Aboki Naira To Dollar Black Market Rate Today 9th January 2025

On Thursday, 9th January 2025, the Nigerian Naira saw a steady rate in the black market, commonly referred to as the parallel or “Aboki” market, against the US Dollar.

According to multiple sources, the exchange rate for a dollar to naira at the Lagos Parallel Market stood at N1,655 for buying and N1,660 for selling. This rate reflects the ongoing economic dynamics and the high demand for dollars in Nigeria’s informal market.

The black market rate has been a significant indicator of Nigeria’s economic pulse, often diverging from the official Central Bank of Nigeria (CBN) rates. The persistent demand for foreign currency, particularly for education, medical trips abroad, and goods imports, continues to drive these rates.

Despite efforts by the Nigerian government and the Central Bank to stabilize the Naira through various economic policies, the black market remains volatile. This situation is further complicated by the dual nature of Nigeria’s forex market, where the official rate is significantly different from the black market rate.

The Naira’s depreciation in the black market has been attributed to factors like thin trading volumes, dollar shortages in the official market, and the broader economic strategy aimed at reducing inflation, which President Tinubu has pledged to decrease from 34.6% to 15% by the end of 2025.

For those looking to convert currency, the black market provides a quicker but riskier alternative to official channels, with rates fluctuating dramatically within hours. Analysts caution that while today’s rate might suggest a positive trend, the market’s unpredictability means rates could change rapidly.