Investors King. WebLondon Exchange Rates. 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. If inflows are substantial, the currency rate will move in the nairas favor. Price instability: The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. 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. It is recommended to obtain foreign currency from legal sources to avoid the risks associated with the use of the black market exchange rate. (adsbygoogle = window.adsbygoogle || []).push({}); Worst Profit in The First Quarter Forces Samsung to Cut Back Memory Chip Production, Npower Release Update on Failed Payment, Send Validation Link to Affected Beneficiaries, Forbes Comes Under Heavy Criticism as Under 30 Alumni Gets Arrested For Fraud Scams, FirstBank Announces a Name Change of its Subsidiaries, Reiterates its Commitment to Boosting Cross-border Payments, Dangote Earns N460bn in One Day, Surpasses 2 Russians, Asians on World Billionaires List, Nigeria Labour Congress Calls for Nationwide Strike and Picketing of Central Bank of Nigeria Branches, Npower to Pay All Outstanding Stipends, But Punish Absentees From PPA, Opay And Palmpay Ranked Top as Most Downloaded Fintech Apps Amid Naira Shortage, COPYRIGHT 2022 | INVESTORS KING LTD | NIGERIA, Black Market rates, Bureau De Change (BDC) rate, and CBN rates. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. 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). It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. Necessary cookies are absolutely essential for the website to function properly. The Abokifx exchange rate is the value of the naira in terms of other currencies. At current exchange rates, you may convert dollars to naira. 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. 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. With careful management and a focus on economic stability, Nigeria can hope to achieve a healthy and thriving economy that benefits all its citizens. One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? 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. On Thursday, April 6th, 2023, individuals in the black market purchased one US dollar for N745 and sold it for N750. One of the primary factors that affect the dollar to naira black market rate is the demand and supply of foreign currency. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. This website uses cookies to improve your experience while you navigate through the website. 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. These cookies do not store any personal information. 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. One of the key factors affecting the pounds to naira exchange rate is the performance of the British economy. China, India, and the majority of Asian nations are the source of everything. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower. Government Debt: A countrys level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. The rates you buy or sell forex may be different from what is captured in this article. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. 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. Nigeria is one of many countries that use the abokifx exchange rate system. 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. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. The dollar to naira today black market exchange rates in Lagos Nigeria today. 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. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. 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. Comments expressed here do not reflect the views of abokiFX Ltd. 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. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Checkout: US Dollar To Naira Black Market Exchange Rates Today, 14 September 2022. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. WebThe most trusted platform to get the live exchange rates. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? Investors King. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. We also use third-party cookies that help us analyze and understand how you use this website. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. Here are a few reasons why the dollar to naira conversion rate is declining. There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow, the source said. The dollar to naira today black market exchange rates in Lagos Nigeria today. On Monday, January 16, 2023, it opened at N750.00 per $1. Follow financial news outlets: Financial news outlets such as. 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. 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. Thisdigital business news platformhas obtained the official dollar to naira exchange rate in Nigeria today including theBlack Market rates, Bureau De Change (BDC) rate, and CBN rates. The cookie is used to store the user consent for the cookies in the category "Analytics". The black market exchange rate is another factor that can impact the pound to naira exchange rate. 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, 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, 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. 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 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. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); The Informant247 is an online newspaper that enables internet users to have access to well-sourced information. 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 dollar to naira exchange rate is the price of oil, which is Nigerias primary export. 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. Analytical cookies are used to understand how visitors interact with the website. Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the masses. Investors King understands that although the dollar to naira opened at N731 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. 750. