Aboki Naira To Dollar Black Market Rate Today 12th October 2024

In Nigeria’s bustling markets, the rate at which the US Dollar trades against the Nigerian Naira in the black market has been a focal point of discussion among traders and the general populace today, Saturday, October 12, 2024.

According to various sources circulating on platforms, the rates at which individuals can buy or sell dollars vary noticeably.

The black market, often referred to as the parallel market, reflects economic sentiments and the real-time value of the Naira beyond the official rates set by the Central Bank of Nigeria (CBN). Today’s rates, as gathered from recent posts and discussions, indicate:

• Buying Rate: Traders are buying the US Dollar at around ₦1,500 to ₦1,600 for every dollar. This rate shows a slight depreciation of the Naira compared to recent days, suggesting a higher demand for dollars or a decrease in the supply of Naira on the black market.
• Selling Rate: Conversely, if you want to change your Naira to Dollars, expect to pay between ₦1,600 to ₦1,700 per dollar. This price variation from the buying rate is typical due to the profit margin that black market dealers aim to maintain.

These rates can fluctuate dramatically within hours and are influenced by numerous factors, including but not limited to CBN interventions, market speculation, and broader economic policies. The CBN’s recent adjustments to the custom exchange rate, as noted in some discussions, might also play into these market dynamics, although the direct impact on black market rates can sometimes be less immediate due to the unregulated nature of this market segment.

It’s worth mentioning that official rates from the CBN might differ significantly. For instance, recent updates suggested an official rate hovering around ₦1,627 per Dollar, showcasing a gap between the formal and informal markets, often attributed to various economic controls, currency hoarding, and speculative activities.

The black market’s existence and fluctuating rates are a testament to the economic pressures within Nigeria, where the demand for foreign currency often exceeds the supply available through official channels. Traders and individuals looking to exchange currency today must navigate these rates, keeping an ear to the ground for any sudden shifts.