Aboki Naira To Dollar Black Market Rate Today 19th December 2024

On December 19, 2024, the Nigerian Naira experienced slight changes in its exchange rate against the US Dollar in the informal sector, commonly known as the “Aboki” market. According to reports from various sources, including social media updates and online platforms, the Naira has shown a nuanced dance with the Dollar, reflecting the ongoing economic dynamics within the country.

According to the latest updates, the buying rate for the US Dollar in the black market stands at approximately N1,655, with the selling rate hovering around N1,665. This indicates a marginal shift from the rates observed in the previous days when the buying rate was slightly higher.

The parallel market often reacts more swiftly to economic conditions than the official rates, providing a real-time barometer of the Naira’s strength against foreign currencies like the Dollar. This slight depreciation in the Naira’s value within the black market can be attributed to various factors, including the supply and demand for foreign currency, global economic trends, and local policy changes.

In Nigeria’s broader economic landscape, this rate fluctuation comes amidst discussions on the country’s inflation rate, which has been on an upward trend. The Central Bank of Nigeria (CBN) continues to implement policies to stabilize the Naira, although the black market tends to reflect more immediate economic realities.

Market observers and traders are closely monitoring how these rates might evolve, especially with the backdrop of an incoming administration in the United States, which could have global economic implications. The policies of the newly elected President Donald Trump, set to take office in January 2025, are anticipated to influence currency stability worldwide, including in Nigeria.