Aboki Naira To Dollar Black Market Rate Today 28th January 2025

The Nigerian Naira’s black market exchange rate against the US Dollar showed slight variations today, January 28, 2025.

According to reports from various sources across the country, the buying rate for the US Dollar stands at approximately ₦1,640, while the selling rate is around ₦1,650. This minor adjustment reflects the ongoing dynamics in Nigeria’s parallel market, often referred to as the ‘Aboki‘ market, where currency exchange rates are more responsive to immediate supply and demand pressures than in official channels.

Market analysts have noted that these rates continue the volatility seen in recent weeks, with the Naira experiencing both pressure and slight relief due to various economic factors. The black market remains a critical barometer for many Nigerians, especially given the discrepancies between the official exchange rates set by the Central Bank of Nigeria (CBN) and the street market rates.

The slight dip in the dollar’s selling price could be attributed to temporary increases in dollar liquidity or speculative trading, although the overall economic context suggests that the Naira remains under strain. Factors influencing these rates include inflation, government policy changes, and the global economic environment.

President Tinubu‘s administration has been actively working on economic reforms aimed at reducing inflation and stabilizing the Naira, with a goal to bring inflation down from 34.6% to 15% by the end of 2025. However, the black market continues to reflect a different reality, where the demand for dollars for importation, travel, and other foreign currency needs often outstrips supply.

Staying updated on these rates is crucial for those engaged in currency exchange or remittance. The advice remains to check rates from multiple sources, including Bureau De Change (BDC) operators, as rates can vary significantly from one dealer to another and even from one part of the city to another.

As of now, the CBN does not recognize transactions in the parallel market, urging individuals to use official channels for foreign exchange needs. However, the informal sector continues to thrive, providing an alternative for those seeking to bypass official channels where delays or restrictions might be an issue.

Current Rates (as of 28th January 2025):

• Buying Rate: ₦1,640 per USD
• Selling Rate: ₦1,650 per USD

These rates are based on the latest information available from market trends and should be considered a snapshot of the moment. They are subject to change as the day progresses.