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

The Nigerian Naira has seen significant fluctuations in its value against the US Dollar on the black market, commonly referred to as the parallel market or Aboki FX, as of today, October 24, 2024. According to various sources and posts from social media, the black market rates for the Naira have been volatile, reflecting the ongoing economic challenges in Nigeria.

Recent reports from the black market indicate that traders in major cities like Lagos and Abuja are buying the US Dollar at around ₦1,723 and selling at ₦1,728. This rate showcases a slight variation from earlier reports where the buying rate was approximately ₦1,720 and selling at ₦1,730, indicating a marginal stabilization or adjustment in the market dynamics over the last few hours.

The disparity between the official rates set by the Central Bank of Nigeria (CBN) and those in the black market continues to widen, highlighting the pressure on the Naira. While the CBN maintains an official exchange rate, which was noted to be around ₦1,656.42 against the US Dollar, the black market rates underscore the economic strain, including inflation, scarcity of foreign exchange, and policy inefficiencies.

Social media reflects public frustration and concern over the Naira’s depreciation. Comments range from outright anger at the government’s economic policies to calls for increased productivity to bolster the Naira’s value. One social media user expressed dismay, stating, “1,700 to a dollar? And no one is saying anything. Is this not madness?” indicating widespread dissatisfaction with the current economic trajectory.

While not recognized by the CBN, the black market serves as a barometer for public economic sentiment and the actual demand-supply dynamics of foreign currency in Nigeria. The CBN’s efforts to unify the exchange rate have been met with limited success, with the black market rates often more accurately reflecting the local economic conditions.

This situation underscores the complexity of Nigeria’s foreign exchange market, where official rates and black market rates diverge significantly and are influenced by numerous factors, including oil revenue, government fiscal policies, and global economic trends. The Naira’s journey against major currencies like the Dollar, Euro, and Pound Sterling continues to be a focal point of discussion, not just in economic circles but among the general populace, highlighting the need for robust economic reforms to stabilize and perhaps strengthen the Naira’s value.