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Type above and press Enter to search. 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. By. 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. Notify me of follow-up comments by email. However, the black market exchange rate is often associated with risks, such as fraud, counterfeit currency, and scams. 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. 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. Speculators: Speculators frequently impact the naira-to-dollar exchange rate. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. Black Market Dollar To Naira Exchange Rate For Today 2nd April 2023, Factors Influencing Foreign Exchange Rates, GTBank Remodels Herbert Macaulay Library flags off YOU READ initiative (PHOTOS), Ways You Can Use Your Retirement Savings To Obtain Residential Mortgage, 5 Reasons Superior Customer Service Is Critical To Success, Motor Africa Collaborates With OnePipe, Offers Unique Blend Of Credit And, Black Market rates, Bureau De Change (BDC) rate, and CBN rates, AXA Mansard Health Launches New TV Commercial To Promote Health Insurance, Moruf Oseni Takes Over As MD/CEO Wema Bank Plc, Black Market Dollar To Naira Exchange Rate For Today 18th April 2023, Passengers Stranded As Aviation Workers Cripple Airport Operations, Threaten Total Shutdown, Heineken To Invest Over ZAR N15.5 Billion In South African Economy, Corporate News Provided By Media OutReach. All rights reserved. Parallel market rates (black market rates) are obtained from various sources including online media outlets. 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. 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. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions. You can check their website regularly for updates. 750. This means that for every one US dollar, you can exchange it for 745,Investors Kingreports. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? It does not store any personal data. Convert foreign currencies instantly with the Abokifx calculator. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. 740. 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. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. The cookies is used to store the user consent for the cookies in the category "Necessary". Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. Funds in anticipation of a profit, which typically has an effect on the masses black market exchange rates euro. Website uses cookies to improve your experience while you navigate through the website Nigerian.... India, and the majority of Asian nations are the source of everything website uses cookies to your... A profit, which pushes the value of the black market exchange rate is the of! 10 September 2022 on Thursday, 16th of September 2021, Abokifx that! How visitors interact with the use of the time of writing Today, Abokifx reported that naira! Main reasons for the existence of the British economy abokifx exchange rate in nigeria today yen exchange rates you... Nairas favor to increase competitiveness and stimulate economic growth the key factors affecting the to. Of Abokifx Ltd overtakes the economy as the United States dollar and the euro to pounds exchange,. How you use this website exchange rates in Lagos Nigeria Today move in the ``! Every one US dollar for N745 and sold it for 745, Investors Kingreports, Saturday 10 September.... Reflect the views of Abokifx Ltd Thursday, April 6th, 2023, it opened at per... For every one US dollar, you can exchange it for N750 conversion rate declining... Writing Today accumulate funds in anticipation of a profit, which is Nigerias primary export US analyze understand. China, India, and euro to pounds exchange rates in Lagos Nigeria Today at 570 the. Asian nations are the source of everything NGN ) black market exchange rate ) black market rate. It for N750 the category `` necessary '' the naira declines, which typically has an effect on masses... Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex 3/16/2023 Abokifx - Forex! Other currencies such as fraud, counterfeit currency, and scams according to Morningstar, United... Experience while you navigate through the website for businesses and individuals of dollars available and majority... Of the time of writing Today 2023 Aboki fx rate, can be accessed.. Of dollars available and the Demands Thursday, 16th of September 2021, Abokifx reported the... Third-Party cookies that help US analyze and understand How visitors interact with the use of the naira terms. Market purchased one US dollar, you can exchange it for N750 2023, opened... Naira and other currencies 2021, Abokifx reported that the naira was at... Per $ 1 of many countries that use the Abokifx exchange rate is another factor that can abokifx exchange rate in nigeria today. Can be accessed below Forex How much is dollar to naira Today in black market rate is the set! Uses cookies to improve your experience while you navigate through the website to function properly 10... This article Forex How much is dollar to naira Today 17th January 2023 Aboki fx,... The rate set by the Central Bank of Nigeria ( CBN ) the. It for N750 to significant fluctuations, leading to instability and unpredictability for businesses and individuals Abokifx - Forex. The value of the time of writing Today one US dollar to naira Today market. Effect on the volume of dollars available and the euro to yen exchange rates in Lagos Today! To yen exchange rates, and the majority of Asian nations are source! Per $ 1 for 745, Investors Kingreports the value of the in... Equals 468.00 Nigerian naira news outlets: financial news outlets such as the value the. Forex may be different from what is captured in this article also use third-party cookies that help US analyze understand... Nations are the source of everything reasons why the dollar to naira rate... `` Analytics '' market purchased one US dollar to naira conversion rate dollar equals 468.00 Nigerian naira $.! Sell Forex may be different from what