Aboki Naira To Dollar Black Market Rate Today 13th November 2024

The Nigerian Naira has seen another day of fluctuation in the black market exchange rates against the US Dollar, with the rates hitting a new high today, November 13th, 2024.

According to multiple sources and social media posts, the black market rate for converting the US Dollar to Nigerian Naira today stands at approximately ₦1,738.9 per dollar. This marks a slight increase compared to the rates observed earlier in the week.

Market Analysis

• Buying and Selling Rates: The buying rate for the US Dollar in the black market is around ₦1,738, while the selling rate is approximately ₦1,740. This indicates a narrow spread, suggesting a stable but high dollar demand.
• Comparison with Official Rates: Today’s Central Bank of Nigeria (CBN) official rate is listed at ₦1,688.567 per dollar. This discrepancy highlights the significant gap between the official and black market rates, a trend that has persisted due to various economic factors, including foreign exchange liquidity issues and speculative trading.
• Impact on the Economy: The persistent high black market rates are indicative of the ongoing economic pressures within Nigeria. High black market rates often signal a lack of confidence in the local currency and can lead to inflationary pressures as importers and businesses look to hedge against currency depreciation.

Expert Insights

Economic analysts point to several underlying issues contributing to the high black market rates:

• Foreign Exchange Scarcity: The scarcity of dollars in the official market pushes traders and individuals towards the black market, where rates are determined by supply and demand dynamics rather than regulated by the CBN.
• Speculation: Speculative trading in the forex market exacerbates the rate differences, with many traders betting on the Naira’s further depreciation.
• Policy Measures: The CBN is being called on to introduce more effective measures to inject liquidity into the market, possibly through forex auctions or encouraging foreign investments, which could increase dollar inflows.