Aboki Naira To Dollar Black Market Rate Today 21st December 2024

As of today, December 21, 2024, the Nigerian Naira has experienced a marginal depreciation in the black market, commonly referred to as the “Aboki” market. According to recent updates, traders in major financial hubs like Lagos, Abuja, and Kano are buying the US Dollar at around ₦1,656 and selling at approximately ₦1,660.

This slight shift in the exchange rate reflects the continuous volatility in Nigeria’s parallel market, where the informal currency trade operates. The black market rate often serves as a real-time indicator of the Naira’s value, differing significantly from the official rates set by the Central Bank of Nigeria (CBN). The CBN’s official rate is currently hovering around ₦1,688.784 to the dollar, illustrating the considerable spread between the formal and informal sectors of the Nigerian forex market.

The fluctuations today come amidst the CBN’s ongoing efforts to stabilize the Naira through various interventions, including managing liquidity and promoting the use of new financial instruments like the Electronic Foreign Exchange Matching System (EFEMS). However, the parallel market continues to react to immediate economic conditions, often providing a more dynamic reflection of the Naira’s strength or weakness.

Market observers note that the slight depreciation could be influenced by several factors, including seasonal demand for foreign currency during the festive period, diaspora remittances, and speculative activities. Despite these pressures, the Naira’s performance in the black market remains a critical point of discussion for both the public and policymakers, as it directly impacts the cost of living and business operations that rely on dollar transactions.