Aboki Naira To Dollar Black Market Rate Today 13th January 2025

The Nigerian Naira has faced further depreciation in the parallel market, commonly known as the black market, with the exchange rate against the US Dollar reaching N1,665 today, January 13, 2025. This represents a slight increase from previous days, highlighting the ongoing volatility in Nigeria’s informal currency exchange sector.

Reports from various currency exchange sources indicate that Bureau De Change (BDC) operators in major Nigerian cities like Lagos and Abuja were buying dollars at N1,660 and selling at N1,665. This adjustment reflects the sensitivity of the black market to factors such as the supply and demand for foreign currency, government policies, and global economic conditions.

The black market, which operates outside the official banking system, often showcases rates that diverge significantly from the Central Bank of Nigeria‘s (CBN) official figures, highlighting the dual nature of Nigeria’s forex market. Despite the CBN’s efforts to stabilize the Naira through economic measures, the parallel market reflects the immediate economic realities many Nigerians face daily.

President Tinubu’s administration has reiterated its commitment to tackling inflation, with an ambitious target to reduce it from 34.6% to 15% by the end of 2025. However, the black market rates suggest a challenging path ahead for achieving these economic goals amidst fluctuating exchange rates and high inflation.

Analysts remain cautiously optimistic about the Naira’s prospects in the short term but emphasize the market’s inherent unpredictability. The black market’s dynamics are influenced by a myriad of factors, including government debt levels, oil production fluctuations, and broader global economic trends.

For many Nigerians, especially those requiring foreign currency for education, healthcare, or importation, these rates are more than numbers; they directly impact their daily lives and financial planning. The informal market’s rates are crucial for those who find official channels either restrictive or less competitive.