Aboki Naira To Dollar Black Market Rate Today 23rd December 2024

On this Monday morning, December 23, 2024, the Nigerian Naira continues to navigate through the volatile waters of the black market, known locally as the “Aboki” market. The current exchange rate for buying a US Dollar in this informal sector stands at N1,670, with the selling rate slightly higher at N1,680.

This slight uptick in the Naira’s depreciation comes amidst the holiday season, where the demand for foreign currency often spikes due to travel and remittance activities. Despite efforts by the Central Bank of Nigeria (CBN) to stabilize the currency through various interventions, including allowing Bureau de Change (BDC) operators to purchase up to $25,000 weekly from the Nigerian Autonomous Foreign Exchange Market (NAFEM), the gap between the official and black market rates remains significant.

Market observers note that the black market often reacts more swiftly to economic realities, reflecting a real-time valuation of the Naira against the US Dollar. This rate is in stark contrast to the official rate, with the CBN setting the dollar at around ₦1,533.61. The disparity has led to a bustling parallel market where many Nigerians turn for their foreign exchange needs, especially when official channels are less accessible or less favorable.

The implications of these rates are far-reaching, affecting daily transactions, remittances from abroad, and the overall cost of living for Nigerians. Businesses that rely on imports or need dollars for transactions grapple with increased costs, which can trickle down to consumers through higher prices for goods and services.

As the year draws to a close, all eyes will be on how these rates evolve, particularly with the transition to a new administration in the United States potentially impacting global economic policies and, by extension, currency valuations.