abokifx exchange rate in nigeria today

How much is the Dollar to Naira exchange rate today, Thursday 15 September 2022? Therefore, the exchange rate provided may change over time. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel (unofficial) market. WebMonthly data for the market currency exchange rates in Nigeria. Political and economic instability in Nigeria is also a significant factor that affects the black market rate. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Please be aware that theCentral Bank of Nigeria(CBN) does not recognize the parallel market (black market) and has advised anybody interested in forex to contact their local banks first. It is important for the government and businesses to closely monitor the exchange rate and develop strategies to mitigate its impacts and take advantage of its opportunities. Convert foreign currencies instantly with the Abokifx calculator. TheNigerian economyis greatly impacted by the exchange rate between the US dollar and the Nigerian naira. The dollar to naira black market rate today, it is influenced by various factors such as demand and supply for foreign currency, inflation, political and economic stability, and external economic factors. Here are some of the causes of the dwindling dollar to naira exchange rate. Follow financial news outlets: Financial news outlets such as. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. Your comment will be published after the review process. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. 740. The black market exchange rate is another factor that can impact the pound to naira exchange rate. Changes in these indicators can result in fluctuations in the value of the pound, which can in turn impact the pound to naira exchange rate. By clicking Accept, you consent to the use of ALL the cookies. Today, this means starting at a NGN/USD exchange rate of around 600/1 and then allowing the currency to depreciate by around 10% per year. At current exchange rates, you may convert dollars to naira. The unofficial foreign exchange market rate is unregulated, it is considered illegal and anyone who trades in this market could be arrested if the apex bank is determined to exercise its monetary power as we Keep these tips in mind and stay informed about the latest trends in the global currency markets. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. WebLondon Exchange Rates. This cookie is set by GDPR Cookie Consent plugin. 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We also use third-party cookies that help us analyze and understand how you use this website. The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). It is worth noting that using the black market for currency exchange carries risks, as it is often associated with illegal activities and the possibility of receiving counterfeit currency. 750. The following are the current CAD to naira black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Canadian Dollars at the parallel (unofficial) market. The dollar to naira today black market exchange rates in Lagos Nigeria today. A rise in the interest rate at which banks lend money would be detrimental to the economy, cause it to contract, and consequently lower the value of the naira. Nigeria is an import-dependent country, and the high demand for foreign currency, especially the US dollar, drives up the price of the dollar on the black market. This shows that the value of the Naira has improved compared to Saturday, April 15th, 2023, when the local currency was exchanged at N741 and sold for N745. As a result, the value of the naira against the dollar is often affected by a variety of factors, such as inflation, government policies, and external economic conditions. Investors King. Necessary cookies are absolutely essential for the website to function properly. Exchange Rate of Dollar To Naira in Black Market Today? One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. However, you can buy and sell 1 USD at 745 and 740 as of the time of writing today. The buying rate is the rate at which individuals or businesses can buy US dollars in exchange for Nigerian naira, while the selling rate is the rate at which individuals or businesses can sell US dollars for Nigerian naira. It is referred to as the black market because it operates outside the official channels and is not regulated by the Central Bank of Nigeria (CBN). The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. At current exchange rates, you may convert dollars to naira. Dollar to Naira conversion is a popular topic in Nigeria, as the value of the Nigerian currency (Naira) is closely tied to the value of the US dollar. Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). Government intervention: In an effort to control the black market exchange rate, the government may impose restrictions on currency exchange, leading to further economic disruption. All rights reserved. Parallel market rates (black market rates) are obtained from various sources including online media outlets. An insider, familiar with the events, said that unusual forex transactions were found in his account, suggesting the promoters of the platform have been involved in illegal forex trading. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. These cookies do not store any personal information. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. The value of the naira against the pound can have a significant impact on the countrys trade, investment, and tourism industries, as well as the daily lives of its citizens. Check the Central Bank of Nigerias website: The CBN is responsible for regulating the countrys monetary policy and is a reliable source for the latest exchange rates. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. It is important to note that the use of the black market exchange rate is not recommended as it is illegal and exposes individuals to fraud, counterfeit currency, and other risks. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? By clicking Accept, you consent to the use of ALL the cookies. By. This article does not set or determine forex rates. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. The online website stand for freedom, justice and equity with targeted audience of mass population among which are business & political elites, the affluent, the educated and the upwardly mobile. Necessary cookies are absolutely essential for the website to function properly. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. WebExchange Rates by Currency in Nigeria / = BTC/USD = 28354.6995 BTC/NGN = 21152605.819 ETH/USD = 1832.3599 ETH/NGN = 1366940.4982 LTC/USD = 93.2844 LTC/NGN = 69590.1482 XRP/USD = 0.4464 XRP/NGN = 333.0455 BCH/USD = 129.0352 BCH/NGN = 96260.2837 The official exchange rate is set by the Central Bank of Nigeria (CBN) and is used for government transactions and other official purposes. Your comment will be published after the review process. Umahi, Buhari reveals his second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. Investors Kingunderstands that although the dollar to naira opened at N745 per $1 in the parallel market today, theCentral Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. 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Save my name, email, and website in this browser for the next time I comment. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. This cookie is set by GDPR Cookie Consent plugin. The use of the black market exchange rate is not recommended as it is illegal and exposes individuals to fraud, counterfeit currency, and other risks. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. The black market (parallel) exchange rate is always different from the CBN rate. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. If inflows are substantial, the currency rate will move in the nairas favor. A: $100 USD is currently equal to 97.5844 EUR. The Abokifx exchange rate is the value of the naira in terms of other currencies. Press Esc to cancel. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. Parallel market rates (black market rates) are obtained from various sources including online media outlets. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. These cookies track visitors across websites and collect information to provide customized ads. In Nigeria, the black market exchange rate is often significantly different from the official exchange rate, leading to increased demand for dollars in the unofficial market. WebPounds To Naira Black Market and Official CBN Exchange Rate Today; Euro To Naira Black Market and Official CBN Exchange Rate Today; Dollar To Naira Black Market Exchange Rate Today; UAE Dirham To Naira Black Market and Official CBN Exchange Rate Today; Chinese Yuan To Naira Official CBN and Black Market Exchange Rate Today Also lead to increased inflation and decreased purchasing power for consumers as Nigerias president, Breaking Nigeria Newspaper and news! Cookie is set by the Central Bank of Nigeria ( CBN ) political economic. That affects the black market is different from the CBN has instructed individuals in need of forex to approach Bank! Rate set by the exchange rate is the scarcity of currency & window. Nigerias president, Breaking Nigeria Newspaper and World news is currently equal to 97.5844 EUR can buy sell. To 97.5844 EUR therefore, the exchange rate is the rate set by the Central of... 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