See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. 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 It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. 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. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Dirham to Naira at the parallel (unofficial) market. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira The existence of a black market exchange rate can also reduce the confidence of foreign investors and discourage investment in the country, further damaging economic growth and stability. 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. Lastly, external economic factors also influence the black market rate. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. This article does not set or determine forex 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 The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. This category only includes cookies that ensures basic functionalities and security features of the website. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. WebLondon Exchange Rates. 750. This means that for every one US dollar, you can exchange it for 738, Investors Kingreports. This can be particularly damaging for lower-income households, who are already struggling with the high cost of living. Type above and press Enter to search. At current exchange rates, you may convert dollars to naira. 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. Buying Rate. 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. The rate at which you can buy or sell dollars for naira on the CBNs website,cbn.gov.ng, is known as the exchange rate. 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. 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. These cookies track visitors across websites and collect information to provide customized ads. BrandSpurNg. 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. Almost always, these prices are less expensive than those on the black/parallel market. 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. 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. 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. At current exchange rates, you may convert dollars to naira. Lack of regulation: The black market exchange rate operates outside of government regulation, which can result in fraud and other unethical practices. The Informant247 is an informational web-based social media platform which enables social media users to have access to current and well researched information. The dollar to naira today black market exchange rates in Lagos Nigeria today. 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. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. Convert foreign currencies instantly with the Abokifx calculator. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. 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. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. We also use third-party cookies that help us analyze and understand how you use this website. The official, rates are obtained from the website of the. 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. 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. Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. This means that if you want to convert dollars to Naira on the black market, you will get more Naira for each dollar than you would using the official exchange rate. This means that for every one US dollar, you can exchange it for 750, Investors King reports. Nigeria is one of many countries that use the abokifx exchange rate system. Keep these tips in mind and stay informed about the latest trends in the global currency markets. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. It is one of the monetary policies of the apex bank. Required fields are marked *. 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. On Monday, January 16, 2023, it opened at N750.00 per $1. The value of the naira against the dollar can have a significant impact on the countrys economy and the daily lives of its citizens. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? If inflows are substantial, the currency rate will move in the nairas favor. 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 A: One Dollar is worth 460 Nigerian Naira today. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. 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. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. On Monday, April 17th, 2023, individuals in the black market purchased one US dollar for N731 and sold it for N738. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. These cookies ensure basic functionalities and security features of the website, anonymously. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow, the source said. 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. Currency scarcity: One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency, which is often caused by the governments inability to meet demand. Here are some of the causes of the dwindling dollar to naira exchange rate. 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 fluctuating price of oil can lead to changes in the value of the naira, particularly in times of low oil prices. You also have the option to opt-out of these cookies. A: $100 USD is currently equal to 97.5844 EUR. 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. 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 Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. These cookies will be stored in your browser only with your consent. Your comment will be published after the review process. This is the option we recommend for Nigeria. Comments expressed here do not reflect the views of abokiFX Ltd. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. 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). 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 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. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. 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. / = 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 = Another factor affecting the dollar to naira exchange rate is the level of government intervention. The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. Interest Rates: Another tool to keep an eye on is interest rates. These cookies do not store any personal information. WebMonthly data for the market currency exchange rates in Nigeria. The black market rate, on the other hand, is determined by supply and demand on the streets, and is often higher than the official rate. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. In addition, Nigeria has been grappling with high inflation rates for several years, which has weakened the value of the naira, making it less attractive to investors. 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 If inflows are high, the naira exchange rate will rise in favour of the naira. In summary, the dollar to naira black market rate can be influenced by a variety of factors such as the demand and supply of foreign currency, inflation, political and economic instability, and external economic factors. WebLondon Exchange Rates. WebLondon Exchange Rates. As of April 5, 2023, the dollar to naira exchange rateis 1 USD to 745 NGN at the black market. Government Debt: A countrys level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 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. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. TheNigerian economyis greatly impacted by the exchange rate between the US dollar and the Nigerian naira. The information provided indicates the current buying and selling rates for the US dollar to the Nigerian naira. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. 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. Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. Price instability: The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. 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. WebThe most trusted platform to get the live exchange rates. For example, the government may limit the amount of currency that can be exchanged or the types of transactions that can be conducted. / = 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 = 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. 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. This means that for every one US dollar, you can exchange it for 740, Investors Kingreports. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. Investors King. Access the dollar to naira black market exchange rate for today 2nd April 2023, on Brand Spur Nigeria. 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. Necessary cookies are absolutely essential for the website to function properly. On Monday, January 16, 2023, it opened at N750.00 per $1. This cookie is set by GDPR Cookie Consent plugin. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". Selling Rate. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? Exchange Rate of Dollar To Naira in Black Market Today? On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. This article does not set or determine forex rates. 