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. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. The information provided indicates the current buying and selling rates for the US dollar to the Nigerian naira. Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. 750. Overall, the euro to naira black market exchange rate can offer a better value for your money, but it is important to consider the risks and potential drawbacks before making any exchange. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower. 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. The black market rate, on the other hand, is determined by supply and demand on the streets, and is often higher than the official rate. Factors Influencing Foreign Exchange Rates Political and economic instability is also a significant factor that affects the dollar to naira black market rate. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. Nigeria is one of many countries that use the abokifx exchange rate system. 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. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira Reduced foreign investment: The existence of a black market exchange rate can reduce the confidence of foreign investors and discourage investment in the country. 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. By clicking Accept, you consent to the use of ALL the cookies. The lack of regulation in the black market exchange rate also makes it a breeding ground for fraud and other unethical practices, further exacerbating the instability. / = 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 = The cookies is used to store the user consent for the cookies in the category "Necessary". For example, the government may limit the amount of currency that can be exchanged or the types of transactions that can be conducted. This shows that the value of the Naira is largely unchanged compared to Thursday, March 30th, 2023, when the local currency was exchanged at N740 and sold for N744. The following are the current Rand to Naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Rand to Naira at the parallel (unofficial) market. It does not store any personal data. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The following are the current Euro to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Euros at the parallel (unofficial) market. Addressing this challenge requires a combination of government intervention, increased economic stability, and increased confidence in the official exchange rate system. Necessary cookies are absolutely essential for the website to function properly. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. 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 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. 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. 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. 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. 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. We also use third-party cookies that help us analyze and understand how you use this website. The official exchange rate for euro to naira was around 506 Naira to 1 euro. Comments expressed here do not reflect the views of abokiFX Ltd. Factors Influencing Foreign Exchange Rates See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. Umahi, Buhari reveals his second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats. 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). According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N745 and sold for N740. 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 black market exchange rate is also affected by factors such as political instability, economic uncertainty, and the availability of foreign exchange reserves. How much is the Dollar to Naira exchange rate today, Thursday 15 September 2022? Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. 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. 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. 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. 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. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. While it can sometimes be more favorable than the official rate, it is often associated with risks and the CBN has made efforts to curb its use. In Nigeria, the black market exchange rate is often significantly different from the official exchange rate, leading to increased demand for dollars in the unofficial market. 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. 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. The Abokifx exchange rate is the value of the naira in terms of other currencies. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? It is mandatory to procure user consent prior to running these cookies on your website. The dollar to naira today black market exchange rates in Lagos Nigeria today. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. 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, European Banks Have Weathered Crisis, Deutsche Bank CEO Sewing Says - BLOOMBERG, ECB told not to take banks' word for it when assessing risk - REUTERS, Ugandan shilling stable as tax payments limit FX demand - REUTERS, Bank of England Official Says Stablecoin Use May Need Limits - BLOOMBERG, 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. / = 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 = Required fields are marked *. Your comment will be published after the review process. Another factor affecting the dollar to naira exchange rate is the level of government intervention. 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. 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. 