Aboki Naira To Dollar Black Market Rate Today 21st January 2025

On January 21, 2025, the Nigerian Naira’s value against the US Dollar in the black market, commonly referred to as the “Aboki” market, has shown slight fluctuations. According to reports from various Bureau De Change (BDC) operators in major Nigerian cities like Lagos and Abuja, the buying rate for one US Dollar is approximately N1,655, while the selling rate stands at N1,665. This marks a minor adjustment from the previous day’s rates, reflecting the ongoing volatility in Nigeria’s parallel forex market.

The black market remains a significant barometer for the real-time valuation of the Naira due to its sensitivity to local and global economic factors. Despite the Central Bank of Nigeria‘s (CBN) efforts to stabilize the currency through official channels and forex policies, the gap between official and black market rates continues to highlight the challenges in managing Nigeria’s currency in an economy with a substantial informal trading sector.

Market analysts point out that Naira’s performance in this market is influenced by various factors, including government debt, oil production levels, and international economic trends. The current rate comes when the Nigerian government aims to curb inflation, which could impact currency stability across official and parallel markets.

For those engaging in currency exchange, it’s advisable to consult multiple sources for the most accurate rates, as the black market rates can vary across different locations and dealers. The CBN does not recognize the parallel market, directing individuals to official banking channels for foreign exchange transactions. However, many in Nigeria continue to rely on the black market due to the immediate availability of foreign currency, which is often not as accessible through formal channels.

This update provides a snapshot of the Naira’s standing against the Dollar in the black market environment, with traders and citizens alike keenly observing these rates for daily transactions, import costs, and travel expenses.