These cookies track visitors across websites and collect information to provide customized ads. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. 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 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. The following are the euro to dollar exchange rates today. 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. The black market exchange rate is another factor that can impact the pound to naira exchange rate. We also use third-party cookies that help us analyze and understand how you use this website. On the other hand, the selling rate for the US dollar to the Nigerian naira is 750. Umahi, Buhari reveals his second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? Your comment will be published after the review process. The official exchange rate is the rate set by the Central Bank of Nigeria (CBN). 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. WebLondon Exchange Rates. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. Selling Rate. Here are a few reasons why the dollar to naira conversion rate is declining. By. 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. 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. 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. Another factor that influences the black market rate is inflation. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. They stockpile money in anticipation of a gain, causing the naira to plummet even lower. Convert foreign currencies instantly with the Abokifx calculator. A: $100 USD is currently equal to 97.5844 EUR. 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. We also use third-party cookies that help us analyze and understand how you use this website. Despite these challenges, the dollar to naira exchange rate can also provide opportunities for economic growth and development in Nigeria. 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. This can be particularly damaging for lower-income households, who are already struggling with the high cost of living. These cookies will be stored in your browser only with your consent. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Dirham to Naira at the parallel (unofficial) market. 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. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. Buying Rate. This cookie is set by GDPR Cookie Consent plugin. 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. 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. 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 Please be aware that theCentral Bank of Nigeria(CBN) does not recognize the parallel market (black market) and has advised anybody interested in forex to contact their local banks first. 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. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. China, India, and the majority of Asian nations are the source of everything. 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 set by the Central Bank of Nigeria (CBN) and is used for government transactions and other official purposes. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. Convert foreign currencies instantly with the Abokifx calculator. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. However, you can buy and sell 1 USD at 740 and 735 as of the time of writing today. / = 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 = As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. The dollar to naira today black market exchange rates in Lagos Nigeria today. At current exchange rates, you may convert dollars to naira. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange It is worth noting that using the black market for currency exchange carries risks, as it is often associated with illegal activities and the possibility of receiving counterfeit currency. 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. On Monday, January 16, 2023, it opened at N750.00 per $1. 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. 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). WebMonthly data for the market currency exchange rates in Nigeria. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent, official CBN rate, black market, or parallel market rate. However, devaluation can also lead to increased inflation and decreased purchasing power for consumers. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. Exchange Rate of Dollar To Naira in Black Market Today? Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. It can vary widely from the official exchange rate and is affected by a variety of factors, such as inflation, government policies, and external economic conditions. It is also worth noting that the exchange rate provided in this example may not be reflective of the official exchange rate set by the Central Bank of Nigeria (CBN) as it appears to be the black market exchange rate. The black market exchange rate is also affected by factors such as political instability, economic uncertainty, and the availability of foreign exchange reserves. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. Comments expressed here do not reflect the views of abokiFX Ltd. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. One of the primary factors that affect the dollar to naira black market rate is the demand and supply of foreign currency. 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). This is the option we recommend for Nigeria. It is mandatory to procure user consent prior to running these cookies on your website. 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. 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. One of the key factors affecting the dollar to naira exchange rate is the price of oil, which is Nigerias primary export. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions. Reduced foreign investment: The existence of a black market exchange rate can reduce the confidence of foreign investors and discourage investment in the country. Investors King. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. The global economys performance, crude oil prices, and other external factors can influence the dollar to naira exchange rate on the black market. 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. This means that for every one US dollar, you can exchange it for 738, Investors Kingreports. 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. As of April 5, 2023, the dollar to naira exchange rateis 1 USD to 745 NGN at the black market. All rights reserved. On Monday, January 16, 2023, it opened at N750.00 per $1. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. TheNigerian economyis greatly impacted by the exchange rate between the US dollar and the Nigerian naira. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. 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 rates you buy or sell forex may be different from what is captured in this article. The official, rates are obtained from the website of the. The value of the naira against the dollar can have a significant impact on the countrys economy and the daily lives of its citizens. Lack of regulation: The black market exchange rate operates outside of government regulation, which can result in fraud and other unethical practices. You also have the option to opt-out of these cookies. Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). 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. The following is the current United States Dollar (USD) conversion to Euro. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. 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. This article does not set or determine forex rates. Nigeria is one of many countries that use the abokifx exchange rate system. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. 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. Nigeria is one of many countries that use the abokifx exchange rate system. 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. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. 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. 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 means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. The official NAFEX rates are obtained from the website of the FMDQOTC. It is one of the monetary policies of the apex bank. 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