Aboki Naira to Dollar Black Market Exchange Rate Surges Today

Lagos, Nigeria – November 22, 2024 – The Nigerian Naira has hit a new low against the US Dollar in the parallel (black) market today, with the buying rate reaching N1,740 and the selling rate escalating to N1,750 per dollar. This marks a significant shift from earlier rates this week, indicating ongoing economic pressures and a volatile foreign exchange market.

This depreciation reflects the ongoing economic challenges within Nigeria, where the black market often serves as a barometer for the true value of the Naira outside the official channels. The official exchange rate, set by the Central Bank of Nigeria (CBN), is significantly lower at N1,655.88 to the dollar, highlighting a considerable gap between the formal and informal markets.

Many street traders and Bureau de Change operators have adjusted their prices to reflect the new rates, with some expressing concern over the rapid devaluation. “The Naira is losing value so quickly; it’s hard to keep up with the pricing,” a trader in Lagos’ bustling market area mentioned. For the average Nigerian, this means an increase in the cost of imported goods, travel expenses, and a general rise in the cost of living.

Economic analysts are watching the situation closely. Dr. Adeola Adekunle, an economist at the University of Lagos, commented, “The government needs to address the underlying issues of foreign exchange liquidity and economic policy to stabilize the Naira.” The widening gap between the official and black market rates could lead to further economic instability.

The Nigerian government and the CBN have not yet issued statements specifically addressing today’s rate change. However, there have been ongoing discussions regarding policy reforms aimed at stabilizing the Naira through interventions in the foreign exchange market to increase liquidity and curb speculative activities that often exacerbate the Naira’s depreciation.