The dollar to naira today black market exchange rates in Lagos Nigeria 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). 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. 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This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. Factors Influencing Foreign Exchange Rates Access the dollar to naira black market exchange rate for today 2nd April 2023, on Brand Spur Nigeria. 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. 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 rates you buy or sell forex may be different from what is captured in this article. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. BrandSpurNg. 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. This means that for every one US dollar, you can exchange it for 750, Investors King reports. 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. Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange The dollar to naira black market rate today, it is influenced by various factors such as demand and supply for foreign currency, inflation, political and economic stability, and external economic factors. The cookie is used to store the user consent for the cookies in the category "Other. The official NAFEX rates are obtained from the website of the FMDQOTC. By. 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. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira This website uses cookies to improve your experience while you navigate through the website. For many Nigerians, the black market rate is the preferred way to convert dollars to Naira, as it offers a better value for their money. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. Selling Rate. Enter your email address to subscribe for free latest Nigeria news and receive notifications of new posts to your email. 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. It is one of the monetary policies of the apex bank. The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. A: $100 USD is currently equal to 97.5844 EUR. Political and economic instability in Nigeria is also a significant factor that affects the black market rate. The rates you buy or sell forex may be different from what is captured in this article. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. In an effort to control the black market exchange rate, the government may impose restrictions on currency exchange, leading to further economic disruption. Nigeria is one of many countries that use the abokifx exchange rate system. In Nigeria, the black market exchange rate is often significantly different from the official exchange rate, leading to increased demand for dollars in the unofficial market. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. Press Esc to cancel. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. At current exchange rates, you may convert dollars to naira. You can reach him at. Buying Rate. Necessary cookies are absolutely essential for the website to function properly. This is the option we recommend for Nigeria. This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. On Wednesday, April 5th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N745. 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. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. Here are a few reasons why the dollar to naira conversion rate is declining. This cookie is set by GDPR Cookie Consent plugin. It is one of the monetary policies of the apex bank. The black market exchange rate is another factor that can impact the dollar to naira exchange rate. Exchange Rate of Dollar To Naira in Black Market Today? It is important to be cautious and only deal with reputable money changers if you choose to use the black market. WebThe most trusted platform to get the live exchange rates. 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. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? 1 Pound (GBP) to Naira Black Market Rate Today - is Naira It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. The cookie is used to store the user consent for the cookies in the category "Performance". 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. Nigeria is one of many countries that use the abokifx exchange rate system. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services, Turkey Central Bank Asks Lenders to Limit Dollar Purchases - BLOOMBERG, Yuan May Rally More Than 5% as Economy Rebounds, Pictet Says - BLOOMBERG, Sterling edges down ahead of busy data week for Britain - REUTERS, King Dollar Isnt Dethroned Yet, But Theres a Trade to Make Now - BLOOMBERG, South African rand gains as dollar slips; inflation in focus - REUTERS, European Central Bank to Lift Deposit Rate to 3.75% Peak in July, Survey Shows - BLOOMBERG, Banks Need to Earn Greater Deposit Protection, Vickers Says - BLOOMBERG, FG promissory note debts rise by 60%, says DMO - PUNCH, ECB told not to take banks' word for it when assessing risk - REUTERS, European Banks Have Weathered Crisis, Deutsche Bank CEO Sewing Says - BLOOMBERG, Bank of England Official Says Stablecoin Use May Need Limits - BLOOMBERG, Ugandan shilling stable as tax payments limit FX demand - REUTERS, Oil stocks, production cuts and crude prices: What you need to know - YAHOO FINANCE, Euro, dollar status should not be taken for granted -ECB's Lagarde - REUTERS, Central Banks Will Stomach Higher Inflation, Investors Tell BofA - BLOOMBERG, Illiquidity, high-interest rate reduce capitalisation by N601 billion - THE GUARDIAN, South African rand slips against stronger dollar; stocks down - REUTERS, Dollar gains after strong New York factory survey - REUTERS, ECBs Lagarde Says She Cant Imagine US Will Default on Its Debt - BLOOMBERG, IMF lists reasons for Nigeria, others, low FDI - PUNCH, Turkish Lira Traders Hedge Against Turbulence as Election Nears - BLOOMBERG, CBN approves George-Taylor as new CEO Heritage Bank - NAN, Naira Redesign: Anambra residents decry sudden disappearance of new N200, N500, N1,00 (read more), Banking crisis feels 'largely contained': Analyst - YAHOO FINANCE, Investors lose N601b in four days - THE NATION, CBNs tight monetary policy no remedy for cost push inflation KPMG - BUSINESSDAY, Analysts: Old naira notes reissuance triggers rise in savings - NEW TELEGRAPH, Naira redesign: Farmers ask FG for compensation over losses - PUNCH, BoE to raise rates once more in May but decision a close call - Reuters poll - REUTERS, Nigerias 96% revenue used to service debt in 2022 World Bank - PUNCH. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. 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. The Abokifx exchange rate is the value of the naira in terms of other currencies. We also use third-party cookies that help us analyze and understand how you use this website. 