Curious about the current USD to Naira rate at the black market, commonly referred to as the parallel market or Aboki fx? Let’s unpack what’s happening right now and why it matters.
Current Rates and Market Update
As of Monday, June 9, 2025, reliable sources at Bureau De Change (BDC) outlets in Lagos report that the US dollar is being bought at ₦1,615 and sold at ₦1,620. This suggests a steady trend in the informal forex market compared to recent weeks, where volatility had made rates unpredictable.
It’s important to highlight that the Central Bank of Nigeria (CBN) does not officially recognize these parallel market rates. The CBN has consistently directed individuals and businesses to approach their respective banks for legitimate forex transactions, aiming to stabilize the naira and reduce speculative activities.
The Official Picture
Meanwhile, at the official CBN window, the exchange rate remains lower than the street rate, with the highest rate at ₦1,560 and the lowest at ₦1,545 per dollar. This disparity underscores the persistent pressure on the naira, driven by high demand for foreign exchange and limited supply from official sources.
Why the gap persists
The mismatch between official and black market rates stems from ongoing foreign currency scarcity within Nigeria. The CBN’s limited supply leaves import-dependent sectors—including education, manufacturing, and travel — underserved, forcing many to rely on street markets that consistently serve as safety valves when official channels can’t meet demand.
Daily fluctuations hinge on several factors:
* Tight U.S. monetary policies pushing global demand for hard currencies
* Ongoing naira devaluation expectations
* Drop in crude oil receipts reducing foreign exchange inflows
What you should know
If you’re planning a forex transaction, be aware that the difference between buying and selling rates in the parallel market can be sharp. Although many users tolerate this for immediacy, the CBN continues efforts to strengthen liquidity in the official window and stabilise the naira. Analysts say expectations of increased crude sales and higher remittance flows could narrow this gap in the coming weeks.
Final takeaway
For Tuesday, June 10, 2025, the going rate in the black market stands at ₦1,615 for buying and ₦1,620 for selling. While the naira shows relative calm compared to recent spikes, it remains vulnerable to broader policy shifts, FX inflows, and global inflation trends.
For official rate updates, always refer to the Central Bank of Nigeria. If you need near-instant access and can accept the premium, the parallel market remains a go-to source.
