Aboki Naira To Dollar Black Market Rate Today 25th December 2024

On this festive Christmas morning, the Nigerian Naira has shown resilience against the US Dollar in the black market, commonly referred to as the “Aboki” market. According to sources, the exchange rate for buying a US Dollar stands at approximately ₦1,640, while the selling rate is around ₦1,650 as of December 25, 2024.

This rate stabilized after recent fluctuations, providing some relief to those engaged in holiday transactions or remittances. The black market, which operates outside of official channels, often offers rates that are more reflective of immediate supply and demand dynamics than those set by the Central Bank of Nigeria (CBN).

The slight steadiness in the Naira’s value against the Dollar in the parallel market comes when the official exchange rate was last reported at around ₦1,539/$1, indicating a gap typical of the Nigerian forex scenario.

Market watchers attribute the current rate to holiday season activities where there might be an increase in dollar supply from diaspora remittances, balanced against local demand for holiday spending. However, experts caution that this stability could be short-lived given the volatile nature of foreign exchange markets, especially in Nigeria, where economic policies and global oil prices significantly influence currency strength.

Economic analysts from various platforms have noted that while the black market rates provide a snapshot of the Naira’s street value, they do not necessarily predict future trends. The ongoing economic adjustments and government interventions aimed at stabilizing the Naira continue to be of interest to both local and international observers.

As the year closes, there is cautious optimism about policy adjustments potentially aiding in stabilizing the Naira, but the immediate impact on black market rates remains unpredictable, especially during the holiday season when financial pressures are heightened.