Aboki Naira To Dollar Black Market Rate Today 12th January 2025

On Sunday, January 12, 2025, the Nigerian Naira experienced a marginal shift in its value against the US Dollar in the parallel market, commonly referred to as the “Aboki” market.

According to reports from various currency exchange sources, the exchange rate for the US Dollar to Naira in the black market was observed at buying for N1660 and selling at N1670. This marks a slight adjustment from previous days, reflecting the ongoing volatility in Nigeria’s informal currency exchange sector.

The black market, which operates outside the official banking system, is a significant indicator of the Naira’s real-time value due to its sensitivity to supply and demand dynamics, government policies, and global economic conditions. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the Naira through various economic measures, the parallel market often showcases rates that diverge from the official figures, highlighting the dual nature of Nigeria’s forex market.

Market analysts note that the demand for US dollars remains high due to the need for foreign currency in education, medical expenses abroad, and the importation of goods amidst a backdrop where official channels offer less competitive rates. The slight depreciation in the Naira’s value in the black market today underscores Nigeria’s challenges in stabilizing its currency, with inflation and the cost of living continuing to be major concerns.

President Tinubu’s administration has promised to tackle inflation, aiming to reduce it from the current 34.6% to 15% by the end of 2025, a target that remains ambitious amidst the current economic landscape. However, the black market’s rates reflect immediate economic realities that many Nigerians deal with daily, especially those dependent on foreign currency for various transactions.

Despite the fluctuations, there’s a cautious optimism among some analysts who suggest that while the rates might indicate a short-term trend, the black market’s inherent unpredictability means that significant changes can occur swiftly. This situation continues to be closely monitored by both citizens and economic experts, with hopes pinned on forthcoming policy interventions to stabilize the currency further.

For those looking to engage in currency exchange through unofficial channels, the advice remains to stay updated with real-time rates from multiple sources, including checking rates from various Bureau De Change operators and understanding the official rates from the CBN to make informed decisions.