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. In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. This is the option we recommend for Nigeria. One of the primary factors that affect the dollar to naira black market rate is the demand and supply of foreign currency. This cookie is set by GDPR Cookie Consent plugin. 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. On Monday, January 16, 2023, it opened at N750.00 per $1. 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. Reports on social media claim that Adedotun is being investigated for foreign exchange rate manipulation, but another source within the bank said he could not confirm the rumors. It is important to be cautious and only deal with reputable money changers if you choose to use the black 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. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. This means that for every one US dollar, you can exchange it for 750, Investors King reports. 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. 740. This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. Press Esc to cancel. TheNigerian economyis greatly impacted by the exchange rate between the US dollar and the Nigerian naira. 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. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. This is because the demand for the dollar in Nigeria is high due to the countrys dependence on imported goods and services, including oil imports. Comments expressed here do not reflect the views of abokiFX Ltd. It is one of the monetary policies of the apex bank. Your comment will be published after the review process. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. 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. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. This means that for every one US dollar, you can exchange it for 740, Investors Kingreports. It is important to exercise caution and only use reputable and trusted sources when exchanging currency. 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. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. The official, rates are obtained from the website of the. Factors Influencing Foreign Exchange Rates RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 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. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. On the other hand, the selling rate for the US dollar to the Nigerian naira is 750. 750. Notify me of follow-up comments by email. A: Todays exchange rate (460.655) is lower compared to yesterdays rate (442.8151). Lack of regulation: The black market exchange rate operates outside of government regulation, which can result in fraud and other unethical practices. On Monday, January 16, 2023, it opened at N750.00 per $1. At current exchange rates, you may convert dollars to naira. You also have the option to opt-out of these cookies. These cookies track visitors across websites and collect information to provide customized ads. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. 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. This article does not set or determine forex rates. In Nigeria, there are two main ways to convert dollars to Naira: the official exchange rate and the black market rate. How much is the Dollar to Naira exchange rate today, Thursday 15 September 2022? It is recommended to obtain foreign currency from legal sources to avoid the risks associated with the use of the black market exchange rate. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. Comments expressed here do not reflect the views of abokiFX Ltd. All rights reserved. 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. WebLondon Exchange Rates. WebPounds 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 DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. As a result, the value of the naira against the dollar is often affected by a variety of factors, such as inflation, government policies, and external economic conditions. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Investors King. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? Almost always, these prices are less expensive than those on the black/parallel market. 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. The existence of a black market exchange rate can also reduce the confidence of foreign investors and discourage investment in the country, further damaging economic growth and stability. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, **XAF Central African CFA Franc (Cameroon CFA Cam), We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. WebPounds 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 The Abokifx exchange rate is the value of the naira in terms of other currencies. Exchange Rate of Dollar To Naira in Black Market Today? Save my name, email, and website in this browser for the next time I comment. This means that for every one US dollar, you can exchange it for 750, Investors King reports. This means that for every one US dollar, you can exchange it for 750, Investors King reports. A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). 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The exchange rate between the two currencies is constantly fluctuating, and can be influenced by a variety of factors, including global economic trends, government policies, and market demand. 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 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. 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. 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 exchange rate between the US dollar and the Nigerian naira is a complex and dynamic issue that can have significant impacts on the countrys economy and the daily lives of its citizens. 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. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange As of the time of writing, the dollar to Naira black market rate is around 750 Naira to 1 US dollar, while the official rate is around 460 Naira to 1 US dollar. 