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

The Nigerian Naira’s value against the US Dollar in the parallel market, colloquially known as the “Aboki” market, has seen minor movements today, November 19, 2024. According to the latest reports, the buying rate for the US Dollar stands at ₦1,735, while the selling rate is approximately ₦1,740.

The Central Bank of Nigeria (CBN) has set the official rate at ₦1,683.221 per USD. This official rate continues to diverge significantly from the black market rates, highlighting the ongoing forex liquidity issues within the country. Due to the challenges in obtaining dollars through official channels, the buying and selling rates in the black market have become increasingly important for Nigerians needing foreign currency for various personal or business reasons.

Businesses and individuals feel the impact of these rate differences, especially those involved in importation or international transactions and those planning overseas travel or education. The higher selling rate in the black market means more Naira is needed to purchase foreign currency.

Social media platforms continuously discuss how these rates affect daily life. Discussions range from financial strategies for saving in foreign currencies to concerns over the cost of imports and Nigeria’s general economic health.

The Central Bank has been implementing policies aimed at curbing the Naira’s volatility, including restrictions on foreign exchange transactions and attempts to boost forex liquidity. However, the black market remains active, often undermining these efforts. Analysts are split on future movements. Some suggest that increased oil revenues might strengthen the Naira, reducing the gap between official and black market rates, while others warn of persistent pressures from external debt servicing and global economic downturns.

The buying at ₦1,735 and selling at ₦1,740 for the US Dollar in Nigeria’s black market today reflects the continuous balancing act between supply and demand for foreign currency outside official channels.