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Market Mayhem: Naira Slumps Further, Dollar Now ₦1,630 on Parallel Market

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What is the Dollar to Naira Exchange Rate at the Black Market (Aboki FX)?....KINDLY READ THE FULL STORY HERE▶

Below is the black market (parallel market) exchange rate for the U.S. dollar to the Nigerian naira as of Sunday, June 1, 2025. These are the rates at which you can exchange your dollars for naira.

Black Market Dollar to Naira Exchange Rate Today (Aboki Rate):

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According to sources at the Bureau De Change (BDC) in Lagos, traders are buying dollars at ₦1610 and selling at ₦1615 on the parallel market.

⚠️ Please note: The Central Bank of Nigeria (CBN) does not recognize the parallel market. Individuals seeking foreign exchange (forex) are advised to go through their respective banks, as per CBN guidelines.


Summary of Dollar to Naira Rates – June 1, 2025:

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Market Type USD to NGN Rate
Black Market (Buy) ₦1610
Black Market (Sell) ₦1615
CBN Official Rate (Highest) ₦1589
CBN Official Rate (Lowest) ₦1584
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Uzodinma Sparks Fresh Debate, Says Imo Governorship Must Not Stay In One Zone.

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Governor Hope Uzodinma of Imo State has reiterated his position that the governorship seat must continue to rotate among the state’s three senatorial zones.....KINDLY READ THE FULL STORY HERE▶

He made the remark while receiving the report of the Imo Elders Council, which was constituted to review the Charter of Equity guiding the rotation of the governorship position among Orlu, Okigwe, and Owerri zones.

Uzodinma stressed that Imo State would not tolerate any form of political domination or forceful takeover, insisting that fairness, inclusion, and consensus remain essential for sustaining peace and stability in the state.

Speaking at the Government House Banquet Hall in Owerri, the governor recalled the political tensions that followed the 2020 leadership crisis when he assumed office, noting that exclusion breeds resentment and instability.

He maintained that anyone denied justice is unlikely to support peace, adding that his administration is committed to building agreement among stakeholders to prevent political conflict.

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The governor described the Elders Council as the moral compass of the state, explaining that it was legally established to provide non-partisan guidance in governance.

He also revealed plans to strengthen the law establishing the council to enhance its authority, including provisions to address misconduct among members where necessary.

Uzodinma reaffirmed that the Charter of Equity is designed to ensure fair distribution of political offices across the three zones and urged stakeholders to respect zoning arrangements to avoid unnecessary divisions.

He further reaffirmed the state’s alignment with the Federal Government and expressed appreciation for President Bola Tinubu’s support.

According to him, strict adherence to equity and justice would guarantee lasting peace and a smooth political transition in Imo State.

He added that the Charter of Equity is permanent and called on stakeholders to embrace dialogue, unity, and prayer while allowing divine guidance to shape outcomes.

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Uzodinma also pledged continued consultations with stakeholders from all three senatorial zones to strengthen consensus and promote political stability in the state.

Earlier, the Chairman of the Elders Council, Eze Cletus Ilomuanya, commended the governor for fostering unity, noting that balanced development across all regions is key to sustainable progress.

Ilomuanya urged full implementation of the Charter of Equity through equitable appointments, fair distribution of projects, and equal opportunities across the state.

He described the charter as a framework for inclusiveness, where no part of the state is marginalised and leadership opportunities are open to all citizens.

The elder statesman also advised the governor to remain guided by fairness, justice, and peace in implementing the principles of the Charter of Equity.

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Tinubu’s Decision To Drop Finance Minister Edun Sends Panic Through Economy.

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President Bola Ahmed Tinubu’s decision to remove Wale Edun as Minister of Finance and appoint Taiwo Oyedele as his replacement on Tuesday has triggered mixed reactions across Nigeria’s economic landscape.....KINDLY READ THE FULL STORY HERE▶

The development, along with the dismissal of the Minister of Housing and Urban Development, Ahmed Musa Dangiwa, was confirmed in a memo issued by the Secretary to the Government of the Federation, Senator George Akume.

According to the directive, Edun was instructed to hand over duties to Oyedele, while Dangiwa was directed to transfer responsibilities to Muttaqha Rabe Darma, who has been named minister-designate.

The Presidency did not provide specific reasons for the changes but stated that the cabinet reshuffle falls within the President’s constitutional powers as outlined in Sections 147 and 148 of the 1999 Constitution (as amended).

