Aboki Naira To Dollar Black Market Rate Today 24th September 2024

On Tuesday, September 24, 2024, the Nigerian Naira witnessed a slight appreciation in the black market, commonly referred to as the parallel market, against the US Dollar.

According to sources reflecting market sentiments and rates available, the Naira is now trading at around N1,654.875 for buying and N1,660 for selling per US Dollar, indicating a minor adjustment from previous rates.

The black market, which often sees rates differing from the official Central Bank of Nigeria (CBN) rates due to various economic pressures, has become a focal point for those seeking to understand the real-time valuation of the Naira against major currencies like the Dollar. This fluctuation comes in the wake of ongoing economic reforms aimed at stabilizing the Naira and reducing the gap between official and black market rates.

Recent reports and discussions on platforms highlight the economic context surrounding these rates. Nigeria’s foreign reserves have seen a boost, with a net inflow of $2.35 billion, contributing to stabilizing the Naira to some extent. However, the persistent gap between official and black market rates reflects underlying economic challenges, including a low tax-to-GDP ratio and the need for improved revenue generation.

As reflected through social media posts, the public shows a mix of frustration and analysis regarding the Naira’s performance. Discussions range from concerns over the impact of these rates on everyday purchases to broader economic strategies like ending fuel subsidies, which could strengthen the Naira by reducing government expenditure.

The Central Bank of Nigeria has been vocal about narrowing this gap, with policies aimed at fostering a more transparent and unified exchange rate system. However, the black market’s rates continue to diverge, often influenced by speculative activities, the demand for dollars outside the official channels, and other economic pressures not immediately visible in the official statistics.

As Nigeria navigates through these economic waters, the Naira’s journey against the Dollar in the black market is a barometer for both economic health and public sentiment. With ongoing discussions around currency redesigns to combat counterfeiting and broader economic reforms, the coming months could see further adjustments in these rates.