The exchange rate for the US dollar (USD) to Nigerian Naira (NGN) in the parallel market also known as black market, especially the Aboki Fx as of 9th February 2025 is N1,550 for 1 USD......CLICK HERE TO CONTINUE READING>>>.....CLICK HERE TO CONTINUE READING>>>
These rates are sourced from Bureau De Change (BDC) operators, reflecting the dynamics of the informal foreign exchange market.
As of today, 9th February 2025, the black market buying rate for the US dollar is N1,540, while the selling rate is N1,550.
Given the volatility of the black market, exchange rates fluctuate throughout the day, influenced by economic conditions, speculative trading, and government fiscal and monetary policies. In contrast to the black market, the Central Bank of Nigeria (CBN) maintains an official exchange rate. Today, the CBN rate for one dollar is N1,500.
For other major currencies in the black market:
British Pound Sterling (GBP): Buying at ₦1950 selling at ₦1,980
Euro (EUR): Buying at ₦1,645 selling at ₦1,665
Chinese Yuan (CNY): Buying at ₦220, selling at ₦225
On the official CBN platform, the rates are considerably lower:
GBP: Buying at ₦1,870.53, selling at ₦1,871.77
EUR: Buying at ₦1,567.54, selling at ₦1,568.58
CNY: Buying at ₦207.85, selling at ₦207.99
For the Saudi Riyal (SAR), the official rate stands at ₦406.93 for buying and ₦407.19 for selling.
Cryptocurrency Exchange Rates
Beyond traditional forex, cryptocurrency prices continue to fluctuate. As of this report:
Bitcoin (BTC) is valued at ₦170.3 million per BTC, with ₦1 equivalent to 0.0000000068 BTC.
Ethereum (ETH) trades at ₦5.3 million per ETH, with ₦1 equivalent to 0.000000195424 ETH.
Implications of Exchange Rate Disparities
The gap between the official and parallel market rates underscores the challenges in Nigeria’s forex system. Persistent disparities highlight the pressure on the naira, forex supply constraints, and the struggles businesses and individuals face in sourcing foreign currency for legitimate transactions.
Foreign exchange rates also vary across commercial banks and international money transfer operators.
These discrepancies create arbitrage opportunities but also pose serious challenges for businesses reliant on stable forex access. Addressing these fluctuations and fostering stability remains a key priority for policymakers in Nigeria.