Aboki Naira To Dollar Black Market Rate Today 16th January 2025

On the 16th of January, 2025, the Nigerian Naira continued to experience volatility in the black market, commonly known as the “Aboki” market, against the US Dollar. According to various sources, the exchange rate for buying a dollar stood at approximately N1,665, while selling was pegged at N1,675. This slight adjustment from the previous day’s rates underscores the ongoing economic challenges and the high demand for foreign currency in Nigeria’s parallel market.

The black market rate often diverges significantly from the official rates set by the Central Bank of Nigeria (CBN), reflecting the dual nature of Nigeria’s foreign exchange market. The demand for dollars in this informal market is driven by the need for education abroad, medical expenses, and the importation of goods, among other factors.

Economic analysts have noted that despite the Nigerian government’s efforts to stabilize the Naira through policy measures, the black market remains a critical barometer of the currency’s real value. The persistently high inflation rate, which President Tinubu has vowed to reduce from 34.6% to 15% by the end of 2025, further complicates the currency’s valuation.

The gap between the official and parallel market rates continues to be significant, highlighting the challenges in managing the Naira’s value amidst dollar scarcity and global economic pressures. For those looking to convert currency, the black market provides a quicker but riskier alternative to official channels, with rates known to fluctuate dramatically within hours.

Anyone engaging in foreign currency transactions should stay informed through multiple sources, including checking rates from various Bureau De Change (BDC) operators and being aware of official rates from the CBN.