Aboki Naira To Dollar Black Market Rate Today 8th October 2024

The black market exchange rate for the Nigerian Naira against the US Dollar experienced a marginal shift today, reflecting the ongoing volatility in the foreign exchange market.

According to various sources tracking the parallel market rates, the Naira was exchanged for between ₦1,660 and ₦1,670 per dollar in major trading hubs like Lagos, Abuja, and Kano.

This rate indicates a slight adjustment from the previous trading day, where the Naira was sold for around ₦1,665 to buy and ₦1,675 to sell. The fluctuation, though minor, underscores the persistent demand for dollars in Nigeria’s unofficial market, driven by economic activities not covered by the Central Bank of Nigeria’s (CBN) official rate.

The black market, often referred to as the “Aboki” rate, due to its association with local currency dealers, continues to operate outside the regulatory framework of the CBN, which officially pegs the Naira at a significantly different rate. Today, the CBN rate stands at approximately ₦1,629 for buying and ₦1,630 for selling a dollar, showcasing the disparity between the official and unofficial markets.

Economists and financial analysts have noted that this gap is fueled by several factors, including the government’s foreign exchange policies, the demand for dollars outside the banking system, and speculative activities. The parallel market reacts more swiftly to economic indicators like inflation rates, oil prices, and political stability, which might take time to impact the official rates.

The persistent difference between the black market and official rates has led to calls for a review of the CBN’s exchange rate policies. Critics argue that the dual exchange rate system complicates business planning, encourages corruption, and distorts the economy. However, the CBN maintains that its policies aim to stabilize the Naira and curb speculative activities.

As Nigeria continues to navigate its economic challenges, including fuel subsidies, security spending, and infrastructure development, the Naira’s value against international currencies remains a hot topic. Traders and citizens alike closely watch these rates, which can affect everything from daily purchases to large-scale investments.