Naira Black Market Exchange Rate Today — Review (September 30, 2025)

In this review we snapshot the Naira black market (parallel market) exchange rates using AbokiForex data for today. The parallel market often reflects real-world pricing that many individuals and small businesses encounter, so this review compares today's black market quotes against CBN official rates, explains driving factors, and offers practical advice.

Today's Black Market Rates (AbokiForex)

USD → NGN (Black Market)

Buy ~ ₦1,495 · Sell ~ ₦1,505

EUR → NGN (Black Market)

Buy ~ ₦1,760 · Sell ~ ₦1,780

GBP → NGN (Black Market)

Buy ~ ₦2,065 · Sell ~ ₦2,085

Official CBN comparison (approx.):

• USD (CBN official): ~ ₦1,480.66
• EUR (CBN official): ~ ₦1,729.41
• GBP (CBN official): ~ ₦1,981.27

The spread between official and parallel rates highlights foreign-currency tightness and market pressure on the Naira.

Why the Black Market Rate Is Higher

The parallel market typically trades at a premium over official CBN rates for several reasons:

• Demand outstrips supply: Importers, students, and travellers often need immediate forex that isn't available at official allocations.
• Access limits at banks: Formal channels impose documentation, quotas, or delays — pushing buyers to the parallel market.
• Speculation and expectations: Traders price in expected devaluation or policy shifts.
• Local liquidity and dealer risk: Dealers add margin for transport, risk, and possible counterfeit exposure.

Pros & Cons — Using the Parallel Market

Advantages

• Faster transactions (usually instant).
• Flexible negotiation on rates for large volumes.
• Availability in places/times where banks can’t help.

Risks & Disadvantages

• Unregulated — risk of fraud and counterfeit notes.
• Rates can change quickly; quoted rate may differ at payment.
• No legal recourse or official receipts in many transactions.

Practical Advice

1. Confirm locally: AbokiForex aggregates quotes — your local dealer’s rate may differ. Always confirm before transacting.
2. Verify notes: Check for genuine banknotes and ask for a clear receipt where possible.
3. Plan with a buffer: When budgeting for imports, tuition, or travel, use the black market rate if that’s where you’ll exchange — and add a small buffer for volatility.
4. Use reputable channels for large volumes: For big transactions, prefer licensed forex bureaux or bank-escrowed transfers where possible.

About AbokiForex as a Source

AbokiForex provides real-time parallel-market quotes and publishes official CBN comparisons. It’s a useful benchmark for everyday pricing, but remember:

• AbokiForex aggregates dealer quotes — methodology may not show city-by-city breakdown.
• Parallel market rates are informal and can vary by time and location.

Final Verdict

Today’s AbokiForex snapshot (USD ~ ₦1,495–₦1,505; EUR ~ ₦1,760–₦1,780; GBP ~ ₦2,065–₦2,085) offers a realistic gauge of what many Nigerians would face when buying or selling foreign currency in the parallel market. Use these figures as a practical benchmark, confirm locally, and account for volatility when planning transactions.

Check live rates on AbokiForex

Disclaimer: Rates quoted above are taken from AbokiForex and are intended for informational purposes only. Black market (parallel) rates change frequently — confirm locally before making any transaction. CredReviews is not responsible for transaction outcomes or losses resulting from following these rates.