The exchange rate between the US dollar and the Nigerian naira continues to fluctuate amid ongoing economic adjustments.
As of Sunday, April 6, 2025, the black market rate commonly referred to as the Aboki rate recorded a buying price of ₦1,560 per dollar, while the selling price stood at ₦1,565 per dollar.
These figures are based on information gathered from key operators at the Lagos Parallel Market, specifically dealers within the Bureau De Change (BDC) sector. This segment of the forex market is often relied upon by individuals and businesses unable to access foreign exchange through official channels.
Today’s Black Market Dollar to Naira Rate
- Buying Rate: ₦1,560
- Selling Rate: ₦1,565
Official CBN Dollar to Naira Exchange Rate
In contrast to the rates in the parallel market, the Central Bank of Nigeria (CBN) publishes official exchange rates, which often vary significantly. As of today, the CBN-listed rates range from:
- Highest Rate: ₦1,625
- Lowest Rate: ₦1,519
It’s crucial to understand that the CBN does not recognize transactions carried out in the parallel market. The regulatory body has repeatedly urged individuals and businesses to conduct their forex dealings through regulated financial institutions, primarily commercial banks.
Why the Rate Difference?
The disparity between the official and parallel market rates is driven by a combination of factors including:
- Limited access to forex through banks
- High demand for foreign currencies by importers, students, and travelers
- Fluctuating oil revenues and inflationary pressures
- Economic policy uncertainty and inconsistent supply of forex
Important Reminder
Foreign exchange rates can change rapidly due to market dynamics. Therefore, the buying or selling rate you encounter may differ slightly depending on your location, the time of the transaction, or the amount of forex involved.
For accurate and timely forex updates, it is advisable to monitor both the CBN’s official announcements and reliable black market sources, especially for business transactions, international travel, or tuition payments abroad.
