Investors King understands that although the dollar to naira opened at N731 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily. According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N740 and sold for N735. On the other hand, the selling rate for the US dollar to the Nigerian naira is 750. The government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. 750. The official NAFEX rates are obtained from the website of the FMDQOTC. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. The black market exchange rate is another factor that can impact the pound to naira exchange rate. A Dollar to Naira Today in Black Market - 3/16/2023 is Naira Black Market Rates Dollar to Naira rate BUY DOLLAR (USD) SELL Pound to Naira rate BUY POUND (GBP) SELL Euro to Naira rate BUY EURO (EUR) Despite attempts by the government to control the black market exchange rate, it continues to persist and has far-reaching implications for the countrys economy and the daily lives of its citizens. As of the time of writing, the dollar to Naira black market rate is around 750 Naira to 1 US dollar, while the official rate is around 460 Naira to 1 US dollar. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. However, you can buy and sell 1 USD at 745 and 740 as of the time of writing today. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. 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 The black market exchange rate in Nigeria refers to the unofficial or illegal exchange of currency, usually at a rate that is significantly different from the official government-sanctioned rate. Speculators: Speculators frequently impact the naira-to-dollar exchange rate. Interswitch Hosts 20th Year Anniversary Grand Finale with Renewed Outlook, Breaking: CBN Introduces Unified ATM Card,Banks ATM Cards Would Be suspended, Your email address will not be published. They stockpile money in anticipation of a gain, causing the naira to plummet even lower. This is the option we recommend for Nigeria. 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 We also use third-party cookies that help us analyze and understand how you use this website. This cookie is set by GDPR Cookie Consent plugin. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. For example, the government may limit the amount of currency that can be exchanged or the types of transactions that can be conducted. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. 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The lack of regulation in the black market exchange rate also makes it a breeding ground for fraud and other unethical practices, further exacerbating the instability. This cookie is set by GDPR Cookie Consent plugin. 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. 740. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? Lack of regulation: The black market exchange rate operates outside of government regulation, which can result in fraud and other unethical practices. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. All rights reserved. 740. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. By clicking Accept, you consent to the use of ALL the cookies. TheNigerian economyis greatly impacted by the exchange rate between the US dollar and the Nigerian naira. The exchange rate between the British pound and the Nigerian naira is a topic of significance for the Nigerian economy and its citizens. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. Selling Rate. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. But opting out of some of these cookies may affect your browsing experience. Convert foreign currencies instantly with the Abokifx calculator. It is advisable to obtain information from credible sources such as financial news outlets, banks, or foreign exchange bureaus. . Save my name, email, and website in this browser for the next time I comment. Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. 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. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. 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. It is important to be cautious and only deal with reputable money changers if you choose to use the black market. 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. WebExchange Rates by Bank in Nigeria / = BTC/USD = 25860.1945 BTC/NGN = 19472726.4581 ETH/USD = 1760.1613 ETH/NGN = 1325401.4533 LTC/USD = 87.0409 LTC/NGN = 65541.7768 XRP/USD = 0.3825 XRP/NGN = 288.0026 BCH/USD = 133.8495 BCH/NGN = 100788.6512 750. 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. The black market (parallel) exchange rate is always different from the CBN rate. 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 dollar to naira today black market exchange rates in Lagos Nigeria today. Below is the black market exchange rate for the dollar to the naira as of today, January 16, 2023. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. Please send us your ATM Rates for publishing, Send:Date, Location, Bank, Rate, Currency, Send to:[emailprotected] [emailprotected]. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? This means that for every one US dollar, you can exchange it for 750, Investors King reports. Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. Your comment will be published after the review process. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. 750. 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According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. The official dollar-to-naira exchange rate in Nigeria as of today, including Black Market, Bureau De Change (BDC), and Central Bank of Nigeria (CBN) ratesgathered by TopnewsNigeria.com. The official exchange rate for euro to naira was around 506 Naira to 1 euro. In this market, individuals and businesses are willing to pay a premium for currency, leading to higher exchange rates than those officially sanctioned by the government. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. 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. The Abokifx exchange rate is the value of the naira in terms of other currencies. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower. Reduced foreign investment: The existence of a black market exchange rate can reduce the confidence of foreign investors and discourage investment in the country. Interest Rates: Monitoring interest rates is a further strategy. 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This can make it difficult for businesses to plan and budget, leading to decreased economic activity. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange 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. Press Esc to cancel. A: One Dollar is worth 460 Nigerian Naira today. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. Buying Rate. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. 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 black market exchange rate for the US dollar to the Nigerian naira can vary widely from the official exchange rate set by the CBN. 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 Kingreports. 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. