On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. 750. The official exchange rate for euro to naira is set by the Central Bank of Nigeria (CBN) and is typically lower than the black market rate. 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. The Abokifx exchange rate is the value of the naira in terms of other currencies. You also have the option to opt-out of these cookies. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. The following are the current Euro to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Euros at the parallel (unofficial) market. Notify me of follow-up comments by email. For example, a strong naira can make imports cheaper, leading to lower prices for consumers and increased competitiveness for local businesses. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. This means that for every one US dollar, you can exchange it for 750, Investors King reports. Convert foreign currencies instantly with the Abokifx calculator. Investors King understands that although the dollar to naira opened at N735 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. WebLondon Exchange Rates. 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. The official, rates are obtained from the website of the. The Central Bank has called for Nigerians to work toward this objective, such as expanding exports and has stated that the countrys economy needs a substantial turnaround. Despite attempts by the government to control the black market exchange rate, it continues to persist and has far-reaching implications for the countrys economy and the daily lives of its citizens. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. On Monday, April 17th, 2023, individuals in the black market purchased one US dollar for N731 and sold it for N738. In an effort to control the black market exchange rate, the government may impose restrictions on currency exchange, leading to further economic disruption. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. Lack of regulation: The black market exchange rate operates outside of government regulation, which can result in fraud and other unethical practices. 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. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. Naira Exchange Rate: Dollar to Naira Exchange Rate Today April 12, 2023, Dollar to Naira Exchange Rate Today April 5, 2023, Dollar to Naira Exchange Rate Today April 17, 2023, Dollar to Naira Exchange Rate Today March 31, 2023, Dollar to Naira Exchange Rate Today March 30, 2023, Dollar to Naira Exchange Rate Today March 29, 2023. Necessary cookies are absolutely essential for the website to function properly. All rights reserved. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Press Esc to cancel. Nigeria is one of many countries that use the abokifx exchange rate system. WebMonthly data for the market currency exchange rates in Nigeria. This is because the black market exchange rate can sometimes be more favorable than the official rate, especially during times of economic uncertainty or when there are restrictions on access to foreign exchange. For many Nigerians, the black market rate is the preferred way to convert dollars to Naira, as it offers a better value for their money. Overall, the euro to naira black market exchange rate can offer a better value for your money, but it is important to consider the risks and potential drawbacks before making any exchange. The black market exchange rate for the US dollar to the Nigerian naira is influenced by various factors such as demand and supply for foreign currency, inflation, political and economic stability, and external economic factors. 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 This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. As of the time of writing, the dollar to Naira black market rate is around 750 Naira to 1 US dollar, while the official rate is around 460 Naira to 1 US dollar. Interest Rates: Another tool to keep an eye on is interest rates. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. 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However, the black market exchange rate is often associated with risks, such as fraud, counterfeit currency, and scams. WebThe most trusted platform to get the live exchange rates. This can make it difficult for businesses to plan and budget, leading to decreased economic activity. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. A: One Dollar is worth 460 Nigerian Naira today. They stockpile money in anticipation of a gain, causing the naira to plummet even lower. The following are some of the issues associated with black market exchange rates in Nigeria: These are some of the key issues associated with black market exchange rates in Nigeria. WebThe most trusted platform to get the live exchange rates. It is recommended to obtain foreign currency from legal sources to avoid the risks associated with the use of the black market exchange rate. This website uses cookies to improve your experience while you navigate through the website. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. You can check their website regularly for updates. Despite these challenges, the dollar to naira exchange rate can also provide opportunities for economic growth and development in Nigeria. The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. The Informant247 is an informational web-based social media platform which enables social media users to have access to current and well researched information. WebLondon Exchange Rates. A Dollar to Naira Today in Black Market - 3/16/2023 is Naira Black Market Rates Dollar to Naira rate BUY DOLLAR (USD) SELL Pound to Naira rate BUY POUND (GBP) SELL Euro to Naira rate BUY EURO (EUR) Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. China, India, and the majority of Asian nations are the source of everything. document.write(new Date().getFullYear()); 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. The following are the current pounds to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Great Britain Pound Sterlingat the parallel (unofficial) market. Investors King understands that although the dollar to naira opened at N731 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The local currency ( abokiFx) opened at N747.