Aboki Naira To Dollar Black Market Rate Today 29th October 2024

Lagos, October 29, 2024 – The exchange rate for the US Dollar against the Nigerian Naira in the black market, often referred to as the parallel market or “Aboki fx” by locals, has hit a new mark today. According to sources at Bureau De Change (BDC) operators across major cities like Lagos, Abuja, and Kano, the buying and selling rates have seen significant fluctuations.

• Buying Rate: BDC operators are buying the dollar at N1730 per dollar.
• Selling Rate: The selling rate stands at N1740 per dollar.

These rates reflect the continued pressure on the Naira, which has been experiencing fluctuations due to various economic policies and market dynamics within Nigeria. The Central Bank of Nigeria (CBN) has not recognized these black market rates for official transactions, urging citizens to utilize banking channels for foreign exchange dealings. However, the black market continues to thrive, driven by demand from individuals and businesses seeking to circumvent official channels due to more favourable rates or quicker transactions.

The Nigerian economy, grappling with inflation, policy adjustments, and a quest for economic stability, sees these black market rates as both a challenge and a reflection of underlying economic pressures. Despite efforts like redesigning the Naira notes aimed at tackling issues like vote buying and counterfeit currency, the black market remains a barometer for the Naira’s health in the eyes of many Nigerians.

The CBN has consistently advised against dealing in foreign currencies outside official channels, pointing out the risks involved, including legal repercussions. However, the gap between official and black market rates often encourages the latter’s existence, as it provides immediate liquidity and sometimes better rates for those who can afford the risk.