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Dollar Trades at ₦1610 as Naira Faces Fresh Pressure in Parallel Market
The exchange rate between the US Dollar and the Nigerian Naira continues to fluctuate, especially in the parallel market, commonly referred to as the black market or Aboki FX.....KINDLY READ THE FULL STORY HERE▶
As of Wednesday, April 16, 2025, the dollar was bought at ₦1600 and sold at ₦1610 by black market traders in Lagos, according to Bureau De Change (BDC) sources.
It’s important to note that the Central Bank of Nigeria (CBN) does not recognize rates from the parallel market, urging Nigerians to conduct foreign exchange transactions through official banking channels.
Black Market Rates (USD/NGN) – April 16, 2025:
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Buying: ₦1600
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Selling: ₦1610
Official CBN Rate (USD/NGN):
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Highest: ₦1630
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Lowest: ₦1593
Despite the volatility, the naira gained slightly on Tuesday in the black market, appreciating from ₦1,620 to ₦1,618 per dollar. However, in the Nigerian Foreign Exchange Market (NFEM), the local currency weakened to ₦1,604 per dollar, down from ₦1,599 on Monday — marking a ₦5 loss.
This slight appreciation in the parallel market, coupled with the decline in the official market, narrowed the gap between both markets to ₦14, down from ₦21 earlier in the week.
Forex rates may vary based on location, transaction amount, and market demand, so individuals should expect slight discrepancies when exchanging currencies.
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