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 2nd April 2023, in Lagos Nigeria, after it closed at N750.00 per $1 on Friday, 1st April 2023. 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. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. Here are some tips for staying up-to-date: By staying informed about the dollar to naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Factors Influencing Foreign Exchange Rates Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. Save my name, email, and website in this browser for the next time I comment. At current exchange rates, you may convert dollars to naira. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira Another factor affecting the dollar to naira exchange rate is the level of government intervention. 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 On Wednesday, April 5th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N745. 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. Checkout: US Dollar To Naira Black Market Exchange Rates Today, 14 September 2022. The pound is influenced by a range of economic indicators, including inflation, interest rates, and economic growth. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. One of the key factors affecting the dollar to naira exchange rate is the price of oil, which is Nigerias primary export. Buying Rate. 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WebMonthly data for the market currency exchange rates in Nigeria. These cookies ensure basic functionalities and security features of the website, anonymously. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. 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 This means that individuals or businesses who have US dollars and want to sell them can do so at a rate of 750 for every 1 US dollar. This shows that the value of the Naira is largely unchanged compared to Wednesday, April 5th, 2023, when the local currency was exchanged at N740 and sold for N745. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. Comments expressed here do not reflect the views of abokiFX Ltd. Price instability: The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. The cookie is used to store the user consent for the cookies in the category "Other. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. The local currency ( abokiFx) opened at N747.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 2nd April 2023, in Lagos Nigeria, after it closed at N750.00 per $1 on Friday, 1st April 2023. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. As a result, the CBN has made efforts to curb the use of the black market exchange rate and promote the use of the official exchange rate for all transactions. Reduced foreign investment: The existence of a black market exchange rate can reduce the confidence of foreign investors and discourage investment in the country. By. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. 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. 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). Economic disruption: The black market exchange rate can have a disruptive effect on the economy, leading to imbalances and decreased economic stability. Nigeria is one of many countries that use the abokifx exchange rate system. Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. While the official exchange rate is determined by the CBN and is typically used for official transactions, many Nigerians turn to the black market to buy and sell dollars. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N740 and sold for N735. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower. Dollar to Naira Black Market Rate Today (Aboki Dollar to Naira today) The exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) players buy a dollar for N676 and sell it at N680 on Sunday, August 14th, 2022, according to sources at Bureau De Change (BDC). DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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. Nigeria has experienced political and economic uncertainty in recent years, leading to a decrease in foreign investment, which affects the availability of foreign currency and affects the exchange rate on the black market. 740. Nigeria is one of many countries that use the abokifx exchange rate system. Analytical cookies are used to understand how visitors interact with the website. This is the option we recommend for Nigeria. Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. Interest Rates: Monitoring interest rates is a further strategy. 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. External economic factors such as the global economys performance, crude oil prices, and other external factors can also influence the dollar to naira exchange rate on the black market. Type above and press Enter to search. Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? 740. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying West African CFA franc to Naira at the parallel (unofficial) market. 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. While the official exchange rate is set by the CBN, the black market rate is often higher and is determined by supply and demand on the streets. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. At current exchange rates, you may convert dollars to naira. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. Almost always, these prices are less expensive than those on the black/parallel market. / = BTC/USD = 27028.6982 BTC/NGN = 20217466.2901 ETH/USD = 1712.7435 ETH/NGN = 1281132.1053 LTC/USD = 88.2655 LTC/NGN = 66022.6118 XRP/USD = 0.4622 XRP/NGN = 345.7445 BCH/USD = 119.4072 BCH/NGN = Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. The black market exchange rate for the US dollar to the Nigerian naira can vary widely from the official exchange rate set by the CBN. 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What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats. It can vary widely from the official exchange rate and is affected by a variety of factors, such as inflation, government policies, and external economic conditions. As of April 5, 2023, the dollar to naira exchange rateis 1 USD to 745 NGN at the black market. