Aboki Naira To Dollar Black Market Rate Today 4th January 2025

The Nigerian Naira continues to fluctuate in the black market, commonly referred to as the parallel or “Aboki” market, against the US Dollar, reflecting the country’s ongoing economic dynamics.

As of today, the exchange rate for the US Dollar to Naira in the black market has seen the dollar being bought for N1660 and sold for N1665. This represents a slight shift from the previous day’s rates, indicating the volatile nature of the parallel market, which often diverges from the official rates set by the Central Bank of Nigeria (CBN).

The black market remains a significant indicator of the real economic pressures faced by Nigerians, as it often reflects the supply and demand dynamics outside of the regulated banking channels. The demand for dollars in Nigeria remains high due to various factors, including educational expenses abroad, medical tourism, and importation needs.

President Tinubu’s recent budget presentation included optimistic projections on reducing Nigeria’s inflation rate, which currently stands at 34.6%, aiming for a 15% rate by the end of 2025. However, the economic landscape, particularly the exchange rate in the parallel market, suggests that the road to this target might be challenging.

Experts and analysts have warned that while the current rates might hint at some stabilization, the black market is inherently unpredictable. The difference between the official and black market rates continues to widen, influenced by factors like foreign exchange policies, global economic conditions, and domestic economic policies.

It’s crucial for individuals and businesses relying on these rates for transactions to stay informed. The high demand for foreign currency in the black market often leads to rates that differ significantly from the official ones, affecting everything from the cost of living to business profitability.