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 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. It is advisable to obtain information from credible sources such as financial news outlets, banks, or foreign exchange bureaus. Another factor affecting the dollar to naira exchange rate is the level of government intervention. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. This article does not set or determine forex rates. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. This category only includes cookies that ensures basic functionalities and security features of the website. 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. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. 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. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. Addressing this challenge requires a combination of government intervention, increased economic stability, and increased confidence in the official exchange rate system. 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. Investors King. This means that for every one US dollar, you can exchange it for 750, Investors King reports. Copyright 2023, All Rights Reserved | Aboki Fx, Ghana Cedi To Naira Official CBN and Black Market Exchange Rate Today, Pounds 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, Canadian Dollar To Naira Official and Black Market Exchange Rate Today, Central African CFA Franc (XAF) to Naira Official CBN and Black Market Exchange Rate Today. At current exchange rates, you may convert dollars to naira. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services, Turkey Central Bank Asks Lenders to Limit Dollar Purchases - BLOOMBERG, Yuan May Rally More Than 5% as Economy Rebounds, Pictet Says - BLOOMBERG, Sterling edges down ahead of busy data week for Britain - REUTERS, South African rand gains as dollar slips; inflation in focus - REUTERS, King Dollar Isnt Dethroned Yet, But Theres a Trade to Make Now - BLOOMBERG, European Central Bank to Lift Deposit Rate to 3.75% Peak in July, Survey Shows - BLOOMBERG, Banks Need to Earn Greater Deposit Protection, Vickers Says - BLOOMBERG, FG promissory note debts rise by 60%, says DMO - PUNCH, European Banks Have Weathered Crisis, Deutsche Bank CEO Sewing Says - BLOOMBERG, ECB told not to take banks' word for it when assessing risk - REUTERS, Ugandan shilling stable as tax payments limit FX demand - REUTERS, Bank of England Official Says Stablecoin Use May Need Limits - BLOOMBERG, Oil stocks, production cuts and crude prices: What you need to know - YAHOO FINANCE, Euro, dollar status should not be taken for granted -ECB's Lagarde - REUTERS, Central Banks Will Stomach Higher Inflation, Investors Tell BofA - BLOOMBERG, South African rand slips against stronger dollar; stocks down - REUTERS, Illiquidity, high-interest rate reduce capitalisation by N601 billion - THE GUARDIAN, Dollar gains after strong New York factory survey - REUTERS, ECBs Lagarde Says She Cant Imagine US Will Default on Its Debt - BLOOMBERG, IMF lists reasons for Nigeria, others, low FDI - PUNCH, Turkish Lira Traders Hedge Against Turbulence as Election Nears - BLOOMBERG, CBN approves George-Taylor as new CEO Heritage Bank - NAN, Naira Redesign: Anambra residents decry sudden disappearance of new N200, N500, N1,00 (read more), Banking crisis feels 'largely contained': Analyst - YAHOO FINANCE, Investors lose N601b in four days - THE NATION, CBNs tight monetary policy no remedy for cost push inflation KPMG - BUSINESSDAY, Analysts: Old naira notes reissuance triggers rise in savings - NEW TELEGRAPH, Naira redesign: Farmers ask FG for compensation over losses - PUNCH, BoE to raise rates once more in May but decision a close call - Reuters poll - REUTERS, Nigerias 96% revenue used to service debt in 2022 World Bank - PUNCH. 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. External economic factors such as the global economys performance, crude oil prices, and other external factors can also influence the dollar to naira exchange rate on the black market. Analytical cookies are used to understand how visitors interact with the website. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. The following is the current United States Dollar (USD) conversion to Euro. 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. Comments expressed here do not reflect the views of abokiFX Ltd. On Monday, April 17th, 2023, individuals in the black market purchased one US dollar for N731 and sold it for N738. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. If inflows are high, the naira exchange rate will rise in favour of the naira. This means that for every one US dollar, you can exchange it for 745,Investors Kingreports. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. You can check their website regularly for updates. 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. WebLondon Exchange Rates. A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates. 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. The government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. Convert foreign currencies instantly with the Abokifx calculator. Another factor affecting the pound to naira exchange rate is the level of government intervention. On Monday, January 16, 2023, it opened at N750.00 per $1. 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 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. However, you can buy and sell 1 USD at 740 and 735 as of the time of writing today. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. This can be particularly damaging for lower-income households, who are already struggling with the high cost of living. 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. 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. 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. 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. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. Notify me of follow-up comments by email. 740. The fluctuating price of oil can lead to changes in the value of the naira, particularly in times of low oil prices. January 2023 Aboki FX rate, can be accessed below however, you may dollars! 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Market dollar to naira conversion rate is often unable to meet the demand for currency, leading to shortages the. Only includes cookies that help US analyze and understand How you use this website who are struggling. 468.00 Nigerian naira at interbank exchange rates, you can exchange it for 750, Investors.. Individuals in the country the official NAFEX rates are obtained from the website to function properly in black rate! Sellers at contracted rates at N750.00 per $ 1 are a few reasons why dollar... For consumers, as well as reduced foreign investment in the country it also means knowledgeable... In the value of the time of writing Today of an unofficial market, Investors Kingreports States dollar USD...