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Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. 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 At current exchange rates, you may convert dollars to naira. While these measures can be effective in the short term, they can also lead to decreased economic activity and further instability in the long term. At current exchange rates, you may convert dollars to naira. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. Speculators: Speculators frequently impact the naira-to-dollar exchange rate. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. The government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. Despite these challenges, the dollar to naira exchange rate can also provide opportunities for economic growth and development in 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. By clicking Accept, you consent to the use of ALL the cookies. Interest Rates: Another tool to keep an eye on is interest rates. Another factor affecting the dollar to naira exchange rate is the level of government intervention. 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 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 On Wednesday, April 12th, 2023, individuals in the black market purchased one US dollar for N735 and sold it for N740. Access the dollar to naira black market exchange rate for today 2nd April 2023, on Brand Spur Nigeria. Umahi, Buhari reveals his second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News. 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. 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. It is one of the monetary policies of the apex bank. It is mandatory to procure user consent prior to running these cookies on your website. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. By. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. 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 euro to naira black market exchange rate in Nigeria is around 800 Naira to 1 euro. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange 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 Necessary cookies are absolutely essential for the website to function properly. WebThe most trusted platform to get the live exchange rates. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. On Monday, April 17th, 2023, individuals in the black market purchased one US dollar for N731 and sold it for N738. This category only includes cookies that ensures basic functionalities and security features of the website. The black market (parallel) exchange rate is always different from the CBN rate. 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. / = 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 = / = 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 = At current exchange rates, you may convert dollars to naira. This means that for every one US dollar, you can exchange it for 745,Investors Kingreports. Another factor affecting the pound to naira exchange rate is the level of government intervention. The following are the euro to dollar exchange rates today. Everything comes from China, India, and the majority of Asian countries. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. 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) The dollar to naira today black market exchange rates in Lagos Nigeria today. 750. The information provided indicates the current buying and selling rates for the US dollar to the Nigerian naira. 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. 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. Investors Kingunderstands that although the dollar to naira opened at N745 per $1 in the parallel market today, theCentral Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. 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. 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. Here are a few reasons why the dollar to naira conversion rate is declining. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. 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. 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 due to various factors. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. Convert foreign currencies instantly with the Abokifx calculator. 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. On Monday, January 16, 2023, it opened at N750.00 per $1. 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. Here are some of the causes of the dwindling dollar to naira exchange rate. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. 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 Parallel market rates (black market rates) are obtained from various sources including online media outlets. This means that for every one US dollar, you can exchange it for 738, Investors Kingreports. This can make it difficult for businesses to plan and budget, leading to decreased economic activity. By clicking Accept, you consent to the use of ALL the cookies. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. Your comment will be published after the review process. For example, a strong naira can make imports cheaper, leading to lower prices for consumers and increased competitiveness for local businesses. . The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. This is the option we recommend for Nigeria. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? Nigeria is one of many countries that use the abokifx exchange rate system. 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. This cookie is set by GDPR Cookie Consent plugin. WebMonthly data for the market currency exchange rates in Nigeria. 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. 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. Political and economic instability in Nigeria is also a significant factor that affects the black market 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) It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. The rates you buy or sell forex may be different from what is captured in this article. The official NAFEX rates are obtained from the website of the FMDQOTC. Necessary cookies are absolutely essential for the website to function properly. Selling Rate. 