Aboki Naira To Dollar Black Market Rate Today 5th January 2025

This morning, the Nigerian Naira took another hit in the parallel or “black market” against the US Dollar, as reported by sources across major cities. According to Bureau de Change operators in Lagos, the exchange rate for those looking to buy or sell dollars in the informal market saw the naira trading at N1665 to buy one dollar and N1670 to buy one dollar on Sunday, 5th January 2025. This rate reflects the ongoing economic dynamics within Nigeria, where the demand for foreign currency remains high for various reasons, including education, medical trips abroad, and importation of goods.

The black market continues to be a significant indicator of the Naira’s health, often showing a more volatile picture than the official rates set by the Central Bank of Nigeria (CBN). This discrepancy underscores the dual nature of Nigeria’s foreign exchange market, where the official market has the Naira trading at different rates. The black market’s rates are largely driven by supply and demand, with today’s figures suggesting a modest recovery from recent lows, yet analysts remain cautious, emphasizing the market’s inherent volatility.

The fluctuations in the black market rate are not only a reflection of domestic economic policies but are also influenced by global economic conditions. The informal market, commonly referred to as “Aboki” in local parlance, operates outside the official banking channels, providing an alternative for those who might find the official routes restrictive or less competitive.

The government and financial experts have long grappled with stabilizing the Naira, with strategies including forex policy adjustments and efforts to increase foreign currency inflow. However, the persistent gap between official and black market rates continues to challenge these efforts, highlighting the complexities of Nigeria’s economic landscape.

The rates observed today signal the need for continuous monitoring by both the public and policymakers to understand the underlying economic currents and to prepare for potential impacts on everyday life, from inflation to the cost of imports.