Aboki Naira To Dollar Black Market Rate Today 18th January 2025

The Nigerian Naira has maintained a steady exchange rate in the black market against the US Dollar, holding at ₦1,675 to buy and ₦1,685 to sell, as reported by various sources across the country, on January 18, 2025. This comes amidst ongoing efforts by the Central Bank of Nigeria (CBN) to stabilize the currency amidst economic fluctuations.

Despite the efforts to manage the currency’s value, the black market continues to be a significant indicator of the Naira’s real-time value, given its responsiveness to supply and demand dynamics outside the official banking channels. On this day, the rates show a slight improvement from the previous week, where the buying rate was at ₦1,680 and the selling rate at ₦1,690, suggesting a marginal gain in the Naira’s strength or perhaps a slight decrease in the demand for dollars in the parallel market.

The black market, often referred to as the “Aboki” market, remains a crucial barometer for many Nigerians who rely on these unofficial channels due to restrictions or inefficiencies in the official market. The rates here are influenced by a variety of factors, including foreign currency inflows, government policies, and global economic trends.

Economic analysts have pointed out that while there has been some stabilization, the Naira’s value has significantly depreciated over the years, moving from approximately ₦180 to $1 to its current rate, highlighting the challenges facing Nigeria’s economy. This depreciation has implications for inflation, import costs, and the overall cost of living.

The Central Bank of Nigeria has been actively working on policies to curb inflation, which is around 34.8%, with some arguing that the real rate is even higher. The CBN’s strategies include forex policy adjustments and efforts to increase foreign currency inflows, which are expected to bolster the Naira’s value over time.

However, the CBN does not recognize parallel market rates and advises individuals to use official banking channels for foreign exchange transactions. This discrepancy between official and black market rates continues to be a point of contention, affecting everyday transactions, travel expenses, and the importation of goods.