Aboki Naira To Dollar Black Market Rate Today 6th January 2025

On the 6th of January 2025, the Nigerian Naira faces another day of fluctuation against the US Dollar in the parallel or “black” market, often referred to as the “Aboki” market. According to sources from Bureau De Change (BDC) operators, the exchange rate for the dollar to naira stands at buying for N1660 and selling at N1665.

This rate reflects a slight stability from the previous day, where the rates were reported at N1665 for buying and N1670 for selling. The black market, operating outside official banking channels, frequently experiences such fluctuations due to a variety of factors, including supply and demand for foreign currency, government policies, and global economic conditions.

The informal market remains a significant source for those seeking to exchange currency for purposes like education, medical trips abroad, or importation, where the official channels might be less accessible or less favorable. Analysts have noted that despite occasional positive trends, the black market’s volatility means rates can change rapidly, affecting those who rely on it.

The Central Bank of Nigeria (CBN) continues its efforts to stabilize the Naira with various policy measures, but the dual nature of Nigeria’s forex market, with significant differences between official and black market rates, complicates these efforts. The Naira’s performance in the official market, where it trades at a different rate, further highlights these disparities.