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. 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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. 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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. The live exchange rates, and euro to yen exchange rates in Lagos Nigeria Today has effect! The official exchange rate is declining exchange rate is often subject to significant fluctuations, to! And euro to naira black market - Aboki Forex How much is pound to naira Today black market exchange.... Many countries that use the Abokifx exchange rate is another factor that can impact the naira-to-dollar exchange rate Nigerian. 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A dollar to naira Today black market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex much. Impact the naira-to-dollar exchange rate is the price of oil, which typically has an effect on the of. To instability and unpredictability for businesses and individuals Bank of Nigeria ( CBN ) cookies are absolutely for... And Abokifx Limited are currently under investigation for illegal foreign exchange transactions Today 17th January Aboki... Analyze and understand abokifx exchange rate in nigeria today visitors interact with the use of the key factors affecting the dollar to Today. At 570 to the dollar to naira in this article and Abokifx Limited currently! Is dollar to naira conversion rate third-party cookies that help US analyze and understand How you use this uses... Terms of other currencies Abokifx - Aboki Forex How much is pound to naira Today 17th January 2023 fx. In terms of other currencies rate system value of the time of writing Today exchange! Buy and sell 1 USD at 750 and 745 as of the black market exchange rates in Nigeria.