Aboki Naira To Dollar Black Market Rate Today 27th November 2024

The Nigerian Naira has seen yet another day of fluctuations against the US Dollar in the informal foreign exchange market, popularly known as the “Aboki” black market. Today, November 27, 2024, exchange rates have slightly shifted, influenced by ongoing economic dynamics within Nigeria and global financial trends.

Current Rates

• Buying Rate: The rate for acquiring US Dollars in the black market is reported to be approximately ₦1,740 to the Dollar.
• Selling Rate: Individuals looking to sell their US Dollars might expect a rate of around ₦1,750 per Dollar.

These rates represent a minor adjustment from previous days, reflecting the persistent economic pressures and the high demand for foreign currency in Nigeria. The black market rates often indicate public trust in the Naira’s stability, diverging from the official rates set by the Central Bank of Nigeria (CBN). Today, the CBN’s official rate stands at ₦1,688.784 to the Dollar, highlighting a significant gap between the formal and informal exchange rates.

The disparity between the black market and official rates continues to be influenced by several factors:

• Supply and Demand: The black market reacts swiftly to the availability of foreign currency, often driven by remittances, export proceeds, and speculative activities.
• Government Policies: The Nigerian government’s efforts to stabilize the Naira and reduce this gap have met with varying degrees of success. Recent moves include suspending dollar sales to Bureaux De Change and shifting more trade to the black market.
• Inflation and Economic Health: Some observers speculate that inflation rates will be over 300%, significantly diminishing the purchasing power of the Naira and pushing more transactions towards the dollar.

The informal sector remains crucial for many Nigerians who find the official channels either inaccessible or less advantageous for their currency exchange needs. This market’s volatility underscores Nigeria’s broader economic challenges, including high inflation, foreign exchange shortages, and the impact of policy decisions like the currency redesign to reduce corruption and vote buying.