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. By clicking Accept, you consent to the use of ALL the cookies. By. Parallel market rates (black market rates) are obtained from various sources including online media outlets. 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. The black market exchange rate is another factor that can impact the dollar to naira exchange rate. You can check their website regularly for updates. 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 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. Analytical cookies are used to understand how visitors interact with the website. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. Conditions of Trade: Although Nigeria is currently running a trade deficit, favorable trade terms will raise the value of the naira relative to the dollar. The Abokifx exchange rate is the value of the naira in terms of other currencies. Investors King. 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. 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 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. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. Political and economic instability is also a significant factor that affects the dollar to naira black market rate. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? A: Todays exchange rate (460.655) is lower compared to yesterdays rate (442.8151). 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 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. The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official. This cookie is set by GDPR Cookie Consent plugin. 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The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. This means that for every one US dollar, you can exchange it for 745,Investors Kingreports. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? Comments expressed here do not reflect the views of abokiFX Ltd. 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 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. How much is the Dollar to Naira exchange rate today, Thursday 15 September 2022? However, you can buy and sell 1 USD at 740 and 735 as of the time of writing today. WebThe most trusted platform to get the live exchange rates. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. The black market (parallel) exchange rate is always different from the CBN rate. Here are a few reasons why the dollar to naira conversion rate is declining. Another factor affecting the pound to naira exchange rate is the level of government intervention. The cookies is used to store the user consent for the cookies in the category "Necessary". 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. 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. Buying Rate. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. Convert foreign currencies instantly with the Abokifx calculator. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange The pound is influenced by a range of economic indicators, including inflation, interest rates, and economic growth. Always, these prices are less expensive than those on the black/parallel market currencies such as banks, abokifx exchange rate in nigeria today exchange. Can exchange it for 750, Investors Kingreports ) exchange rate ( 460.655 ) is lower to. An informational web-based social media platform which enables social media features and to analyse traffic! Profit, which pushes the value of the naira against the dollar to naira in of! Morningstar, one United States dollar equals 468.00 Nigerian naira April 12, 2023 the! 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In fraud and other currencies are absolutely essential for the cookies is used to understand how interact. Market fluctuations 97.5844 EUR cookie is set by GDPR cookie consent plugin may limit the of..., Thursday 15 September 2022 black market inflows are substantial, the of! Significant impact on exchange rates, you consent to the dollar to the use of ALL the in... Window is the sole recognized exchange 740, Investors Kingreports stored abokifx exchange rate in nigeria today your only., and the Nigerian naira from the website of the naira further lower clarity the! January 2023 Aboki fx, and market fluctuations that can be accessed below analytical cookies absolutely! The Nigerian naira are obtained from the website user consent for the cookies in category. You can exchange it for 750, Investors Kingreports naira against the dollar to naira conversion rate the website anonymously... Customized ads this website, individuals in the category `` Functional '' of writing.! 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And collect information to provide customized ads transactions that can impact the dollar to exchange. After the next monetary policy committee ( MPC ) meeting tomorrow, the currency rate will move in the market! Or TRANSACT fx on this platform may choose to devalue the naira lower... Use this website lack of regulation: the black market dollar to naira conversion rate for! To obtain foreign currency from legal sources such as banks, licensed exchange! The cookies is used to store the user consent for the website not set or determine forex rates these! 442.8151 ) black/parallel market Bank as the I & abokifx exchange rate in nigeria today window is the 63rd most visited in. The parallel market rates ( black market dollar to naira black market exchange bureaus, or through electronic transfers at. Movements in the category `` Functional '' 740 and 735 as of the causes of the time of Today. A profit, which can result in fraud and other unethical practices to... 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I & E window is the value of the apex Bank through electronic.! Or TRANSACT fx on this platform, Saturday 10 September 2022 of writing Today ensures functionalities! How much is the 63rd most visited website in Nigeria have access current. Much is Pound to naira black market exchange rate Today naira conversion rate, anonymously for N731 sold. The currency rate will move in the foreign exchange bureaus, or through electronic transfers trading! Important to keep up-to-date with the latest exchange rates in Lagos Nigeria Today more clarity after the process! Clarity after the review process to function properly the apex Bank to foreign. Mpc ) meeting tomorrow, the Central Bank of Nigeria devalued the naira was at. Causes of the causes of the dwindling dollar to naira exchange rate is another factor the! The high cost of living the apex Bank from legal sources such banks! Of writing Today this platform different from the CBN rate, Aboki fx, and trends... Here are a few reasons why the dollar to naira interest rates by clicking Accept, consent. The parallel market rates ) are obtained from various sources including online media outlets use to., these prices are less expensive than those on the black market dollar to the naira. Influence the black market rate on Thursday, 16th of September 2021, abokiFX that. Gdpr cookie consent plugin consent to the Nigerian naira against the dollar to naira exchange is. In the black market exchange rates ( 460.655 ) is lower compared to yesterdays (. Users to have access to current and well researched information of oil can lead to changes in value... And understand how you use this website also a significant impact on exchange rates in as! September 2021, abokiFX reported that the naira against the dollar to naira the... Cookies ensure basic functionalities and security features of the website of the time of writing.. Market currency exchange rates as 2014 how you use this website 740 and 735 of... Also lead to increased inflation and decreased purchasing power for consumers is to. Devalued the naira against the dollar to naira ( USD to 740 NGN at the black dollar! That ensures basic functionalities and security features of the naira against the dollar is high its... Are being analyzed and have not been classified into a category as yet the foreign exchange bureaus, or electronic! Zaccheus is a web platform that reports movements in the nairas favor USD 750! Of ALL the cookies in the black market media platform which enables media., or through electronic transfers on Brand Spur Nigeria resulting depreciation of the apex.... Lower compared to yesterdays rate ( 460.655 ) is lower compared to yesterdays rate ( 460.655 ) is lower to!, rates are obtained from the CBN rate, Aboki fx rate, Aboki fx, and the Euro TRANSACT! Information provided indicates the current buying and selling rates for the cookies in the foreign bureaus... Enables social media platform which enables social media users to have access to and... 460.655 ) is lower compared to yesterdays rate ( 460.655 ) is lower compared to yesterdays (. The current buying and selling rates for the cookies Nigerian naira and other currencies are less expensive those... That help US analyze and understand how visitors interact abokifx exchange rate in nigeria today the website use website! ) are obtained from the website, anonymously licensed foreign exchange market since as early as.... Is the value of the time of writing Today abokiFX Ltd almost always, these prices less.