Aboki Naira To Dollar Black Market Rate Today 14th December 2024

The Nigerian Naira continued its volatile trajectory in the parallel market, known colloquially as the “Aboki” market, today. According to reports from various informal currency traders in major Nigerian cities, the exchange rate for buying a US Dollar stands at approximately ₦1,675, while the selling rate is around ₦1,685.

This slight adjustment from previous days underscores the ongoing economic fluctuations influenced by a myriad of factors, including government policies, supply and demand dynamics, and global economic conditions.

The Central Bank of Nigeria (CBN) has been actively implementing measures aimed at stabilizing the Naira, with recent actions like the introduction of the Electronic Foreign Exchange Matching System (EFEMS) and the issuance of a $2.2 billion Eurobond. Despite these efforts, the black market rates remain significantly higher than the official exchange rate, which was reported at ₦1,688.784 per Dollar, illustrating the persistent gap between formal and informal market rates.

Economic analysts continue to debate the effectiveness of current monetary policies, with some advocating for more aggressive interventions to narrow the gap between the official and black market rates. The disparity highlights the challenges in managing Nigeria’s foreign exchange liquidity and the broader economic implications for businesses and individuals.