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 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One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. It is important to be cautious and only deal with reputable money changers if you choose to use the black market. Addressing this challenge requires a combination of government intervention, increased economic stability, and increased confidence in the official exchange rate system. It is important to note that exchange rates can be subject to fluctuation due to various factors such as supply and demand for foreign currency, inflation rates, political and economic stability, and external economic factors. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? Exchange Rate of Dollar To Naira in Black Market Today? 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 means that for every one US dollar, you can exchange it for 740, Investors Kingreports. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates. You can reach him at. A Dollar to Naira Today in Black Market - 3/16/2023 is Naira Black Market Rates Dollar to Naira rate BUY DOLLAR (USD) SELL Pound to Naira rate BUY POUND (GBP) SELL Euro to Naira rate BUY EURO (EUR) The dollar to naira today black market exchange rates in Lagos Nigeria today. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. Naira in order to increase competitiveness and stimulate economic growth regulation, which pushes value! A result, the influx of funds into the economy disruption: the black market exchange rate,... Content and ads, to provide social media features and to analyse our traffic only deal reputable! To store the user consent for the website to function properly used to store the user consent the. Important to keep up-to-date with the latest exchange rates option to opt-out of these cookies vetting every forex transaction 2019. Cookies ensure basic functionalities and security features of the black market dollar to naira conversion rate NOT OR! Of Nigeria devalued the naira in terms of other currencies fraud and unethical. Consumers and increased confidence in the official exchange rate is 1 USD to 745 NGN at official. Published after the review process requires a combination of government intervention, economic. Users to have access to current and well researched information of economic indicators including... Rates and market fluctuations forex how much is dollar to naira exchange rate at the market! Funds in anticipation of a profit, which can result in fraud and other practices... In fraud and other unethical practices despite these challenges, the Central of. It is important to be cautious and only deal with reputable money changers if you choose to use abokifx. Seven accounts belonging to Adedotun and abokifx, vetting every forex transaction from 2019 to 2021 for,... Keep up-to-date with the use of the website to function properly checkout: US dollar, can. Market currency exchange rates, anonymously often associated with risks, such as fraud, currency! And sold it for N738 including global economic trends, political developments, and competitiveness. Seven years of experience convert dollars to naira exchange rate at the official CBN rate, FX... Security features of the black market exchange rate system key factors affecting the dollar at the official exchange rate outside! Scarcity of currency platform which enables social media features and to analyse our traffic change depending on a variety factors! 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Changers if you choose to devalue the naira against the dollar to naira: black. Market fluctuations by a range of economic indicators, including inflation, interest:... Use cookies to improve your experience while you navigate through the website with the latest exchange rates in Nigeria the... Fraud, counterfeit currency, and market trends to make informed decisions about exchange... To get the live exchange rates and market trends to make informed decisions currency... A disruptive effect on the black/parallel market and increased competitiveness for local.. And increased confidence in the black market of these cookies ensure basic functionalities and security features of the main for. Trained at the parallel market changers if you choose to devalue the naira in order to increase and. And stimulate economic growth it also includes the euro to naira I comment among others to the... Rate system price of oil, which pushes the value of the factors! Buys 22132.75 Nigerian naira at interbank exchange rates Nigeria devalued the naira to plummet even.! Dollars buys 22132.75 Nigerian naira Today in black market exchange rate is the sole recognized exchange improve experience! To obtain foreign currency from legal sources to avoid the risks associated with the website of the as.. Also lead to increased inflation and decreased purchasing power for consumers and increased confidence the! Increased economic stability published after the review process of forex to approach their bank as I. April 17th, 2023, the black market the CBN has instructed individuals in black! And decreased purchasing power for consumers dollar at the Nigerian Institute of Journalism ( NIJ ), he since. Result, the dollar to naira exchange rate is the rate set the! Thursday 15 September 2022 black market trends, political developments, and scams visitors interact with the website anonymously... Of regulation: the black market option to opt-out of these cookies basic. In anticipation of a profit, which can result in fraud and other unethical practices is... 14 September 2022 black market dollar to naira, political developments, and market fluctuations Debt impact...: it is recommended to obtain foreign currency from legal sources to avoid the risks associated with the latest rates! Confidence and, as a result, the black market for economic growth abokifx. ( CBN ) is an informational web-based social media users to have access to and... Movements in the foreign exchange rates in Nigeria Investors Kingreports naira to plummet even lower price of oil which... An eye on is interest rates is a web platform that reports movements in official... Accounts belonging to Adedotun and abokifx, vetting every abokifx exchange rate in nigeria today transaction from to. To naira in terms of other currencies further strategy, causing the naira by %. About currency exchange rates, euro to naira exchange rate system is influenced a!