Aboki Naira To Dollar Black Market Rate Today 22nd December 2024

The Nigerian Naira has continued its volatile journey against the US Dollar in the informal sector, known colloquially as the ‘Aboki’ market. Today, December 22, 2024, reports indicate a marginal depreciation of the Naira in the black market.

According to sources, traders in major financial hubs like Lagos and Abuja are buying the US Dollar at approximately ₦1,670 and selling at ₦1,680. This rate represents a slight shift from the rates observed on the previous day, reflecting the dynamic nature of the parallel market which often adjusts more rapidly to economic conditions than the official rates set by the Central Bank of Nigeria (CBN).

This aligns with recent trends where the black market rates have been fluctuating, with the Naira showing signs of both depreciation and occasional gains against the Dollar. The black market rate is crucial for many Nigerians who rely on this exchange for various transactions, especially when official channels are not accessible due to scarcity or bureaucratic hurdles.

The CBN’s official exchange rate for the Dollar stands at a different level, last reported to be around ₦1,537.56, which highlights the significant gap between the official and parallel market rates. This disparity often reflects broader economic sentiments, policy impacts, and the real-time valuation of the Naira by those participating in the informal economy.

The ongoing fluctuations in the black market rate come amidst a backdrop of economic adjustments and policy interventions aimed at stabilizing the Naira. However, the informal market continues to react to real-time economic conditions, providing a stark contrast to the official rates.

As the festive season approaches, many Nigerians are keeping a close eye on these rates, which could affect holiday spending, travel, and the overall cost of living amidst the economic challenges faced by the nation.