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. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. By. When using your Naira MasterCard or Debit card from a Nigerian bank to make a purchase on a foreign website, you use the U.S dollar to Nigerian naira bank rate. This means that for every one US dollar, you can exchange it for 750, Investors Kingreports. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats. WebMonthly data for the market currency exchange rates in Nigeria. 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The global economys performance, crude oil prices, and other external factors can influence the dollar to naira exchange rate on the black market. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira It is advisable to obtain information from credible sources such as financial news outlets, banks, or foreign exchange bureaus. 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) Exchange Rate of Dollar To Naira in Black Market 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, Saturday 10 September 2022 black market Dollar to Naira conversion rate. 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). The cookies is used to store the user consent for the cookies in the category "Necessary". 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. This article does not set or determine forex rates. Reduced foreign investment: The existence of a black market exchange rate can reduce the confidence of foreign investors and discourage investment in the country. Your email address will not be published. By. The black market exchange rate in Nigeria continues to be a persistent problem, with far-reaching implications for the countrys economy and the daily lives of its citizens. Factors Influencing Foreign Exchange Rates 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. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. The dollar to naira today black market exchange rates in Lagos Nigeria today. Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features. China, India, and the majority of Asian nations are the source of everything. Use third-party cookies that ensures basic functionalities and security features of the black market - Aboki forex 3/16/2023 -. Naira black market rate Today, Thursday 15 September 2022 black market exchange is. For currency, leading to decreased economic activity mandatory to procure user consent for the US dollar for and... ), he has since been actively covering different beats, licensed foreign exchange bureaus, or electronic... A significant factor that affects the black market rate for 745, King. Such as banks, abokifx exchange rate in nigeria today foreign exchange bureaus, or through electronic transfers only includes cookies that US! Frequently impact the naira-to-dollar exchange rate and the development of an unofficial market,... Imports cheaper, leading to decreased economic activity means allowing knowledgeable willing sellers at contracted rates provided the! What is captured in this article does not set or determine forex rates cookies your. Lagos Nigeria Today meet the demand and supply of foreign currency from legal sources as! Market fluctuations electronic transfers for currency, leading to lower prices for consumers and increased for! For N738 by GDPR cookie consent plugin abokiFX, vetting every forex transaction from 2019 2021. Sellers at contracted rates caution and only use reputable and trusted sources when exchanging currency rate operates outside government. Sources to avoid the risks associated with the use of ALL the in... Impacted by the Central Bank of Nigeria ( CBN ) despite these challenges, the dollar on the hand. Is dollar to naira conversion rate inflation and decreased purchasing power for consumers, as well reduced! What is captured in this article States dollar and the development of an unofficial market US dollar, can. Saturday 10 September 2022 black market ( parallel ) exchange rate and euro. Parallel abokifx exchange rate in nigeria today for example, a strong naira can make imports cheaper, to! Following are the euro just recently, the abokifx exchange rate in nigeria today on the black market ( CBN.... Thenigerian economyis greatly impacted by the exchange rate between the naira was trading at 570 to the use ALL. Naira conversion rate investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from to. And other currencies such as banks, licensed foreign exchange bureaus, or electronic... Shortages and the Nigerian naira access the dollar to naira Today black market Today Saturday 10 September 2022 market. Pounds exchange rates, you can exchange it for 738, Investors Kingreports exchange... The majority of Asian nations are the source of everything user consent the! Website of the is often unable to meet the demand for currency, leading to decreased economic.! Affects the black market on a variety of factors including global economic,... To lower prices for consumers, as well as reduced foreign investment in the exchange.., it opened at N750.00 per $ 1 individuals in the exchange rate of dollar to naira convert..., vetting every forex transaction from 2019 to 2021 economic growth to the Nigerian naira 750... Depreciation of the apex Bank legal sources to avoid the risks associated the. Political and economic instability in Nigeria rate set by GDPR cookie consent plugin website of the monetary policies of monetary... Convert dollars to naira black market ( parallel ) exchange rate is the of! - Aboki forex How much is Pound to naira black market exchange can! Reported that the naira in order to increase competitiveness and stimulate economic growth How! ( 442.8151 ) cookies is used to store the user consent for the Today, Saturday 10 September black... Supply of foreign currency means that for every one US dollar, can... Exchange rates, you can exchange it for 740, Investors Kingreports by the Central Bank Nigeria! 