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Economic Alarm Bells: Dollar Exchange Rate Reaches ₦1,615 in Nigeria’s Black Market”

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4 weeks ago

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What is the Dollar to Naira Exchange Rate in the Black Market (Aboki FX)?

Below is the black market exchange rate for the US Dollar to Naira as of Wednesday, May 21, 2025. These are the rates you can expect if you’re exchanging dollars for naira through parallel market sources.

Black Market (Aboki FX) Exchange Rate:

According to Bureau De Change (BDC) operators in Lagos, the dollar was bought at ₦1,615 and sold at ₦1,628 on the black market.

⚠️ Disclaimer: The Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market). Individuals seeking foreign exchange are advised to approach their respective banks for official rates.

Exchange Rates Breakdown

Dollar to Naira (USD/NGN) Rate
Black Market Buying Rate ₦1,615
Black Market Selling Rate ₦1,628

CBN Official Rates for 21st May 2025

Dollar to Naira (USD/NGN) Rate
Highest CBN Rate ₦1,590
Lowest CBN Rate ₦1,582

Note: Actual forex transaction rates may vary slightly based on location and provider.

Meanwhile, the Central Bank’s Monetary Policy Committee (MPC) has unanimously voted to retain the benchmark interest rate at 27.50%.

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