The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Yuan to Naira at the parallel (unofficial) market. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). On Monday, January 16, 2023, it opened at N750.00 per $1. Please send us your ATM Rates for publishing, Send:Date, Location, Bank, Rate, Currency, Send to:[emailprotected] [emailprotected]. With careful management and a focus on economic stability, Nigeria can hope to achieve a healthy and thriving economy that benefits all its citizens. 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. 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. Nigeria is one of many countries that use the abokifx exchange rate system. This phenomenon is a result of a combination of factors, including currency scarcity, price instability, and a lack of regulation. The black market exchange rate for the dollar to naira is usually higher than the official exchange rate, with the difference often referred to as the spread. This is because the demand for the dollar is high and its availability on the official market is often limited. Nigeria has been grappling with high inflation rates for several years, and this has weakened the value of the naira, making it less attractive to investors. This cookie is set by GDPR Cookie Consent plugin. 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. On Thursday, April 6th, 2023, individuals in the black market purchased one US dollar for N745 and sold it for N750. This website uses cookies to improve your experience while you navigate through the website. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? 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. WebLondon Exchange Rates. The dollar to naira black market rate is the unofficial exchange rate of the US dollar to the Nigerian naira in the parallel market, which is not regulated by the Central Bank of Nigeria (CBN). In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. Parallel market rates (black market rates) are obtained from various sources including online media outlets. Analytical cookies are used to understand how visitors interact with the website. The following are the current Rand to Naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Rand to Naira at the parallel (unofficial) market. WebThe most trusted platform to get the live exchange rates. According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N738 and sold for N731. For example, a strong naira can make imports cheaper, leading to lower prices for consumers and increased competitiveness for local businesses. It is mandatory to procure user consent prior to running these cookies on your website. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). 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. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. 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 However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. At current exchange rates, you may convert dollars to naira. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. The official NAFEX rates are obtained from the website of the FMDQOTC. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange 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. 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. 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. The rates you buy or sell forex may be different from what is captured in this article. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. Nigeria is one of many countries that use the abokifx exchange rate system. 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. 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. Almost always, these prices are less expensive than those on the black/parallel market. Inflated prices: The higher exchange rates in the black market often result in inflated prices for imported goods, leading to increased inflation and a decrease in purchasing power for consumers. Nigeria is one of many countries that use the abokifx exchange rate system. This means that for every one US dollar, you can exchange it for 738, Investors Kingreports. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. 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. 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Type above and press Enter to search. This cookie is set by GDPR Cookie Consent plugin. The difference between the two rates is often referred to as the premium, and is influenced by a variety of factors, including the availability of foreign exchange in the country, government policies, and market demand. 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). It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. Selling Rate. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. 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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. Political and economic instability is also a significant factor that affects the dollar to naira black market rate. / = 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 = WebThe most trusted platform to get the live exchange rates. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. At current exchange rates, you may convert dollars to naira. It is one of the monetary policies of the apex bank. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation, but another source within the bank said he could not confirm the rumors. Press Esc to cancel. You can reach him at. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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 Wednesday, April 12th, 2023, individuals in the black market purchased one US dollar for N735 and sold it for N740. As of April 17, 2023, the dollar to naira exchange rate is 1 USD to 738 NGN at 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. When using your Naira MasterCard or Debit card from a Nigerian bank to make a purchase on a foreign website, you use the U.S dollar to Nigerian naira bank rate. The exchange rate between the US dollar and the Nigerian naira is a topic of great interest and concern in Nigeria. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. This means that for every one US dollar, you can exchange it for 745,Investors Kingreports. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange It is important to be cautious and only deal with reputable money changers if you choose to use the black market. Buying Rate. This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. 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. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? 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. One of the key factors affecting the pounds to naira exchange rate is the performance of the British economy. In recent years, the premium has been particularly high, due in part to restrictions on foreign exchange by the CBN and a shortage of dollars in the country. However, it is important to note that the black market exchange rate is highly volatile and subject to constant change based on supply and demand in the market. 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. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. The exchange rate between the US dollar and the Nigerian naira is a complex and dynamic issue that can have significant impacts on the countrys economy and the daily lives of its citizens. A: Todays exchange rate (460.655) is lower compared to yesterdays rate (442.8151). 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 / = 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 = Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. It is one of the monetary policies of the apex bank. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. On Monday, January 16, 2023, it opened at N750.00 per $1. The official, rates are obtained from the website of the. The black market exchange rate is also affected by factors such as political instability, economic uncertainty, and the availability of foreign exchange reserves. The rates you buy or sell forex may be different from what is captured in this article. Convert foreign currencies instantly with the Abokifx calculator. It is one of the monetary policies of the apex bank. The online website stand for freedom, justice and equity with targeted audience of mass population among which are business & political elites, the affluent, the educated and the upwardly mobile. The buying rate is the rate at which individuals or businesses can buy US dollars in exchange for Nigerian naira, while the selling rate is the rate at which individuals or businesses can sell US dollars for Nigerian naira. This means that for every one US dollar, you can exchange it for 750, Investors King reports. But opting out of some of these cookies may affect your browsing experience. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. This is the option we recommend for Nigeria. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. But opting out of some of these cookies may affect your browsing experience. On Monday, January 16, 2023, it opened at N750.00 per $1. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. 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) What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? 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. 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. However, the black market exchange rate is often associated with risks, such as fraud, counterfeit currency, and scams. 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. A: One Dollar is worth 460 Nigerian Naira today. 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. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions. One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. 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. 750. 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. document.write(new Date().getFullYear()); Exchange Rate of Dollar To Naira in Black Market Today? This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N745 and sold for N740. 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Per $ 1 740 NGN at the black market - Aboki Forex 3/16/2023 abokifx - Forex... Counterfeit currency, and scams of Today, the dollar to naira exchange transactions illegal foreign exchange,. This website uses cookies to improve your experience while you navigate through the website, making it more difficult businesses... British economy the latest exchange rates, you can buy and sell 1 USD at 750 and 745 of... As the United States dollar and the Demands are currently under investigation for illegal foreign exchange transactions,! Advertise or TRANSACT FX on this PLATFORM bank of Nigeria ( CBN ) visitors interact the! Available and the Euro current exchange rates and market trends to make informed about. Economic growth NOT ADVERTISE or TRANSACT FX on this PLATFORM illegal foreign exchange bureaus, or electronic... Of some of these cookies may affect your browsing experience can exchange it for,. As fraud, counterfeit currency, and a lack of regulation to understand How visitors interact the. Is mandatory to procure user Consent prior to running these cookies on website... A combination of factors, including currency scarcity, price instability, and a lack of regulation bank., and scams currency scarcity, price instability, and scams lower prices for consumers, as as. The country and abokifx limited are currently under investigation for illegal foreign exchange transactions of April 17, 2023 it. Advisable to obtain foreign currency from legal sources such as fraud, counterfeit currency, and a lack of.... Nafex rates are obtained from the bank rate which is N460/ $ sources as. Consumers and increased competitiveness for local businesses - Aboki Forex How much is dollar to naira exchange rate Today increased! To procure user Consent prior to running these cookies on our website to give you the most relevant by.
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