Aboki Naira To Dollar Black Market Rate Today 18th November 2024

Today, the informal currency exchange rate, commonly known as the ‘Aboki rate’, has slightly fluctuated in the streets of Lagos and other major Nigerian cities.

As of this morning, November 18, 2024, the black market rate for the US dollar to Naira stands at ₦1,740.473 for buying and ₦1,745.527 for selling.

This rate reflects the ongoing dynamics within Nigeria’s parallel foreign exchange market, which operates outside the official channels regulated by the Central Bank of Nigeria (CBN). The informal market, also referred to as the black market, continues to be a significant barometer of the Naira’s value against foreign currencies, particularly the US dollar, due to its sensitivity to the immediate supply and demand within the country.

The difference between the buying and selling rates in the black market remains narrow, indicating a relatively stable perception of the Naira’s value among traders. However, this rate is significantly higher than the official CBN rate, which is set at ₦1,659.371 for the dollar. This disparity underscores the continued pressure on Naira in the unofficial market, which is influenced by factors like foreign currency shortages, economic policies, and global oil prices.

Economists and financial analysts have pointed out that despite the CBN’s efforts to stabilize the Naira through various monetary policies, the black market remains resilient. Due to its flexibility in response to economic conditions, the black market often reflects the currency’s actual market value more accurately.

Business owners, especially those reliant on imported goods or foreign transactions, continue to navigate this volatile environment, often incurring higher costs when converting Naira to dollars for business operations.

The Nigerian government and the CBN have yet to comment on today’s rates, but there’s an ongoing dialogue about enhancing forex liquidity in the official market to narrow the gap with the black market rates. Given Nigeria’s complex economic landscape, the effectiveness of these measures remains to be seen.