During his tenure, Edun played a key role in driving Tinubu’s “Renewed Hope” economic agenda, which included the removal of fuel subsidy, foreign exchange reforms, and other fiscal and monetary policies. He had previously credited these reforms with contributing to economic growth of 4.07 percent in Q4 2025, up from 2 percent in 2023, while inflation reportedly declined to 15 percent from 22.04 percent.

Bwala's Critique: Peter Obi Disturbed By Obasanjo-Tinubu Meeting

Despite these improvements on paper, many Nigerians continue to face high living costs, particularly in food, transport, and essential goods.

His exit comes shortly after the International Monetary Fund revised Nigeria’s growth outlook downward to 4.1 percent from 4.3 percent, citing global economic pressures linked to geopolitical tensions in the Middle East.

Edun had recently returned from the World Bank/IMF Spring Meetings in Washington, where he maintained that Nigeria would not seek an IMF bailout despite external challenges, assuring continuity in domestic economic policies.

However, his sudden removal has raised concerns among investors and market observers.

Following the announcement, the naira weakened slightly, closing at N1,350.74 to the dollar, while the Nigerian Exchange Limited recorded an N88 billion gain, though this was lower than the previous day’s N609 billion increase.

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Speaking on the development, Professor of Accounting and Finance at Lead City University, Godwin Oyedokun, said the situation should be assessed from both strategic and economic stability perspectives.

He noted that cabinet changes can reflect a government’s effort to reassess its policy direction and strengthen economic management, but warned that poorly communicated or abrupt decisions could create uncertainty.

According to him, investors are less concerned about individual officeholders and more focused on policy consistency, predictability, and institutional strength.

Oyedokun urged the government to ensure transparency and stability in economic communication going forward, stressing that these factors would determine investor confidence in the wake of the reshuffle.

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Breaking: Security Forces Neutralize Two Armed Men In Late-Night Plateau Raid.

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Troops of Operation ENDURING PEACE have neutralised two armed men during a coordinated ambush in Barkin Ladi Local Government Area of Plateau State.....KINDLY READ THE FULL STORY HERE▶

The operation was conducted on the evening of Tuesday, April 21, 2026, at about 7:49 p.m. in the Marit general area near Doruwa Babuje, following credible intelligence on the movement of suspected criminal elements.

According to a military statement, the suspects were allegedly responsible for terrorising surrounding communities through violent attacks, sexual assault, and armed robbery.

Edo State Government Stands Firm on Okhaighele Ban Despite Oba Of Benin's Opposition The Edo State Government has maintained its decision to prohibit Okhaighele (youth leaders) in the Edo South Senatorial District, citing concerns over their activities, which it claims pose a significant threat to the state's security and stability. In response to the rejection of this ban by the Palace of the Oba of Benin on June 7, 2024, the State Government, through a statement signed by Commissioner for Communication and Orientation, Chris Nehikhare, reiterated its stance. The government emphasized that the ban on Okhaigheles and cultists remains unchanged due to the alarming increase in cult-related incidents and resulting fatalities in the region. Nehikhare cited data from the Edo State Security Council, indicating that Okhaigheles and cultists represent the most significant security threat to the state. Consequently, the Council has imposed a blanket ban on these criminal groups to safeguard public safety and curb escalating violence. While acknowledging the importance of respecting community traditions, the government asserted that ensuring the safety and security of citizens takes precedence. It emphasized that statements opposing the ban, such as those made by Chief Osaro Idah, Obazalu of Benin, only embolden criminals and undermine security efforts. Highlighting recent incidents of violence, including an attack on Nigerian Army members, the government pledged to launch a comprehensive operation to disarm criminal elements and restore peace in affected areas. The government issued a stern warning against any attempts to undermine its efforts to maintain law and order, affirming its commitment to enforcing the ban on cultists, Okhaigheles, and their sponsors.

Acting on the intelligence, troops set up an ambush and engaged the armed men in a gun duel. Two of the suspects were killed during the exchange, while others escaped into nearby bushes under the cover of darkness.

Following the operation, a search of the area led to the recovery of a locally fabricated rifle, five rounds of 7.62x39mm ammunition, a cutlass, a jackknife, and a mobile phone.

Security forces have since maintained a strong presence in Marit and Lajam villages to ensure the protection of residents, while efforts are ongoing to track and apprehend the fleeing suspects.

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The statement added that troops remain deployed in the affected areas as part of sustained operations aimed at restoring peace and preventing further attacks.

The military also reaffirmed its commitment to safeguarding lives and property, urging residents to stay vigilant and promptly report any suspicious activities to security agencies.

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