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

On this brisk Tuesday morning of December 10, 2024, the Nigerian Naira continues its tumultuous journey against the US Dollar in the black market, known locally as the “Aboki” market. According to the latest updates from various informal currency traders across major Nigerian cities, the exchange rate for buying a US Dollar today stands at approximately ₦1,630, while the selling rate is around ₦1,660.

This slight variation from the previous days reflects the ongoing volatility in Nigeria’s foreign exchange market, where the black market rate often diverges significantly from the official rate set by the Central Bank of Nigeria (CBN). The official rate, which is currently at ₦1,688.784 per Dollar, continues to struggle to align with the parallel market, highlighting the economic pressures and supply-demand dynamics at play.

Recent economic policies, including interventions by the CBN aimed at stabilizing the Naira, have had mixed results. The introduction of measures like the Electronic Foreign Exchange Matching System (EFEMS) and a recent $2.2 billion Eurobond issuance have contributed to a slight appreciation of the Naira in both official and black markets. However, the black market remains sensitive to immediate liquidity changes, speculative trading, and international economic news.

The Naira’s performance in the black market is not just a number; it directly affects millions of Nigerians who rely on these rates for everyday transactions, importation of goods, travel, and educational expenses abroad. The persistent gap between the official and black market rates continues to fuel debates on the effectiveness of current monetary policies, with calls for more robust interventions to bridge this divide.

As Nigeria navigates through these economic waters, the government and the CBN face the challenge of balancing foreign exchange supply with demand to curb the Naira’s depreciation in the black market. For now, traders, business owners, and everyday citizens remain watchful, adapting to the day-to-day fluctuations that define the current economic landscape.