Dollar‑to‑Naira Exchange Rates (Friday, 16 May 2025)
Black‑Market (Lagos “Aboki”) Rates
According to several Bureau De Change (BDC) operators surveyed in Lagos:
| Rate (₦) | |
|---|---|
| Buying | 1 USD = ₦1,622 |
| Selling | 1 USD = ₦1,635 |
These quotations reflect cash transactions on the informal, over‑the‑counter market and can shift by the hour as dealers respond to supply‑and‑demand pressures.
Official CBN Window
The Central Bank of Nigeria (CBN) publishes a daily reference band for authorised dealers:
| Rate (₦) | |
|---|---|
| Highest | ₦1,603 |
| Lowest | ₦1,597 |
The CBN discourages the use of street trading for foreign exchange and advises individuals or businesses to route transactions through their banks.
Why the Two Markets Differ
- Liquidity Constraints: Limited US‑dollar supply in formal channels nudges importers and travellers toward the black market, where premiums emerge.
- Speculative Demand: Expectations of further naira weakening often push up “Aboki” prices ahead of official adjustments.
- Policy Announcements: Any hint of tighter import controls or changes to fuel‑subsidiary rules sparks fresh demand for dollars as a hedge.
- Remittances & Diaspora Flows: Seasonal spikes such as during summer holidays can momentarily ease black‑market rates if inflows rise.
Practical Tips for Forex Users
- Compare Quotes in Real Time: Rates posted online may already be outdated; confirm with multiple dealers or your bank before transacting.
- Watch CBN Circulars: The apex bank occasionally intervenes with special FX auctions that can narrow the gap between official and parallel markets.
- Plan Large Payments Early: School fees or medical bills abroad can often be processed at the investors’ & exporters’ (I&E) window, which sits between official and street rates—but paperwork takes time.
- Stay Within the Law: Carrying large sums of foreign currency without declaring it at ports of entry or exit violates CBN and customs regulations.
Outlook
Analysts expect continued volatility in the short term. Monetary‑policy tightening has slowed but not reversed naira depreciation. If crude‑oil receipts improve or fresh external financing arrives, the pressure on parallel‑market premiums could ease. Conversely, any shortfall in export earnings is likely to keep black‑market quotes well above the CBN band.
Bottom line: Whether you are a traveller, SME importer, or remittance recipient, always verify the latest figure before buying or selling dollars—the rate you secure may differ from the ranges shown above.