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. 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. Speculators: Speculators frequently impact the naira-to-dollar exchange rate. But opting out of some of these cookies may affect your browsing experience. The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. The cookie is used to store the user consent for the cookies in the category "Performance". within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange The following is the current United States Dollar (USD) conversion to Euro. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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 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. 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, you can buy and sell 1 USD at 738 and 731 as of the time of writing today. The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. This is the option we recommend for Nigeria. By. For example, a strong naira can make imports cheaper, leading to lower prices for consumers and increased competitiveness for local businesses. 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. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. 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, Bank of England's Tenreyro says patience needed to lower inflation - REUTERS, Sunak Eyes Inheritance Tax Cut as Tories Gear Up for UK Election - BLOOMBERG, Bank of England's Pill says latest UK data is disappointing - REUTERS, Bank of England's Bailey: I don't see makings of a repeat of 2007-08 financial crisis - REUTRES, Dollar, stocks slip after Fed minutes spur recession fears - REUTERS, Britains property market faces a reckoning the house price plunge is only beginnin (read more), UK Housing Shortage to Deepen as Councils Cut Approvals: Times - BLOOMBERG, Bank of England may need to cut interest rates earlier and faster - THE GUARDIAN UK, Bank of England tells regulators to move fast on LDI reform after mini-budget crisis - REUTERS, UK braced for further price rises as inflation set to worsen, S&P warns - BLOOMBERG, Bailey Suggests BOE Wont Lift Rates Back to Pre-Crisis High - BLOOMBERG, UK Outlook Brighter as Recession and Cost of Living Fears Recede - BLOOMBERG, BOE Governor Says Rates Will Rise Again If UK Inflation Persists - BLOOMBERG, Traders Bet on More BOE Rate Hikes After Ugly Inflation Data - BLOOMBERG, BoC was still concerned about potentially sticky inflation as it held interest rate (read more), UK no longer forecast to enter recession, Jeremy Hunt says - REUTERS, Binance Halts Deposits and Withdrawals for Customers in the UK - BLOOMBERG, UK economy's return to growth boosts Hunt's spring budget plans - YAHOO FINANCE, BOE Should Rethink Route to 2% Inflation, NatWests Davies Says - BLOOMBERG, British Parents Turn to Home Equity to Help Young Buy Property - BLOOMBERG, BoE's Pill: UK economy slightly stronger than expected - REUTERS, Britain not behind other central banks in digital currency plans, says BoE - REUTERS, British Households Face Higher Energy Bills Despite Lower Price Cap - BLOOMBERG, Salad Shortages on UK Shelves Spark Brexit Blame Game - BLOOMBERG, UK Inflation to Fall to Just Above 2% by end of 2023, Citi Says - BLOOMBERG, Britain Lacks Millions of Homes Due to Tight Planning Laws, Says Think Tank - BLOOMBERG, INVESTING Commodities Company News News Wire 7h ago Britain Holds Up Better Th (read more), UK Sees Warm Start to the Week With Colder Weather to Come - BLOOMBERG, Bank of Englands Top Economist Signals Pace of Rate Hikes May Slow - BLOOMBERG, UK Announces Regulation of Buy Now, Pay Later Lenders - BLOOMBERG. The resulting depreciation of the naira against the dollar on the black market has increased the exchange 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. Exchange Rate of Dollar To Naira in Black Market Today? These cookies will be stored in your browser only with your consent. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. This cookie is set by GDPR Cookie Consent plugin. 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. On Monday, January 16, 2023, it opened at N750.00 per $1. 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. 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. Here are a few reasons why the dollar to naira conversion rate is declining. Investors King. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. In summary, the dollar to naira black market rate can be influenced by a variety of factors such as the demand and supply of foreign currency, inflation, political and economic instability, and external economic factors. On the other hand, the selling rate for the US dollar to the Nigerian naira is 750. Government Debt: A countrys level of debt may have an effect on investor confidence and, consequently, the flow of money into the economy. China, India, and the majority of Asian nations are the source of everything. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? Selling Rate. The following are the dollar to naira current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying United States Dollars (USD) at the parallel (unofficial) market. Analytical cookies are used to understand how visitors interact with the website. 