
The CBN discourages participation in the black market and urges all forex transactions to go through authorized banks and licensed financial institutions.
The black market (Aboki FX) rate is unregulated and can vary based on location, dealer, and volume of transaction. It’s crucial to:
Stay updated with real-time exchange rates
Confirm the rate with your local dealer before transacting
Exercise caution to avoid scams
Engaging in currency exchange outside official channels carries some risk. Here are tips for safely exchanging dollars on the black market:
Use reputable dealers with a known track record.
Always ask for a written receipt during the exchange.
Know the current market rate to avoid being underpaid.
Avoid exchanging large sums in one transaction unless you’re certain of the dealer’s credibility.
Several factors play a role in the rise or fall of the USD to NGN black market rate, including:
Supply and demand for foreign currency
Economic and political stability in Nigeria and the U.S.
Global oil prices, which influence Nigeria’s forex earnings
Speculation and market sentiment
| Market | Buying Rate | Selling Rate |
|---|---|---|
| Black Market (Aboki FX) | ₦1,580 | ₦1,585 |
| CBN Official Rate | ₦1,575 | ₦1,580 |
The rates listed here are for informational purposes and may vary depending on the source or region. Always double-check rates before making any financial decisions.
GTCO has announced record ₦12.76 dividend as shareholders applaud strong 2025 performance. NewsOnline Nigeria…
Datti Baba-Ahmed has dumped Labour Party and is set to join Peoples Redemption Party. …
Labour Party has elected Nenadi Usman as First Female National Chairman ahead of 2027 elections.…
It is often worth asking: why do some people struggle to acquire everything; wealth, influence,…
It is becoming increasingly difficult to ignore a troubling reality in Nigeria today: the gap…
It is deeply troubling that many of the people suffering the most from bad governance…
