Aboki Naira To Dollar Black Market Rate Today 24th January 2025

On this day, the Nigerian Naira has seen significant fluctuations in the black market, known colloquially as the “Aboki” market, against the US Dollar. According to recent data, traders across major hubs in Nigeria, including Lagos and Abuja, have set the buying rate for the US Dollar at around N1,665, with the selling rate hovering at N1,675.

This adjustment marks a notable shift from previous days, reflecting the ongoing economic turbulence and the high demand for foreign currency, primarily for purposes like education, medical treatments abroad, and the importation of goods. The black market rate continues to be significantly higher than the official rate provided by the Central Bank of Nigeria (CBN), highlighting the country’s dual exchange rate system’s challenges.

The disparity between the official and black market rates underscores the complexities of Nigeria’s foreign exchange market, influenced by factors such as government debt, oil price volatility, and global economic conditions. Analysts note that while the CBN aims to stabilize the Naira through various monetary policies, the parallel market often reacts swiftly to these changes, sometimes with outcomes contrary to the government’s intentions.

Today’s rates come as President Tinubu has set ambitious targets to reduce inflation from 34.6% to 15% by the end of 2025, a move that could have significant implications for currency stability across both official and informal markets.

The black market remains an essential barometer for many Nigerians to gauge the real-time value of their currency, especially in the absence of quick access to dollars through formal banking channels. For those looking to convert currency, the rates today suggest a continued, albeit volatile, demand for the US Dollar in Nigeria’s informal sector.

For those seeking to engage in forex exchange, the advice remains to consult multiple sources for the most accurate rates, as black market rates can vary significantly between dealers and locations.