Aboki Naira To Dollar Black Market Rate Today 20th December 2024

In Nigeria’s informal currency trade sector, commonly known as the “Aboki” market, the exchange rate of the Nigerian Naira against the US Dollar has seen significant activity on this day, December 20, 2024.

The current black market rates reflect the ongoing economic dynamics shaped by various factors, including inflation, government policies, and global economic trends. As of today, traders across the country are buying the US Dollar at approximately N1,655 and selling at N1,665. This slight variation in buy and sell rates indicates the tight margins traders are navigating to maintain profitability in an environment of high volatility.

These rates are snapshots from early morning transactions, with the potential for fluctuations throughout the day based on demand and supply dynamics. The informal market’s exchange rates often diverge from the official rates set by the Central Bank of Nigeria (CBN), which today stand at N1,545 per dollar in the official market. This highlights the premium that is placed on foreign currency in the parallel market.

The depreciation of the Naira in the black market compared to the official rate continues to concern local businesses and individuals relying on these exchanges for international transactions or to hedge against the official currency’s instability. The informal market’s rates are influenced by a myriad of factors, including the scarcity of foreign currency, economic policy announcements, and the global appetite for the US Dollar.

Market observers and participants, both on the ground and online, have noted the persistent challenge of aligning the official and parallel market rates, a disparity that can sometimes encourage speculative trading or even illicit financial flows.

This latest rate adjustment is part of a broader trend where the Naira has been experiencing pressure, reflecting broader economic issues like inflation and the cost of imports. It remains to be seen how these rates will evolve in the coming days, especially with the festive season traditionally increasing the demand for foreign currency.