Aboki Naira To Dollar Black Market Rate Today 24th November 2024

The Nigerian Naira has experienced minor fluctuations against the US dollar today, November 24, 2024, in the black market, also known as the parallel market or ‘Aboki’ market. According to traders in major financial hubs like Lagos and Abuja, the rate for buying a US Dollar stands at approximately ₦1,742.51, while the selling rate is around ₦1,755. This adjustment reflects the ongoing economic dynamics in Nigeria.

The black market has always been a significant barometer for the real-time value of the Naira, often differing from the official rates set by the Central Bank of Nigeria (CBN). Today, the CBN’s official rate remains at ₦1,688.784 to the Dollar, illustrating the persistent gap between the official and parallel market rates. This gap is influenced by several factors:

• Supply and Demand: The black market reacts quickly to changes in foreign currency supply, driven by remittances, export earnings, and speculative investments.
• Local Economic Conditions: With inflation rates speculated to be over 330% by some observers, the Naira’s purchasing power continues to erode, pushing more transactions towards the dollar.
• Government Policies: The government’s efforts to stabilize the Naira and narrow the gap between official and black market rates have been met with mixed results. The CBN’s recent suspension of dollar sales to Bureaux De Change (BDCs) has shifted more trading activity to the black market.

Market observers note that these rates reflect economic health and public sentiment toward the national currency. Due to perceived inefficiencies or restrictions in the official market, the parallel market remains vital for many Nigerians.

Since June 2023, the Naira’s value against the Dollar in the black market has been upward, with current rates hovering around ₦1,750. This trend has significant implications for everyday transactions, trade balances, and overall economic stability in Nigeria.

Keeping abreast of these rates is crucial for those involved in foreign trade or requiring foreign currency for personal or business transactions. The disparity between the official and black market rates continues to be discussed among economic analysts, with calls for policy interventions to address the underlying issues causing these fluctuations.