Today’s Black Market Dollar (USD) To Naira (NGN) Exchange Rate – February 28, 2025

Dollar to Naira Black Market Rate Today (Aboki FX)

At the Lagos Parallel Market (Black Market), Bureau De Change (BDC) sources confirm that:

• Buying Rate: ₦1,490 per dollar
• Selling Rate: ₦1,500 per dollar

Note: The Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals to conduct foreign exchange transactions through official banking channels.

Dollar to Naira CBN Rate Today

• Highest Rate: ₦1,500
• Lowest Rate: ₦1,496

Please be aware that forex rates fluctuate, and the actual buying/selling price may differ from the figures above.

Nigeria’s Foreign Reserves Decline by $2.2 Billion

Nigeria’s foreign reserves have fallen by $2.2 billion, raising concerns over the CBN’s ability to stabilize the naira and clear the $2 billion forex backlog.

Financial expert Bismark Rewane disclosed that the CBN has spent $8.8 billion to defend the naira. Meanwhile, AIICO Capital Limited reported that trading activity remained strong, with exchange rates fluctuating between ₦1,490 and ₦1,520 per dollar.

The CBN also intervened in the forex market by selling $66.80 million to authorized banks, increasing forex supply to the Bureau De Change operators. Consequently, the naira gained value, closing at:

• ₦1,501.08 per dollar (official market)
• ₦1,510 per dollar (parallel market)

According to TrustBanc Financial Group, Nigeria’s foreign reserves have dropped by $300.11 million in a week, now standing at $38.74 billion—the sixth consecutive week of decline.

Bloomberg data reveals that reserves have fallen from $40.92 billion (January 6) to their lowest level since October, marking the longest drop since November 2022.