Aboki Naira To Dollar Black Market Rate Today 10th November 2024

Lagos, Nigeria – The unofficial or ‘black market’ exchange rate for the Nigerian Naira against the U.S. Dollar showed minor changes today, reflecting the dynamic nature of Nigeria’s parallel market.

According to multiple sources and posts found on social media, the black market rate for the Naira today on November 10, 2024, stands as follows:

• Buying Rate: $1 (USD) = ₦1,727.707
• Selling Rate: $1 (USD) = ₦1,740 – ₦1,745

This rate indicates a small adjustment from the rates observed in previous days, where the buying rate was slightly lower, with the Naira trading at around ₦1,719.935 to $1 (USD) just yesterday. The selling rate in the black market, where individuals can exchange their dollars for Naira, has remained relatively stable, suggesting a consistent demand for foreign currency outside the official channels.

The Central Bank of Nigeria (CBN) has set the official exchange rate at ₦1,665.841 to $1 (USD), a figure that remains unchanged from recent reports. However, the black market rate continues to hover above the official rate, influenced by factors like demand for foreign currency for imports, travel, and education abroad, coupled with the limited supply of dollars in the official market.

Economic analysts have noted that these fluctuations in the black market are often a response to broader economic conditions, including inflation rates, foreign reserve levels, and international trade dynamics. Nigeria’s reliance on oil exports means global oil prices can significantly impact the Naira’s value.

The black market, often referred to by the colloquial term “Aboki” market, remains a significant currency exchange point for many Nigerians due to quicker transactions and sometimes less stringent requirements than those found in official banking channels. However, the Central Bank does not recognize these rates, advising citizens to engage with banks for forex needs.

Recent social media posts also reflect a community interest in these rates, with users sharing updates and discussing potential impacts on daily transactions and the economy. While the black market rates provide an alternative for currency exchange, they also highlight the disparity between the official and unofficial markets, a gap that continues to be discussed among policymakers, traders, and citizens alike.

The situation remains fluid, with economic experts watching closely for any policy shifts from the CBN or changes in global economic conditions that might further influence the Naira’s value in both markets.