It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. 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) A: One Dollar is worth 460 Nigerian Naira today. 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. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. 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. 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 Abokifx exchange rate is the value of the naira in terms of other currencies. This cookie is set by GDPR Cookie Consent plugin. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. 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. Everything comes from China, India, and the majority of Asian countries. 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. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. This cookie is set by GDPR Cookie Consent plugin. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. The naira will gain if the Nigerian economy can be stabilized and inflation is kept under control; however, if the naira keeps falling, it might mean that food and other needs are getting more expensive on a daily basis. On Wednesday, April 5th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N745. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. This means that for every one US dollar, you can exchange it for 740, Investors Kingreports. Parallel market rates (black market rates) are obtained from various sources including online media outlets. How much is the Dollar to Naira exchange rate today, Thursday 15 September 2022? / = BTC/USD = 27028.6982 BTC/NGN = 20217466.2901 ETH/USD = 1712.7435 ETH/NGN = 1281132.1053 LTC/USD = 88.2655 LTC/NGN = 66022.6118 XRP/USD = 0.4622 XRP/NGN = 345.7445 BCH/USD = 119.4072 BCH/NGN = Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. It is one of the monetary policies of the apex bank. The rate at which you can buy or sell dollars for naira on the CBNs website,cbn.gov.ng, is known as the exchange rate. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. China, India, and the majority of Asian nations are the source of everything. If inflows are high, the naira exchange rate will rise in favour of the naira. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. 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. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. WebLondon Exchange Rates. WebLondon Exchange Rates. 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 Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the masses. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. The rates you buy or sell forex may be different from what is captured in this article. 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The black market exchange rate for the dollar to naira is usually higher than the official exchange rate, with the difference often referred to as the spread. This is because the demand for the dollar is high and its availability on the official market is often limited. 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. 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 Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. Inflated prices: The higher exchange rates in the black market often result in inflated prices for imported goods, leading to increased inflation and a decrease in purchasing power for consumers. 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. At current exchange rates, you may convert dollars to naira. Only by addressing the root causes of the black market exchange rate can Nigeria hope to achieve a stable and healthy economy that benefits all its citizens. At current exchange rates, you may convert dollars to naira. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? 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 You also have the option to opt-out of these cookies. Another factor that influences the black market rate is inflation. 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 category only includes cookies that ensures basic functionalities and security features of the website. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. 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 740. This is the option we recommend for Nigeria. 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. 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 official exchange rate is the rate set by the Central Bank of Nigeria (CBN). 750. It is important to be cautious and only deal with reputable money changers if you choose to use the black 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. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. 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). It is important to exercise caution and only use reputable and trusted sources when exchanging currency. 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. WebLondon Exchange Rates. Government Debt: A countrys level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. The higher exchange rates in the black market often result in inflated prices for imported goods, leading to increased inflation and a decrease in purchasing power for consumers. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. Save my name, email, and website in this browser for the next time I comment. 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. Selling Rate. Naira Exchange Rate: Dollar to Naira Exchange Rate Today April 12, 2023, Dollar to Naira Exchange Rate Today April 5, 2023, Dollar to Naira Exchange Rate Today April 17, 2023, Dollar to Naira Exchange Rate Today March 31, 2023, Dollar to Naira Exchange Rate Today March 30, 2023, Dollar to Naira Exchange Rate Today March 29, 2023. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. 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. 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. Press Esc to cancel. 740. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. At current exchange rates, you may convert dollars to naira. 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 also known as the black market. 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. However, the black market exchange rate is often associated with risks, such as fraud, counterfeit currency, and scams. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? By clicking Accept, you consent to the use of ALL the cookies. 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. Investors King. 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