By. It is important to note that exchange rates can be subject to fluctuation due to various factors such as supply and demand for foreign currency, inflation rates, political and economic stability, and external economic factors. 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. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. The fluctuating price of oil can lead to changes in the value of the naira, particularly in times of low oil prices. The cookie is used to store the user consent for the cookies in the category "Performance". 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. This is the option we recommend for Nigeria. At current exchange rates, you may convert dollars to naira. Factors Influencing Foreign Exchange Rates Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. 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. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. You also have the option to opt-out of these cookies. At current exchange rates, you may convert dollars to naira. This website uses cookies to improve your experience while you navigate through the website. By. 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. WebLondon Exchange Rates. 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. Interest Rates: Monitoring interest rates is a further strategy. Another factor affecting the dollar to naira exchange rate is the level of government intervention. 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. 740. However, the black market exchange rate is often associated with risks, such as fraud, counterfeit currency, and scams. 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. 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. 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 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. At current exchange rates, you may convert dollars to naira. The Abokifx exchange rate is the value of the naira in terms of other currencies. The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. This cookie is set by GDPR Cookie Consent plugin. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. Despite attempts by the government to control the black market exchange rate, it continues to persist and has far-reaching implications for the countrys economy and the daily lives of its citizens. Government Debt: A countrys level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. 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. Investors King. 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. 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. 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). On Monday, January 16, 2023, it opened at N750.00 per $1. As a result, the CBN has made efforts to curb the use of the black market exchange rate and promote the use of the official exchange rate for all transactions. This website uses cookies to improve your experience while you navigate through the website. 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 Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. Necessary cookies are absolutely essential for the website to function properly. 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. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? 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. Nigeria is one of many countries that use the abokifx exchange rate system. This means that for every one US dollar, you can exchange it for 750, Investors King reports. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Your comment will be published after the review process. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). These cookies will be stored in your browser only with your consent. Comments expressed here do not reflect the views of abokiFX Ltd. 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. 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 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 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. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. At current exchange rates, you may convert dollars to naira. Comments expressed here do not reflect the views of abokiFX Ltd. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. The information provided indicates the current buying and selling rates for the US dollar to the Nigerian naira. These cookies will be stored in your browser only with your consent. However, you can buy and sell 1 USD at 738 and 731 as of the time of writing today. The exchange rate between the British pound and the Nigerian naira is a topic of significance for the Nigerian economy and its citizens. Investors King understands that although the dollar to naira opened at N735 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. This article does not set or determine forex rates. In summary, the dollar to naira black market rate is the unofficial exchange rate of the US dollar to the Nigerian naira in the parallel market, which operates outside the official channels and is not regulated by the CBN. Factors Influencing Foreign Exchange Rates WebThe most trusted platform to get the live exchange rates. WebLondon Exchange Rates. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. The value of the naira against the pound can have a significant impact on the countrys trade, investment, and tourism industries, as well as the daily lives of its citizens. It is mandatory to procure user consent prior to running these cookies on your website. / = BTC/USD = 27028.6982 BTC/NGN = 20217466.2901 ETH/USD = 1712.7435 ETH/NGN = 1281132.1053 LTC/USD = 88.2655 LTC/NGN = 66022.6118 XRP/USD = 0.4622 XRP/NGN = 345.7445 BCH/USD = 119.4072 BCH/NGN = Investors King. The value of the naira against the dollar can have a significant impact on the countrys economy and the daily lives of its citizens. The dollar to naira today black market exchange rates in Lagos Nigeria today. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Selling Rate. The following are the euro to dollar exchange rates today. Buying Rate. However, you can buy and sell 1 USD at 740 and 735 as of the time of writing today. It does not store any personal data. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? Addressing this challenge requires a combination of government intervention, increased economic stability, and increased confidence in the official exchange rate system. The cookie is used to store the user consent for the cookies in the category "Other. 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. But opting out of some of these cookies may affect your browsing experience. Political developments, and increased confidence in the value of the time of writing.! Rate system instability and unpredictability for businesses and individuals risks, such as fraud, counterfeit currency, the. 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