See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Save my name, email, and website in this browser for the next time I comment. These cookies ensure basic functionalities and security features of the website, anonymously. This website uses cookies to improve your experience while you navigate through the website. One of the primary factors that affect the dollar to naira black market rate is the demand and supply of foreign currency. 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. 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. WebThe most trusted platform to get the live exchange 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 N738 and sold for N731. 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. 740. Exchange Rate of Dollar To Naira in Black Market Today? The government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily. Dollar to naira exchange rate today black market (Aboki dollar rate): As of the time this article was filed, TopnewsNigeria learns that players at the Lagos Parallel Market (Black Market) buy dollars for N740 and sell them for N750 each. Lastly, external economic factors also influence the black market rate. WebThe most trusted platform to get the live exchange rates. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Exchange Rate of Dollar To Naira in Black Market Today? 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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This website uses cookies to improve your experience while you navigate through the website. 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. The Abokifx exchange rate is the value of the naira in terms of other currencies. Nigeria is one of many countries that use the abokifx exchange rate system. A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates. Comments expressed here do not reflect the views of abokiFX Ltd. At current exchange rates, you may convert dollars to naira. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. 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 shows that the value of the Naira has improved compared to Saturday, April 15th, 2023, when the local currency was exchanged at N741 and sold for N745. Required fields are marked *. The following are the current CAD to naira black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Canadian Dollars at the parallel (unofficial) market. A: $100 USD is currently equal to 97.5844 EUR. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. The euro to naira black market exchange rate in Nigeria is around 800 Naira to 1 euro. Government Debt: A countrys level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. The exchange rate between the British pound and the Nigerian naira is a topic of significance for the Nigerian economy and its citizens. Another factor affecting the pound to naira exchange rate is the level of government intervention. 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The black market exchange rate is another factor that can impact the pound to naira exchange rate. This phenomenon is a result of a combination of factors, including currency scarcity, price instability, and a lack of regulation. It is important for the government and businesses to closely monitor the exchange rate and develop strategies to mitigate its impacts and take advantage of its opportunities. The value of the naira against the dollar can have a significant impact on the countrys economy and the daily lives of its citizens. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel (unofficial) market. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? This is the option we recommend for Nigeria. Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. The difference between the two rates is often referred to as the premium, and is influenced by a variety of factors, including the availability of foreign exchange in the country, government policies, and market demand. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions. 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 Political and economic instability in Nigeria is also a significant factor that affects the black market rate. The Central Bank has called for Nigerians to work toward this objective, such as expanding exports and has stated that the countrys economy needs a substantial turnaround. 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. 740. Currency scarcity: One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency, which is often caused by the governments inability to meet demand. The official, rates are obtained from the website of the. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall. The black market exchange rate is another factor that can impact the dollar to naira exchange rate. Speculators: Speculators frequently impact the naira-to-dollar exchange 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. WebExchange Rates by Currency in Nigeria / = BTC/USD = 28354.6995 BTC/NGN = 21152605.819 ETH/USD = 1832.3599 ETH/NGN = 1366940.4982 LTC/USD = 93.2844 LTC/NGN = 69590.1482 XRP/USD = 0.4464 XRP/NGN = 333.0455 BCH/USD = 129.0352 BCH/NGN = 96260.2837 There would be a lot more clarity after the next monetary policy committee (MPC) meeting tomorrow, the source said. 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. The exchange rate between the US dollar and the Nigerian naira is a topic of great interest and concern in Nigeria. At current exchange rates, you may convert dollars to naira. Buying Rate. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Nigeria is one of many countries that use the abokifx exchange rate system. Parallel market rates (black market rates) are obtained from various sources including online media outlets. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? The following are the current pounds to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Great Britain Pound Sterlingat the parallel (unofficial) market. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. Nigeria is one of many countries that use the abokifx exchange rate system. 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. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? 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What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. Therefore, the exchange rate provided may change over time. But opting out of some of these cookies may affect your browsing experience. Checkout: US Dollar To Naira Black Market Exchange Rates Today, 14 September 2022. 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. As of April 17, 2023, the dollar to naira exchange rate is 1 USD to 738 NGN at the black market. The global economys performance, crude oil prices, and other external factors can influence the dollar to naira exchange rate on the black market. You also have the option to opt-out of these cookies. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. 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. It is mandatory to procure user consent prior to running these cookies on your website. 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. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange If inflows are high, the naira exchange rate will rise in favour of the 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. By clicking Accept, you consent to the use of ALL the cookies. 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. Necessary cookies are absolutely essential for the website to function properly. You can reach him at. This is the option we recommend for Nigeria. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. This cookie is set by GDPR Cookie Consent plugin. Here are a few reasons why the dollar to naira conversion rate is declining. 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. Selling Rate. A Dollar to Naira Today in Black Market - 3/16/2023 is Naira Black Market Rates Dollar to Naira rate BUY DOLLAR (USD) SELL Pound to Naira rate BUY POUND (GBP) SELL Euro to Naira rate BUY EURO (EUR) 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. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. WebLondon Exchange Rates. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. 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. WebMonthly data for the market currency exchange rates in Nigeria. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel (unofficial) market. 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. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). 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. Factors Influencing Foreign Exchange Rates

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