Aboki Naira To Dollar Black Market Rate Today 7th January 2025

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On Tuesday, January 7, 2025, the Nigerian Naira continued to face volatility against the United States Dollar in the black market, commonly referred to as the ‘Aboki’ market.

According to various sources, today’s exchange rates in the Lagos Parallel Market show that Bureau De Change (BDC) operators are buying a dollar at N1660 and selling at N1665. This rate fluctuates from day to day due to the informal nature of the market, which operates outside official banking channels.

The black market, or parallel market, plays a significant role in Nigeria’s economy, providing an alternative for those who find official exchange routes restrictive or less competitive. Factors influencing today’s rate include the supply of foreign currency, government foreign exchange policies, and global economic conditions.

The Naira’s performance in the black market often differs significantly from the official rate set by the Central Bank of Nigeria (CBN), reflecting the dual nature of Nigeria’s forex market. The demand for dollars in this market is driven by needs such as education and medical expenses abroad, alongside the importation of goods, which keeps the market dynamic and often unpredictable.

Analysts suggest that while today’s rates indicate a slight stabilization compared to recent weeks, the black market remains highly volatile. They caution that these rates can change dramatically within hours, urging those involved in forex transactions to stay informed.

This update comes amidst broader discussions on Nigeria’s economic strategies, including efforts to stabilize the Naira and manage inflation, which President Tinubu has promised to bring down to 15% by the end of 2025 from its current high of 34.6%.

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