Black Market Dollar to Naira Exchange Rate Today – 18 May 2025
Black Market Dollar to Naira Exchange Rate Today – Sunday, 18 May 2025
The U.S. dollar traded at ₦1,625 to buy and ₦1,635 to sell in the Lagos black market (commonly known as the Aboki FX market) on Sunday, 18 May 2025, according to Bureau De Change (BDC) sources.
Note: The Central Bank of Nigeria (CBN) does not recognize the parallel market. Individuals with genuine FX needs are advised to go through their commercial banks or authorized dealers.
Today’s Exchange Rate Snapshot
| Market | Buy (₦) | Sell (₦) |
|---|---|---|
| Black Market (Aboki) | 1,625 | 1,635 |
| CBN Official Window* | 1,597 – 1,603 | Varies |
The CBN window reflects the Investors’ & Exporters’ (I&E) rate, which fluctuates throughout the trading day.
Why the Black Market Rate Is Higher
Several factors continue to drive the gap between official and parallel market rates:
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Demand-Supply Imbalance – Nigerians often need dollars urgently for imports, medicals, or school fees, turning to the black market when banks delay access.
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Import-Driven Economy – Heavy reliance on foreign goods means steady demand for USD.
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Speculation & Hoarding – As the naira weakens, many traders hoard dollars, expecting future profit.
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Policy Shifts – Rumors or changes in CBN policies, interest rates, or oil earnings can trigger market reactions.
Practical Tips for Exchange Rate Users
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Travelers & Students: Always budget extra if sourcing dollars through informal channels.
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Remittances: Use licensed remittance services (e.g., Western Union, MoneyGram) for better tracking and I&E-aligned rates.
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Businesses: Consider hedging strategies or CBN FX auctions to manage dollar risk.
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Investors: Monitor the official-parallel rate spread—it can impact bond yields and foreign capital flow.
Stay Updated on USD to NGN Movements
Exchange rates can fluctuate multiple times a day. For real-time updates:
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Follow authorised dealer bulletins.
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Check trusted financial news portals.
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Monitor CBN releases for monetary policy changes.
Disclaimer:
This rate update is for informational purposes only. Actual exchange rates may vary by location, volume, and time of transaction.