Dollar to Naira Exchange Rate Today – Black Market (Aboki Dollar Rate)
As of Saturday, March 29, 2025, the exchange rate for the U.S. dollar to Nigerian naira in the Lagos Parallel Market, also known as the black market, is as follows:
- Buying Rate: ₦1,570 per dollar
- Selling Rate: ₦1,580 per dollar
These rates were obtained from sources within the Bureau De Change (BDC) sector.
Official CBN Exchange Rate
While the black market rates fluctuate based on demand and supply, the Central Bank of Nigeria (CBN) has a different official exchange rate structure. According to the latest figures:
- Highest Rate: ₦1,542 per dollar
- Lowest Rate: ₦1,520 per dollar
It is essential to note that the CBN does not recognize the parallel market and has repeatedly advised individuals and businesses to obtain foreign exchange through official banking channels.
Understanding the Forex Market in Nigeria
The foreign exchange market in Nigeria operates through multiple channels. While the CBN maintains an official rate, many individuals and businesses resort to the black market due to the scarcity of forex in banks. This disparity often leads to fluctuations in exchange rates between the official and parallel markets.
The black market is influenced by several factors, including:
- Demand for Foreign Currency: A high demand for the dollar, especially for imports, travel, and business transactions, can drive up rates.
- CBN Policies: Any restriction on forex availability through banks tends to push more people toward the black market.
- Economic Stability: Inflation, foreign reserves, and global economic trends also impact the value of the naira against the dollar.
Why Do Exchange Rates Vary?
The rates at which individuals buy and sell dollars may differ due to various reasons, including location, negotiation power, and the dealer’s liquidity. To get the best possible rate, it is advisable to compare prices from different sources.
As the forex market remains volatile, individuals and businesses should stay informed about current rates and market trends to make sound financial decisions. Those engaging in foreign exchange transactions should also be cautious of fraudulent dealers and ensure they conduct business with reputable sources.
For daily updates on exchange rates, economic policies, and market trends, stay connected to reliable financial news platforms.
