We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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 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. A: $100 USD is currently equal to 97.5844 EUR. 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. Nigeria is one of many countries that use the abokifx exchange rate system. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. By. BrandSpurNg. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. The exchange rate between the British pound and the Nigerian naira is a topic of significance for the Nigerian economy and its citizens. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 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. At current exchange rates, you may convert dollars to naira. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. Selling Rate. 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. This means that for every one US dollar, you can exchange it for 740, Investors Kingreports. Factors Influencing Foreign Exchange Rates The pound is influenced by a range of economic indicators, including inflation, interest rates, and economic growth. This shows that the value of the Naira is largely unchanged compared to Thursday, March 30th, 2023, when the local currency was exchanged at N740 and sold for N744. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent, official CBN rate, black market, or parallel market rate. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. WebLondon Exchange Rates. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? Lastly, external economic factors also influence the black market rate. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. Investors King. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. 740. WebLondon Exchange Rates. These cookies ensure basic functionalities and security features of the website, anonymously. 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. 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 This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? 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. 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. Required fields are marked *. 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By clicking Accept, you consent to the use of ALL the cookies. 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow, the source said. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. We also use third-party cookies that help us analyze and understand how you use this website. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted 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 N750 and sold for N745. This cookie is set by GDPR Cookie Consent plugin. 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. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? 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. One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the masses. This can be particularly damaging for lower-income households, who are already struggling with the high cost of living. 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. By clicking Accept, you consent to the use of ALL the cookies. The black market exchange rate is another factor that can impact the dollar to naira exchange rate. At current exchange rates, you may convert dollars to naira. Investors King. If inflows are substantial, the currency rate will move in the nairas favor. 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. Exchange Rate of Dollar To Naira in Black Market Today? A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? 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. The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. Political and economic instability is also a significant factor that affects the dollar to naira black market rate. The dollar to naira today black market exchange rates in Lagos Nigeria today. Save my name, email, and website in this browser for the next time I comment. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. According to the information provided, the buying rate for the US dollar to the Nigerian naira is 745, meaning that individuals or businesses who want to buy US dollars can do so at a rate of 745 for every 1 US dollar. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Almost always, these prices are less expensive than those on the black/parallel market. While the black market rate can offer a better value for your money, it is important to be cautious and only deal with reputable money changers. The black market exchange rate in Nigeria refers to the unofficial or illegal exchange of currency, typically at a rate that is significantly different from the official government-sanctioned rate. 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. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. 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) Only by addressing the root causes of the black market exchange rate can Nigeria hope to achieve a stable and healthy economy that benefits all its citizens. Convert foreign currencies instantly with the Abokifx calculator. WebThe most trusted platform to get the live exchange rates. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. It is also worth noting that the exchange rate provided in this example may not be reflective of the official exchange rate set by the Central Bank of Nigeria (CBN) as it appears to be the black market exchange rate. 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. 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 one of the monetary policies of the apex bank. The government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. 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. The dollar to Naira conversion rate is a topic of interest for many Nigerians, as it has a significant impact on the value of their money. In summary, 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 operates outside the official channels and is not regulated by the CBN. This is because the demand for the dollar in Nigeria is high due to the countrys dependence on imported goods and services, including oil imports. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) 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. 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. 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) For example, a strong naira can make imports cheaper, leading to lower prices for consumers and increased competitiveness for local businesses. Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. Comments expressed here do not reflect the views of abokiFX Ltd. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel (unofficial) market. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. 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. Therefore, the exchange rate provided may change over time. At current exchange rates, you may convert dollars to naira. 740. 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 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. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. 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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)? What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? Buying Rate. Clicking Accept, you can buy and sell 1 USD to 750 NGN at the black market exchange,... This rate is another factor that can impact the Dollar to Naira in black market exchange rate hourly. Pound to Naira Today 17th January 2023 Aboki fx rate, can be damaging... Abokifx Ltd knowledgeable willing buyers abokifx exchange rate in nigeria today do business with knowledgeable willing sellers at contracted rates set... 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