Aboki Naira To Dollar Black Market Rate Today 19th January 2025

The Nigerian Naira continues its volatile dance against the US Dollar on the black market, or as it’s commonly referred to, the “Aboki” market. As of the morning of January 19, 2025, the exchange rate for the US Dollar to Naira in the parallel market has been reported with some variations across major trading hubs in Nigeria.

According to multiple sources, including Bureau De Change operators in Lagos and Abuja, the buying rate for the US Dollar stands at around N1665, with the selling rate slightly higher at N1675. This indicates a modest adjustment from the previous day’s rates, reflecting the ongoing economic challenges and the demand for foreign currency for various purposes such as education, medical trips abroad, and importation of goods.

The black market, operating outside the formal banking system, often showcases rates significantly different from the official exchange rates set by the Central Bank of Nigeria (CBN). The disparity between these markets highlights the complexities of Nigeria’s dual exchange rate system, where the official rate does not always reflect the reality of the street-level trading influenced by supply, demand, and broader economic policies.

Economic analysts have pointed out that the Naira’s performance in the black market is influenced by numerous factors, including government debt, oil production levels, and the overarching global economic climate. The current rate also comes at a time when President Tinubu has vowed to reduce inflation from 34.6% to 15% by the end of 2025, a policy that could potentially affect currency stability across both official and parallel markets.

The black market rates are crucial for many Nigerians who rely on these transactions for everyday needs, especially when official channels are either too restrictive or do not match the urgency or convenience offered by informal markets. However, the CBN does not recognize these rates, advising individuals to use official banking channels for forex transactions.

As the day progresses, these rates might see further adjustments due to the dynamic nature of the black market, influenced by daily economic activities and the flow of foreign currency into Nigeria. Investors and everyday citizens alike will continue to watch these rates closely, as they are a barometer of both economic health and the public’s trust in the national currency.

For those interested in the exact rates and how they might affect personal or business transactions, staying updated through various sources and directly from local Bureau De Change operators is recommended, acknowledging that these rates can vary significantly from one location to another within the country.