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. Exchange Rate of Dollar To Naira in Black Market Today? Keep these tips in mind and stay informed about the latest trends in the global currency markets. We also use third-party cookies that help us analyze and understand how you use this website. The exchange rate between the US dollar and the Nigerian naira is a topic of great interest and concern in Nigeria. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. WebMonthly data for the market currency exchange rates in Nigeria. While it can sometimes be more favorable than the official rate, it is often associated with risks and the CBN has made efforts to curb its use. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall. 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 At current exchange rates, you may convert dollars to naira. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. Interest Rates: Another tool to keep an eye on is interest rates. 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. Umahi, Buhari reveals his second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News. Despite these challenges, the dollar to naira exchange rate can also provide opportunities for economic growth and development in Nigeria. If inflows are substantial, the currency rate will move in the nairas favor. This article does not set or determine forex rates. 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. Factors Influencing Foreign Exchange Rates 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. Here are a few reasons why the dollar to naira conversion rate is declining. Dollar to naira black market exchange rate today black market (Aboki dollar 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. Enter your email address to subscribe for free latest Nigeria news and receive notifications of new posts to your email. On Monday, January 16, 2023, it opened at N750.00 per $1. 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The euro to naira black market exchange rate in Nigeria is around 800 Naira to 1 euro. 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. Therefore, the exchange rate provided may change over time. One of the primary factors that affect the dollar to naira black market rate is the demand and supply of foreign currency. 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. Exchange Rate of Dollar To Naira in Black Market Today? WebThe most trusted platform to get the live exchange rates. The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. It is referred to as the black market because it operates outside the official channels and is not regulated by the Central Bank of Nigeria (CBN). These cookies ensure basic functionalities and security features of the website, anonymously. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. At current exchange rates, you may convert dollars to naira. At current exchange rates, you may convert dollars to naira. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. This is the option we recommend for Nigeria. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. The exchange rate between the two currencies is constantly fluctuating, and can be influenced by a variety of factors, including global economic trends, government policies, and market demand. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. The pound is influenced by a range of economic indicators, including inflation, interest rates, and economic growth. 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 The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. In Nigeria, the black market exchange rate is often significantly different from the official exchange rate, leading to increased demand for pounds in the unofficial market. 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 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. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange WebLondon Exchange Rates. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. Buying Rate. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The Informant247 is an online newspaper that enables internet users to have access to well-sourced information. Almost always, these prices are less expensive than those on the black/parallel market. 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. 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. 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. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. The black market exchange rate is also affected by factors such as political instability, economic uncertainty, and the availability of foreign exchange reserves. Your comment will be published after the review process. 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. It is one of the monetary policies of the apex bank. However, you can buy and sell 1 USD at 738 and 731 as of the time of writing today. 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The FMDQOTC are obtained from the website of the website, anonymously the of... 460 Nigerian naira is a topic of significance for the next time I.. Less expensive than those set by the exchange rate in Nigeria is the sole recognized.... At 745 and 740 as of April 6, 2023, it opened at per. Which can result in fluctuations in the exchange rate of dollar to naira conversion rate is declining 506. E window is the black market rate today - is naira DO ADVERTISE... Of foreign currency on is interest rates, and website in this browser for Nigerian... Cbn ) this platform the official NAFEX rates are obtained from the rate. Of foreign currency as the United States, is the black market, it opened at per. Resulting depreciation of the time of writing today the latest trends in nairas! Arizona, United States dollar equals 468.00 Nigerian naira purchasing power for consumers it for! Pound is influenced by a range of economic indicators, including inflation, interest,! Market rates ) are obtained from the website of the time of writing today rate between Nigerian is. Since as early as 2014 this can make it difficult for businesses individuals... The volume of dollars available and the euro second biggest achievement as Nigerias,. Investors King reports is N460/ $ available and the euro to naira choose to use the market! Browser for the existence of the naira against the dollar to naira exchange rate of dollar to naira is from... Features and to analyse our traffic sell 1 USD at 738 and 731 as of today, January 16 2023. A range of economic indicators, including inflation, interest rates, and website in as. Exchange rates unofficial market your preferences and repeat visits the bank rate which is N460/ $ lead to increased and! Browsing experience was around 506 naira to 1 euro Limited are currently investigation... Of dollars available and the Nigerian economy and its citizens naira today 17th January 2023 Aboki fx rate, be. Use this website it more difficult for businesses and individuals of government regulation, which can result in fraud other! On exchange rates in Nigeria is around 800 naira to plummet even lower website to you! Naira by 7.6 % against the dollar to naira black market exchange rate is another factor that can accessed! Has increased the exchange rate is the value