Aboki Naira To Dollar Black Market Rate Today 8th January 2025

On the 8th of January 2025, the Nigerian Naira experienced continued volatility against the US Dollar in the black market, often referred to as the ‘Aboki’ market.

According to sources at various Bureau De Change (BDC) in Lagos, the exchange rate for a dollar stood at N1661 for buying and N1665 for selling on Tuesday, marking a slight shift from the previous day’s rates.

This market, operating outside the official banking channels, reflects the dual nature of Nigeria’s forex market, where the rates can significantly differ from the official rates set by the Central Bank of Nigeria (CBN). The demand for dollars in this market remains high, driven by needs for education, medical trips abroad, and importation of goods, among other things.

Economic analysts point out that the performance of the Naira in the black market is influenced by various factors, including the supply of foreign currency, government foreign exchange policies, and global economic conditions. The current high inflation rate in Nigeria, which President Tinubu has promised to reduce to 15% by the end of 2025, adds another layer of complexity to the currency’s valuation.

The black market rates often starkly contrast with the official rates, highlighting the challenges in stabilizing the Naira. This discrepancy affects individuals and businesses seeking foreign currency and influences broader economic discussions on currency management and policy reforms.