Aboki Naira to Dollar Black Market Exchange Rate Today, 23rd August 2025

In the latest updates from Nigeria’s parallel forex market, the black market exchange rate for the Nigerian Naira (NGN) against the United States Dollar (USD) has shown marginal stability amid ongoing economic pressures.

According to street traders, popularly known as “Aboki” forex operators in major cities like Lagos and Abuja, the current rate stands at approximately ₦1,620 per USD for buying and ₦1,630 for selling as of this afternoon.

This rate reflects a slight dip of about 0.5% from yesterday’s closing figures of ₦1,625 buy and ₦1,635 sell, attributed to reduced demand from importers and a temporary influx of dollars from diaspora remittances.

Forex analysts monitoring the Aboki market note that while the parallel rate remains significantly higher than the official Central Bank of Nigeria (CBN) rate of around ₦1,550 per USD, it continues to influence everyday transactions for small businesses and individuals outside the formal banking system.

Factors Influencing Today’s Rate

• Inflation and Fuel Subsidy Impacts: Persistent inflation, hovering at 28.5% year-on-year, and the lingering effects of fuel subsidy removal have kept pressure on the Naira, pushing black market rates upward in recent weeks.
• Global Oil Prices: With Brent crude oil prices stabilizing at $78 per barrel, Nigeria’s primary export earner, there’s cautious optimism that increased foreign exchange inflows could ease rates in the coming days.
• CBN Interventions: The Central Bank has injected over $200 million into the market this week through auctions, but black market traders report that these efforts have had limited trickle-down effects to the parallel segment.

Traders in areas like Computer Village in Lagos and Wuse Market in Abuja described the day’s trading as “moderately active,” with volumes picking up in the afternoon due to weekend remittances.

One anonymous Aboki operator told reporters, “Business is steady today, but everyone is watching for any big announcements from the government. The rate could shift quickly if more dollars come in.”

The black market, often referred to as the “Aboki rate,” serves as a critical benchmark for Nigerians engaging in informal trade, travel, and remittances, where official channels may be inaccessible or slower.

Economists warn that the persistent gap between official and parallel rates could exacerbate imported inflation and deter foreign investment. The International Monetary Fund (IMF) recently projected Nigeria’s GDP growth at 3.2% for 2025, but highlighted currency volatility as a key risk.

For real-time updates, residents are advised to consult reliable sources like local forex apps or trusted trader networks, as rates can fluctuate hourly.

Official guidance from the CBN emphasizes using authorized dealers to avoid scams.

Stay tuned for tomorrow’s updates as the market evolves. For more on Nigeria’s economy, visit our finance section.