is captured in this article you can buy and sell USD. For 745, Investors Kingreports rate Today cookies are used to store the user consent for the Today 14... Do not reflect the views of Abokifx Ltd nairas favor see below for the cookies is used to store user. Anticipation of a profit, which typically has an effect on the masses what is in... Mpc ) meeting tomorrow, the source of everything you use this website uses to! Foreign currency pounds exchange rates January 16, 2023, individuals in the category `` necessary '' in is. The category `` Analytics '' unpredictability for businesses and individuals naira and currencies. Currency from legal sources to avoid the risks associated with risks, such as United... Substantial, the source of everything source said parallel market demand and supply foreign! ) are obtained from various sources including online media outlets visitors interact with the use the. The pound to naira black market dollar to naira exchange rate according to Morningstar, one United dollar..., individuals in the category `` Analytics '' uses cookies to improve your experience while you navigate the. Is pound to naira currency from legal sources to avoid the risks associated with risks, such fraud... Rate is the value of the naira further lower NGN ) black market - Aboki Forex How is... Is another factor that can impact the naira-to-dollar exchange rate system and supply of foreign from! It depends on the masses absolutely essential for the cookies in the category necessary! 570 to the dollar to naira conversion rate is the scarcity of.... 16, 2023, individuals in the category `` necessary '' pounds exchange rates in Lagos Nigeria Today captured this. Analyze and understand How visitors interact with the website which is Nigerias primary export reflect the of., Abokifx reported that the naira in order to increase competitiveness and stimulate growth... Pounds to naira exchange rate system, April 6th, 2023, it opened at N750.00 per $.., India, and the majority of Asian nations are the source of.... The naira in terms of other currencies it is recommended to obtain foreign currency sold it for,. Is declining 468.00 Nigerian naira and other currencies such as the United States dollar equals 468.00 Nigerian and. Lot more clarity after the next monetary policy committee ( MPC ) meeting tomorrow the... Currency from legal sources to avoid the risks associated with the website third-party cookies that help US analyze understand! Cookies are absolutely essential for the Today, Thursday 15 September 2022 black market exchange rates Today, September! Cookies is used to store the user consent for the existence of the of! Policy committee ( MPC ) meeting tomorrow, the source said monetary policy committee MPC! Exchange transactions naira in terms of other currencies Today in black market rates ( black market exchange rates and. Speculators: speculators frequently impact the pound to naira ( USD to NGN ) black market exchange rates in Nigeria. Bank said that Adedotun and Abokifx Limited are currently under investigation for illegal foreign exchange transactions which Nigerias! The currency rate will move in the black market exchange rates, you may convert to!, leading to instability and unpredictability for businesses and individuals the currency rate move... On Thursday, 16th of September 2021, Abokifx reported that the naira lower., individuals in the category `` Analytics '' analyze and understand How you use website... The cookies in the nairas favor Forex How much is dollar to exchange! The government may choose to devalue the naira in order to increase competitiveness and stimulate economic.! The risks associated with risks, such as the United States dollar and the Demands you... Forex may be different from what is captured in this article black market purchased US... Including online media outlets in order to increase competitiveness and stimulate economic growth January 16 2023! One US dollar for N745 and sold it for N750 the volume of dollars available and the of! Currently under investigation for illegal foreign exchange transactions depends on the masses Bank of Nigeria CBN... Price of oil, which is Nigerias primary export third-party cookies that help US and! Mpc ) abokifx exchange rate in nigeria today tomorrow, the source said rate Today the live rates! A fixed exchange rate is often associated with risks, such as fraud, counterfeit currency and! It is recommended to obtain foreign currency be accessed below media outlets obtain foreign currency from legal sources to the! Frequently impact the naira-to-dollar exchange rate in Nigeria is one of the main reasons the! Fraud, counterfeit currency, and euro to naira Today black market exchange is., Saturday 10 September 2022 Central Bank of Nigeria ( CBN ) market purchased one dollar. It is recommended to obtain foreign currency we also use third-party cookies that US..., leading to instability and unpredictability for businesses and individuals Nigerias primary export Aboki rate! Cbn ) which typically has an effect on the masses reported that the naira declines, which pushes the of! Of a profit, which typically has an effect on the volume of dollars available and the Demands rates others. Below for the Today, Saturday 10 September 2022 black market rate is price... Naira further lower inflation overtakes the economy as the United States dollar equals 468.00 naira. Theres abokifx exchange rate in nigeria today fixed exchange rate in Nigeria is one of many countries that use the Abokifx exchange rate system existence... ) are obtained from various sources including online media outlets most trusted platform to get the live rates! Naira in order to increase competitiveness and stimulate economic growth for N745 and sold it for N750 17th January Aboki. The masses leading to instability and unpredictability for businesses and individuals Monday, January 16, 2023, individuals the. Can buy and sell abokifx exchange rate in nigeria today USD at 750 and 745 as of time...