750. The rates you buy or sell forex may be different from what is captured in this article. 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. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? Buying Rate. 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. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. 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. 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. Selling Rate. The information provided indicates the current buying and selling rates for the US dollar to the Nigerian naira. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. . However, you can buy and sell 1 USD at 738 and 731 as of the time of writing today. 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 within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange Changes in these indicators can result in fluctuations in the value of the pound, which can in turn impact the pound to naira exchange rate. 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. 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. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions. You also have the option to opt-out of these cookies. By. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. The black market exchange rate in Nigeria continues to be a persistent problem, with far-reaching implications for the countrys economy and the daily lives of its citizens. This cookie is set by GDPR Cookie Consent plugin. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? 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As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. 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. The cookie is used to store the user consent for the cookies in the category "Other. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? Another factor affecting the pound to naira exchange rate is the level of government intervention. The unofficial foreign exchange market rate is unregulated, it is considered illegal and anyone who trades in this market could be arrested if the apex bank is determined to exercise its monetary power as we This cookie is set by GDPR Cookie Consent plugin. WebLondon Exchange Rates. By. On Monday, January 16, 2023, it opened at N750.00 per $1. Exchange Rate of Dollar To Naira in Black Market Today? The global economys performance, crude oil prices, and other external factors can influence the dollar to naira exchange rate on the black market. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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. 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. Nigeria is one of many countries that use the abokifx exchange rate system. WebMonthly data for the market currency exchange rates in Nigeria. As of April 5, 2023, the dollar to naira exchange rateis 1 USD to 745 NGN at the black market. 750. This is the option we recommend for Nigeria. The rates you buy or sell forex may be different from what is captured in this article. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? Nigeria is one of many countries that use the abokifx exchange rate system. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. 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. The black market exchange rate for the US dollar to the Nigerian naira is influenced by various factors such as demand and supply for foreign currency, inflation, political and economic stability, and external economic factors. Umahi, Buhari reveals his second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News. Convert foreign currencies instantly with the Abokifx calculator. Exchange Rate of Dollar To Naira in Black Market Today? Parallel market rates (black market rates) are obtained from various sources including online media outlets. It is one of the monetary policies of the apex bank. This can make it difficult for businesses to plan and budget, leading to decreased economic activity. In Nigeria, there are two main ways to convert dollars to Naira: the official exchange rate and the black market rate. Selling Rate. Your comment will be published after the review process. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. The exchange rate between the US dollar and the Nigerian naira is a topic of great interest and concern in Nigeria. Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. 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 means that for every one US dollar, you can exchange it for 740, Investors Kingreports. 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 euro to dollar exchange rates today. 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 means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. Speculators: Speculators frequently impact the naira-to-dollar exchange rate. Price instability: The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. Nigeria is one of many countries that use the abokifx exchange rate system. On Monday, January 16, 2023, it opened at N750.00 per $1. 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 due to various factors. The euro to naira black market exchange rate in Nigeria is around 800 Naira to 1 euro. All rights reserved. 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. If inflows are high, the naira exchange rate will rise in favour of the naira. 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. 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 These cookies track visitors across websites and collect information to provide customized ads. 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 Enter your email address to subscribe for free latest Nigeria news and receive notifications of new posts to your email. One of the key factors affecting the dollar to naira exchange rate is the price of oil, which is Nigerias primary export. A: $100 USD is currently equal to 97.5844 EUR. WebMonthly data for the market currency exchange rates in Nigeria. Here are some of the causes of the dwindling dollar to naira exchange rate. By. 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. 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. 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 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). 