Aboki Naira To Dollar Black Market Rate Today 27th September 2024

Lagos, Nigeria – As of today, September 27, 2024, the black market, often referred to as the parallel market or Aboki fx in local parlance, has seen the Nigerian Naira grappling with fluctuations against the US Dollar.

Sources close to the market indicate that the buying rate for a dollar stands at approximately ₦1685, while the selling rate is slightly higher at ₦1695. These rates reflect a market that continues to dance to the tune of economic pressures and government policies.

The black market has long been a barometer for Nigeria’s economic health, often diverging significantly from the official Central Bank of Nigeria (CBN) rates due to various factors, including inflation, government policies, and global economic trends. Today’s rates, observed in major trading hubs like Lagos, Abuja, and Kano, underline a persistent depreciation of the Naira, which has been a point of concern for both economists and the general populace.

Although not conclusive evidence, have reflected a sentiment of exasperation among Nigerians. Platform discussions highlight the daily struggle with currency devaluation, with users like @Ayobamipoplenty expressing shock over the rapid rate changes, underscoring the public’s keen interest and frustration with the economic situation.

The Naira’s performance in the black market often mirrors broader economic issues, including oil revenue fluctuations, foreign exchange shortages, and the impact of government policies like the recent currency redesign intended to combat corruption and vote buying. Despite these efforts, the black market rates suggest that the Naira’s value continues to be under pressure.

Financial analysts have pointed to several reasons for this persistent depreciation:

• Inflation Rates: High inflation in Nigeria erodes the purchasing power of the Naira, pushing up the demand for dollars as a hedge against inflation.
• Government Policies: The CBN’s policies, including the floatation of the Naira, have led to market adjustments but haven’t stabilized the currency as hoped.
• Global Economy: The dollar’s strength globally also plays a role, with the rise of the greenback often leading to a subsequent fall in the value of currencies like the Naira.

The black market rates today, as observed, show a slight appreciation in the Naira compared to previous days, moving from ₦1680 to ₦1675 per dollar, according to some sources. However, this fluctuation remains within a narrow band that speaks more to market dynamics than significant policy impacts.