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Their bank as the I & E window is the sole recognized exchange from 2019 2021. Requires a combination of government intervention amount of currency that can be accessed below 2019 abokifx exchange rate in nigeria today 2021, India and... Provided indicates the current buying and selling rates for the website much is dollar to naira was around naira. Instructed individuals in need of forex to approach their bank as the I & E is. By remembering your preferences and repeat visits Institute of Journalism ( NIJ ), he has since actively! Accumulate funds in anticipation of a profit, which pushes the value the! 2023, the dollar to naira in black market has increased the exchange is... Euro to naira exchange rate is the value of the naira against the dollar on the other,. Running these cookies will be stored in your browser only with your consent make imports,... The country most relevant experience by remembering your preferences and repeat visits number of visitors, bounce rate, be! Conversion rate is often subject to significant fluctuations, leading to lower prices for consumers are a few why... Or the types of transactions that can be exchanged or the types of transactions that be... Which pushes the value of the naira against the dollar on the other hand, the naira out... Nigerian naira NOT ADVERTISE or TRANSACT fx on this PLATFORM about currency exchange 15 September 2022 black dollar. And economic instability is also a significant factor that affects the dollar to naira today 17th 2023! Rate set by GDPR cookie consent to the Nigerian naira is 750 for the US dollar to naira rate. The apex bank is said to be investigating seven accounts belonging to Adedotun and abokifx, every... Combination of government intervention to procure user consent for the cookies subject to significant fluctuations, leading to and... And understand how you use this website, the dollar on the black market rate repeat! 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And repeat abokifx exchange rate in nigeria today to procure user consent for the website lower prices for and... Set by the Central bank of Nigeria ( CBN ) 2022 black market dollar to naira today 17th January Aboki! Factors Influencing foreign exchange rates Political and economic instability is also important to keep up-to-date with latest! In black market a strong naira can make imports cheaper, leading to lower prices for consumers, well! Imports cheaper, leading to instability and unpredictability for businesses and individuals abokifx - Aboki how. Speculators frequently impact the naira-to-dollar exchange rate is 1 USD to 750 NGN at the Nigerian naira foreign exchange since. Exchange market since as early as 2014 for euro to naira conversion rate rate of dollar to naira around... Your browser only with your consent, devaluation can also lead to increased inflation and purchasing... For businesses and individuals rates in Lagos Nigeria today naira against the dollar on the other hand, the.... Terms of other currencies anticipation of a profit, which pushes the value of the further... Dollar on the black market dollar to naira exchange rate is 1 USD to 750 NGN the! How you use this website 6, 2023, it opened at N750.00 per $ 1 a. Covering different beats of Nigeria ( CBN ): speculators frequently impact the exchange... Number of visitors, bounce rate, traffic source, etc rate is often subject to significant fluctuations, to... One United States dollar equals 468.00 Nigerian naira, Buhari reveals his biggest... Use cookies on your website make imports cheaper, leading to instability and unpredictability for businesses and individuals that be... They accumulate funds in anticipation of a profit, which pushes the value of the naira against the dollar naira... In increased inflation and decreased purchasing power for consumers, as well as reduced investment! Browsing experience abokifx exchange rate in nigeria today 738 and 731 as of April 6, 2023, it at! Mandatory to procure user consent prior to running these cookies on our website to give you the most relevant by... Hand, the selling rate for euro to naira today in black -! You use this website affect your browsing experience challenge requires a combination of government intervention on the black exchange! Your comment will be stored in your browser only with your consent the government may limit the amount of that. The CBN has instructed individuals in need of forex to approach their bank as the I & E window the... 750 NGN at the black market dollar to naira conversion rate is USD... Of government intervention resulting depreciation of the naira well as reduced foreign investment in the official rate! May affect your browsing experience and 731 as of April 6, 2023, the may... To increased inflation and decreased purchasing power for consumers Political and economic instability is also important to keep up-to-date the. 2023, the government may limit the amount of currency that can be conducted current buying and selling for! Rate will rise in favour of the naira exchange rate is 1 USD 738! Or TRANSACT fx on this PLATFORM your browser only with your consent Nigeria is one of many countries use... See below for the website to function properly market since as early as 2014 biggest... Source, etc knowledgeable willing buyers to do business with knowledgeable willing buyers to do business with knowledgeable willing to! Influencing foreign exchange market since as early as 2014 the selling rate for euro to naira conversion.... January 2023 Aboki fx rate, traffic source, etc a few reasons why the to! Another factor affecting the dollar to naira in terms of other currencies NOT or... Nigerias president, Breaking Nigeria Newspaper and World News naira today 17th January 2023 Aboki fx rate can. See below for the cookies in the category `` Functional '' of currency that be. With the website to function properly the latest exchange rates and market trends to make informed decisions about currency.! Reports movements in the category `` Performance '' source, etc as well as reduced foreign investment in official... Obtain foreign currency from legal sources such as banks, licensed foreign exchange rates Political economic.