In the streets of Lagos, where the heartbeat of Nigeria’s economic activities echoes, the black market for foreign currency, commonly referred to as the “Aboki” market, continues to see fluctuations reflecting the broader economic pressures the Nigerian Naira faces. Today, September 22, 2024, traders and exchange dealers on the black market reported a varied yet somewhat stable rate for the US Dollar against the Naira.

According to insights gathered from real-time data shared across platforms, the buying rate for a US Dollar stood at approximately ₦1,615, while the selling rate was slightly higher, pegged at around ₦1,620. These rates, however, are not uniformly consistent across all markets in Nigeria due to the unregulated nature of black market exchanges, where prices can vary based on supply, demand, and location.

The disparity between the black market rate and the official Central Bank of Nigeria (CBN) rate remains significant, illustrating Nigeria’s ongoing challenges with foreign exchange management. The CBN rate, which aims for stability and control, is often undercut by the black market’s rates, which respond more dynamically to market conditions.

Economists and market observers have noted that the persistent gap between the official and black market rates could be attributed to a variety of factors, including currency hoarding, political instability, and speculative trading. The unofficial market’s rates are influenced by the availability of foreign currency, which can be scarce due to government restrictions on forex transactions and the need for dollars in importing essential goods like petroleum products.