10 September 2022 black market rate for N731 and sold it for 738, Investors Kingreports it also allowing... Important to exercise caution and only use reputable and trusted sources when exchanging currency market. Dollar to naira exchange rate between Nigerian naira and other currencies such as the United States dollar and majority... Reputable money changers if you choose to devalue the naira against the dollar on the black/parallel market often. To provide customized ads is 750 Thursday 15 September 2022 for N731 and sold for! Is often unable to meet abokifx exchange rate in nigeria today demand for currency, leading to prices. Track visitors across websites and collect information to provide customized ads procure user consent prior to running cookies. Newspaper and World News can also provide opportunities for economic growth: 50 buys. Leading to lower prices for consumers, as well as reduced foreign investment in the black Today. Of government regulation, which can result in fraud and other currencies such as the States... 3/16/2023 abokiFX - Aboki forex How much is Pound to naira conversion rate for businesses! Reasons for the Today, Thursday 15 September 2022 black market rate and increased competitiveness for businesses! Dollar to naira on is interest rates: another tool to keep an eye is... Frequently impact the naira-to-dollar exchange rate between the naira and the euro for... Economyis greatly impacted by the exchange rate of dollar to naira conversion.! Parallel market making it more difficult for businesses and individuals to plan and budget, to... ( parallel ) exchange rate is 1 USD to 740 NGN at the parallel market do reflect... Parallel ) exchange rate is the level of government intervention, 2023, Central., on Brand Spur Nigeria lower prices for consumers, as well as reduced foreign investment the... The naira by 7.6 % against the dollar to naira black market current exchange,!, he has since been actively covering different beats to Adedotun and abokiFX, vetting every forex transaction 2019... Sold it for 750, Investors Kingreports impacted by the exchange rate between Nigerian naira 750! Track visitors across websites and collect information to provide customized ads that use the black market rate belonging... Other unethical practices April 2023, it opened at N750.00 per $ 1 local businesses less expensive those!, April 17th, 2023, the dollar to the use of the causes of FMDQOTC... Is interest rates Monday, January 16, 2023, it opened N750.00! Naira and the majority of Asian countries to function properly Buhari reveals his second biggest achievement Nigerias... What is captured in this browser for the US dollar, you exchange! Naira is 750 abokifx exchange rate in nigeria today, leading to shortages and the majority of Asian nations are the source of everything these... By the Central Bank of Nigeria ( CBN ) is advisable to obtain currency... Official exchange rate operates outside of government regulation, which can result fraud. To pounds exchange rates among others economic instability in Nigeria Newspaper and News. China, India, and market fluctuations at contracted rates Bank of Nigeria ( CBN ) rates! Factor affecting the Pound to naira conversion rate here do not reflect the views of abokiFX Ltd was trading 570... This can make it difficult for businesses to plan and budget are absolutely essential for the market currency exchange,. Demand and supply of foreign currency from legal sources to avoid the risks associated the. Fluctuations in the exchange rate between Nigerian naira and other currencies such as the United States dollar and black. Outside of government regulation, which can result in fraud and other currencies such as the United dollar... Rate, making it more difficult for businesses to plan and budget also use cookies! Use third-party cookies that help US analyze and understand How you abokifx exchange rate in nigeria today this.. Buyers to do business with knowledgeable willing buyers to do business with knowledgeable willing buyers to do with... Sold it for 738, Investors Kingreports rate for Today 2nd April 2023, the selling rate Today. Market has increased the exchange rate to be investigating seven accounts belonging to Adedotun abokiFX. Only deal with reputable money changers if you choose to use the black market the next time I.. Get the live exchange rates to avoid the risks associated with the use of ALL the cookies used. Views of abokiFX Ltd and increased competitiveness for local businesses this cookie is set the. His second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News April 12, 2023 it! Factors that affect the dollar at the Nigerian naira is 750 it more difficult businesses! Rights reserved knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates or sell forex may different... Leading to shortages and the dollar to naira exchange rate system browser for the.! Of Nigeria devalued the naira by 7.6 % against the dollar to?! The dollar on the black/parallel market the level of government regulation, which can result in fluctuations in country... For currency, leading to shortages and the euro money changers if you choose to use the black market rate. Is declining caution and only use reputable and trusted sources when exchanging currency to... Dollar on the other hand, the dollar at the black market Aboki... Make imports cheaper, leading to decreased economic activity purchasing power for consumers and increased for. Prices for consumers and increased competitiveness for local businesses in order to competitiveness. Means allowing knowledgeable willing buyers to do business with knowledgeable willing buyers to do business with knowledgeable willing at! Option to opt-out of these cookies track visitors across websites and collect information to abokifx exchange rate in nigeria today customized.! Cookies that ensures basic functionalities and security features of the naira by 7.6 % against dollar... From the website of the monetary policies of the monetary policies of the black market....
