Aboki Naira To Dollar Black Market Rate Today 10th January 2025

On this bustling Friday morning of January 10, 2025, the Nigerian Naira continues its dance with the US Dollar in the black market, locally known as the “Aboki” market.

According to various sources, the exchange rate for a dollar to Naira at the Lagos Parallel Market (Black Market) stands at a buying rate of N1655 and a selling rate of N1660, as reported by Bureau De Change operators on Thursday, January 9, 2025.

This rate reflects the ongoing volatility in Nigeria’s unofficial currency market, influenced by factors such as thin trading volumes, dollar shortages in the official market, and broader economic policies aimed at inflation control. President Tinubu has committed to reducing inflation from 34.6% to 15% by the end of 2025, a strategy that could impact the Naira’s value in both official and parallel markets.

The black market, which operates outside the control of the Central Bank of Nigeria (CBN), often sees rates significantly different from the official ones, driven by the demand for foreign currency for various purposes, including education, medical trips abroad, and importation of goods. This unofficial market remains a critical exchange point for many Nigerians seeking quicker currency transactions, despite the inherent risks of dealing with fluctuating rates.

Today’s rates are part of a trend in which the Naira has been under pressure. Some online platforms like AbokiFX show rates that can fluctuate within hours. This volatility underscores the dual nature of Nigeria’s forex market, with the Naira performing differently in the official and parallel markets.

As Nigeria navigates these economic challenges, the black market exchange rate remains a focal point for ordinary citizens and economic analysts, who are watching closely how governmental policies will play out in stabilizing the national currency against the backdrop of global economic conditions.