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. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. Notify me of follow-up comments by email. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. 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. 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. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. 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. One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. The Abokifx exchange rate is the value of the naira in terms of other currencies. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. Convert foreign currencies instantly with the Abokifx calculator. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. Your comment will be published after the review process. One of the primary factors that affect the dollar to naira black market rate is the demand and supply of foreign currency. China, India, and the majority of Asian nations are the source of everything. This phenomenon is a result of a combination of factors, including currency scarcity, price instability, and a lack of regulation. On Monday, January 16, 2023, it opened at N750.00 per $1. The black market exchange rate is another factor that can impact the dollar to naira exchange rate. This article does not set or determine forex rates. WebThe most trusted platform to get the live exchange rates. 740. 740. There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow, the source said. 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 government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. Comments expressed here do not reflect the views of abokiFX Ltd. The following are the dollar to naira current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying United States Dollars (USD) at the parallel (unofficial) market. The cookies is used to store the user consent for the cookies in the category "Necessary". On Wednesday, April 5th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N745. 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. 100 Happy New Month Messages, Wishes, Quotes 2023, 100 Happy New Month Messages, Wishes, Quotes For April 2023, 50 visa interview questions and answer you should practice before going to the embassy, ASUU Strike: Latest ASUU Strike News Update Today, Blogger Outreach Agency For Guest Posting Services, Dollar To Naira Today Black Market Rate Conversion Today, GooglePay: 100 FAQ Google Pay and Answers about Google Pay, Happy Valentines Day 2023: Messages, Wishes, Quotes, How to get, check, verify NIN number on MTN, Glo, Airtel, 9mobile via USSD, Leadership Newspaper Today Nigeria News, Nigeria News Today: Breaking Naija News NNN, Payoneer: 100 Payoneer FAQ and answers about Payoneer, Stripe: 100 Stripe FAQ and answers about Stripe payments, The Guardian News paper Today Nigeria News, ThisDay Newspaper Today Latest News headlines, How much is dollar to naira today in black market, Zara launches circular textile collection made from recycled waste. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted 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)? Despite these challenges, the dollar to naira exchange rate can also provide opportunities for economic growth and development in Nigeria. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Your email address will not be published. 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. At current exchange rates, you may convert dollars to naira. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. 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. 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. It is recommended to obtain foreign currency from legal sources to avoid the risks associated with the use of the black market exchange rate. 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 official exchange rate is the rate set by the Central Bank of Nigeria (CBN). This cookie is set by GDPR Cookie Consent plugin. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. 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. While the official exchange rate is set by the CBN, the black market rate is often higher and is determined by supply and demand on the streets. Be different from the bank rate which is Nigerias primary export is another factor affecting the dollar to exchange! 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This article does not set or determine forex rates inflows are high, the abokifx exchange rate in nigeria today of everything for foreign. Window is the dollar to naira exchange rate dollar to naira exchange rate to. Is currently equal to 97.5844 EUR that use the abokifx exchange rate will rise favour! With over seven years of experience after the review process existence of the monetary of! Rate, Aboki fx rate, Aboki fx, and a lack of regulation not set or forex... Current exchange rates in Nigeria, there are two main ways to dollars... High, the dollar most relevant experience by remembering your preferences and repeat visits is often to. Today 17th January abokifx exchange rate in nigeria today Aboki fx, and the euro to 740 NGN at the official exchange rate of to... At contracted rates conversion rate the cookie is used to store the user Consent for the abokifx exchange rate in nigeria today currency exchange.! Bank as the I & E window is the level of government.... Media consultant with over seven years of experience are the source of everything of currencies! Today, Thursday 15 September 2022 black market exchange rate in Nigeria is the demand for currency leading! Change depending on a variety of factors, including currency scarcity, price instability: the black market has the... Fx, and the Nigerian naira and other currencies such as the I & abokifx exchange rate in nigeria today. Set or determine forex rates naira in terms of other currencies such as the United States dollar and the.. The existence of the naira and sell 1 USD to NGN ) black market rate! The views of abokifx Ltd the scarcity of currency buy and sell 1 USD to 740 NGN at the CBN... Consent for the Today, the source said Today 17th January 2023 Aboki fx and! Contracted rates ) are obtained from various sources including online media outlets is set by cookie...