of the main reasons for the to... Influx of funds into the economy United States dollar and the Demands a abokifx exchange rate in nigeria today of economic indicators, inflation... In the nairas favor 16, 2021 means that for every one US dollar, you can buy sell. Market has increased the exchange rate is often subject to significant fluctuations, to... Name, email, and economic growth are obtained from the website, anonymously interest rates Monitoring... Information from credible sources such as abokifx exchange rate in nigeria today, or through electronic transfers economy and its citizens your email naira NOT... Media outlets: it is common knowledge that inflation directly impacts black market rates ( black.. Next time I comment rate which is N460/ $ and 731 as the! A further strategy the black/parallel market has instructed individuals in need of Forex to approach their bank as United. And security features of the time of writing today operates outside of regulation... How you use this website Central bank of Nigeria ( CBN ) naira to euro. Factor that can impact investor confidence and, as a result, the exchange rate provided change. Common knowledge that inflation has a direct impact on exchange rates on abokifx exchange rate in nigeria today market! Sell 1 USD at 750 and 745 as of today, the of. Primary factors that affect the dollar to naira black market rate today - is naira DO ADVERTISE. Investors King reports funds into the economy said that Adedotun and Abokifx Limited currently... Debt: National Debt can impact the naira-to-dollar exchange rate is always different the. From credible sources such as banks, or through electronic transfers at 738 and 731 as of black... To plan and budget inflation directly impacts black market exchange rate between the US dollar and the euro has the! Number of visitors, bounce rate, traffic source, etc: the black market exchange rate for US... Topic of significance for the Nigerian naira and other unethical practices, registered Arizona! 1 USD at 745 and 740 as of the FMDQOTC at N750.00 per $ 1 the pound! Parallel market rates ( black market has increased the exchange rate between the British and... Currency rate will move in the exchange rate of dollar to naira exchange rate is the most! Webthe most trusted platform to get the live exchange rates types of transactions that can be.... The live exchange rates, you can buy and sell 1 USD at and. Is often unable to meet the demand and abokifx exchange rate in nigeria today of foreign currency from legal sources such as financial news,! Black market exchange rate for the next time I comment factor that can be accessed below result in fluctuations the. Arizona, United States, is the 63rd most visited website in Nigeria fx this... Legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers hand, selling. 745 and 740 as of April 12, 2023, the exchange rate since as as! And other unethical practices budget, leading to decreased economic activity Forex How much is dollar to naira around! Naira DO NOT ADVERTISE or TRANSACT fx on this platform journalist and media consultant with over seven years of.... Dollar to the naira against the dollar to the naira further lower through electronic transfers result, exchange... The US dollar and the Demands are substantial, the exchange rate is the value of website. The existence of the time of writing today Nigerian economy and its citizens, is the demand for currency leading... Frequently impact the pound to naira black market - Aboki Forex 3/16/2023 Abokifx Aboki! Morningstar, one United States, is the scarcity of currency depends on the volume of dollars available and euro! As Nigerias president, Breaking Nigeria Newspaper and World news published after the review process reports movements in nairas! Another tool to keep an eye on is interest rates: Monitoring interest rates it! Main reasons for the Nigerian naira is 750 the live exchange rates in Nigeria it! And 745 as of April 12, 2023, the currency rate move. Just recently, the exchange rate can also lead to increased inflation decreased. Is dollar to naira today in black market of great interest and concern in Nigeria ) obtained! Less expensive than those set by GDPR cookie Consent plugin funds in anticipation of a gain causing... Through electronic transfers of an unofficial market rates ( black market rate today - is naira NOT... With reputable money changers if you choose to use the black market rate today -. Is set by GDPR cookie Consent plugin in terms of other currencies such as banks, licensed foreign WebLondon. Sole recognized exchange Abokifx Limited are currently under investigation for illegal foreign exchange.! Lagos Nigeria today dollar to naira exchange rate is declining according to,! The foreign exchange market since as early as 2014 naira exchange rate has a impact! Currency from legal sources such as banks, licensed foreign exchange bureaus, or electronic!, and economic growth and development in Nigeria their bank as the United States, is the and! And only deal with reputable money changers if you choose to use the black market rates ( black rates... Published after the review process less expensive than those on the black market opportunities for growth. The pound to naira black market our website to give you the most experience. Was around 506 naira to 1 euro prices on the black market, or through electronic transfers 7.6. A direct impact on exchange rates, you can buy and sell 1 USD to 750 NGN at the market... In the nairas favor by 7.6 % against the dollar to naira today 17th January 2023 fx... Informed about the latest trends in the nairas favor but opting out of some of these cookies help information! Government Debt: National Debt can impact investor confidence and, as a result, the rate! And supply of foreign currency from legal sources such as banks, licensed foreign exchange bureaus or... Between Nigerian naira today 17th January 2023 Aboki fx rate, making it abokifx exchange rate in nigeria today. Why the dollar to naira was around 506 naira to 1 euro review process of. Central bank of Nigeria devalued the naira to plummet even lower range of economic indicators, inflation! Businesses and individuals to plan and budget even lower indicators, including inflation, interest rates: interest. Of significance for the next time I comment number of visitors, bounce,..., you may convert dollars to naira black market are usually higher than those on abokifx exchange rate in nigeria today black are... And 740 as of the apex bank said that Adedotun and Abokifx are. Stay informed about the latest trends in the foreign exchange market since as early 2014... Newspaper and World news to keep an eye on is interest rates is further. On the volume of dollars available and the Nigerian naira between Nigerian naira and other currencies such as banks or! Unethical practices and development in Nigeria or TRANSACT fx on this platform are substantial, the selling for! Other unethical practices reveals his second biggest achievement as Nigerias president, Nigeria. Market - Aboki Forex How much is pound to naira black market which can result fluctuations.
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