Aboki Naira To Dollar Black Market Rate Today 25th September 2024

The naira has hit a new record low against the U.S. Dollar in the black market, trading at an unprecedented rate today, Wednesday, September 25th, 2024.

According to various reports and insights from currency traders in major cities like Abuja, Kano, and Lagos, the buying rate for the dollar stands at an astonishing ₦1,695.47, while the selling rate is slightly higher at around ₦1,700 per dollar.

This depreciation marks a notable shift since the last reported figures, indicating a weakening Naira amidst economic pressures. The black market, often referred to as the parallel market or “Aboki FX” in local parlance, continues to diverge significantly from the official rates set by the Central Bank of Nigeria (CBN).

Economic analysts have been quick to comment on this trend. “The widening gap between the official exchange rate and the black market rate reflects deep-seated structural issues within Nigeria’s economy,” stated Dr. Clara Nwankwo, an economic analyst at the Financial Analysis Group. “These include persistent inflation, high demand for foreign currency, and the government’s inability to effectively manage currency supply.”

For the average Nigerian, this depreciation means a higher cost of living, especially for goods priced in dollars. Imports, from electronics to food items, are expected to become even more expensive. Local businesses that rely on imported materials or machinery are likely to face increased operational costs, which might lead to higher consumer prices across various sectors.

The Nigerian government, through the CBN, has yet to release an official statement addressing this latest development. However, sources close to the government suggest that measures might be in the pipeline to stabilize the Naira, potentially involving stricter enforcement against black market dealings or further devaluation of the official rate to close the gap.

As the Naira’s value fluctuates, citizens and investors are watching closely. The hope is for fiscal strategies that might restore confidence in the Naira and reduce reliance on the black market. However, until such policies are implemented and proven effective, the black market will likely remain a barometer for the real value of the Naira in the eyes of many Nigerians.