Aboki Naira To Dollar Black Market Rate Today 3rd January 2025

The Nigerian Naira has continued its struggle against the US Dollar in the parallel or ‘black’ market, with rates slightly shifting as the new year begins. According to reports from traders in Lagos and Abuja, the buying rate for the US Dollar in the black market is currently at N1,655, while the selling rate stands at N1,665. This marks a marginal increase from the rates observed on January 3, 2025, highlighting the ongoing volatility in Nigeria’s informal currency exchange market.

The informal market, often referred to as “Aboki” in local parlance, operates outside the official banking channels, where the exchange rates can differ significantly from the official rates set by the Central Bank of Nigeria (CBN). The demand for US dollars in this market remains high, driven by various factors, including the need for foreign currency for education, medical trips abroad, and importation of goods, among others.

Analysts have noted that the naira’s performance in the black market is influenced by several factors, including the supply of foreign currency, the government’s foreign exchange policies, and global economic conditions. Despite efforts by the CBN to stabilize the naira through various monetary policies, the black market continues to reflect underlying economic pressures and the public’s distrust or preference for the US dollar.

The current black market rates reflect economic realities and the speculative nature of currency trading in Nigeria. The gap between the official and black market rates has long been a point of contention, with many in the business community arguing for a more unified and transparent exchange rate system to reduce arbitrage and stabilize the economy.

The trend of Naira depreciation in the black market has directly impacted everyday Nigerians, affecting the price of imported goods, travel, and education costs. With the currency’s value dipping further, there’s growing concern about inflation and the cost of living.

As of this report, the CBN has not immediately responded to today’s black market rates, but the apex bank has historically intervened in various ways to manage currency fluctuations, including adjusting monetary policies and sometimes directly injecting dollars into the market.