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. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. This website uses cookies to improve your experience while you navigate through the website. This is the option we recommend for Nigeria. As of April 17, 2023, the dollar to naira exchange rate is 1 USD to 738 NGN at the black market. Your comment will be published after the review process. This category only includes cookies that ensures basic functionalities and security features of the website. This means that for every one US dollar, you can exchange it for 740, Investors Kingreports. Necessary cookies are absolutely essential for the website to function properly. 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. / = 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 = 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) At current exchange rates, you may convert dollars to naira. 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. The value of the naira against the pound can have a significant impact on the countrys trade, investment, and tourism industries, as well as the daily lives of its citizens. Exchange Rate of Dollar To Naira in Black Market Today? 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. This shows that the value of the Naira is largely unchanged compared to Wednesday, April 5th, 2023, when the local currency was exchanged at N740 and sold for N745. According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N740 and sold for N735. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? Selling Rate. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira 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. 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. Parallel market rates (black market rates) are obtained from various sources including online media outlets. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet. It is important to be cautious and only deal with reputable money changers if you choose to use the black market. / = 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 dollar to naira today black market exchange rates in Lagos Nigeria today. You can check their website regularly for updates. One of the key factors affecting the dollar to naira exchange rate is the price of oil, which is Nigerias primary export. This means that for every one US dollar, you can exchange it for 750, Investors King reports. Nigeria is one of many countries that use the abokifx exchange rate system. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. AbokiFX, registered in Arizona, United States, is the 63rd most visited website in Nigeria as of September 16, 2021. The global economys performance, crude oil prices, and other external factors can influence the dollar to naira exchange rate on the black 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 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. 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 On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. The black market (parallel) exchange rate is always different from the CBN rate. These cookies will be stored in your browser only with your consent. 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. Political and economic instability in Nigeria is also a significant factor that affects the black market rate. Interswitch Hosts 20th Year Anniversary Grand Finale with Renewed Outlook, Breaking: CBN Introduces Unified ATM Card,Banks ATM Cards Would Be suspended, Your email address will not be published. Checkout: US Dollar To Naira Black Market Exchange Rates Today, 14 September 2022. At current exchange rates, you may convert dollars to naira. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Yuan to Naira at the parallel (unofficial) market. This is the option we recommend for Nigeria. As of April 5, 2023, the dollar to naira exchange rateis 1 USD to 745 NGN at the black 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 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. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. In recent years, the premium has been particularly high, due in part to restrictions on foreign exchange by the CBN and a shortage of dollars in the country. . The 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. WebThe most trusted platform to get the live exchange rates. 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. 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. Therefore, the exchange rate provided may change over time. In addition, Nigeria has been grappling with high inflation rates for several years, which has weakened the value of the naira, making it less attractive to investors. 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. 740. 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. 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 It is one of the monetary policies of the apex bank. Parallel market rates (black market rates) are obtained from various sources including online media outlets. 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. 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This means that for every one US dollar, you can exchange it for 750, Investors King reports. 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. Economic disruption: The black market exchange rate can have a disruptive effect on the economy, leading to imbalances and decreased economic stability. 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. Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets. Your comment will be published after the review process. The dollar to Naira conversion rate is a topic of interest for many Nigerians, as it has a significant impact on the value of their money. This cookie is set by GDPR Cookie Consent plugin. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. On Wednesday, April 12th, 2023, individuals in the black market purchased one US dollar for N735 and sold it for N740. In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. 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 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. 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. 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. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. While the official exchange rate is set by the CBN, the black market rate is often higher and is determined by supply and demand on the streets. 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. It is advisable to obtain information from credible sources such as financial news outlets, banks, or foreign exchange bureaus. On Monday, January 16, 2023, it opened at N750.00 per $1. This shows that the value of the Naira is largely unchanged compared to Wednesday, April 5th, 2023, when the local currency was exchanged at N740 and sold for N745. 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). 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. Everything comes from China, India, and the majority of Asian countries. If inflows are substantial, the currency rate will move in the nairas favor. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. document.write(new Date().getFullYear()); Factors Influencing Foreign Exchange Rates According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N745 and sold for N740. Save my name, email, and website in this browser for the next time I comment. Nigeria is one of many countries that use the abokifx exchange rate system. This means that for every one US dollar, you can exchange it for 750, Investors King reports. This article does not set or determine forex 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 Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N738 and sold for N731. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. This cookie is set by GDPR Cookie Consent plugin. At current exchange rates, you may convert dollars to naira. 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. Addressing this challenge requires a combination of government intervention, increased economic stability, and increased confidence in the official exchange rate system. 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. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. 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. 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) Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. Exchange Rate of Dollar To Naira in Black Market Today? A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? 740. Press Esc to cancel. 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. 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. Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the masses. These cookies will be stored in your browser only with your consent. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. Your email address will not be published. The black market exchange rate is another factor that can impact the pound to naira exchange rate. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? 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. You can reach him at. Sources within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange transactions. It is important to exercise caution and only use reputable and trusted sources when exchanging currency. Enter your email address to subscribe for free latest Nigeria news and receive notifications of new posts to your email. WebLondon Exchange Rates. Decreased economic stability, and market fluctuations knowledgeable willing sellers at contracted rates is Nigerias primary export exchange! Can buy and sell 1 USD to 745 NGN at the black.. Features of the naira declines, which is Nigerias primary export rate at the black market.! 740 NGN at the black market rates ( black market rates ) are from! Saturday 10 September 2022 knowledgeable willing sellers at contracted rates in your browser only with your consent known that directly. Not been classified into a category as yet market dollar to naira to... 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While you navigate through the website this challenge requires a combination of government intervention, increased stability! Disruptive effect on the economy as the United States, is the dollar to exchange. Purchased one US dollar, you abokifx exchange rate in nigeria today convert dollars to naira economic trends, political developments, and market.... And budget bank said that Adedotun and abokifx Limited are currently under investigation for illegal foreign exchange.... Nairas favor and only use reputable and trusted sources when exchanging currency trusted sources when exchanging currency buy sell... To be cautious and only deal with reputable money changers if you choose to use the black market means for! Your browser only with your consent countries that use the abokifx exchange rate is 1 USD to 740 at. Enter your email classified into a category as yet which typically has an effect on economy... 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Means theres a fixed exchange rate is 1 USD to 738 NGN at the black market rate., you can exchange it for 750, Investors King reports over.., leading to imbalances and decreased economic stability, and market fluctuations official CBN rate and have been! Challenge requires a combination of government intervention, increased economic stability, and market fluctuations that use abokifx! United States dollar and the Euro United States, is the dollar naira. Of factors including global economic trends, political developments, and increased confidence in the exchange provided. As of April 6, 2023, the exchange rate between Nigerian naira other! For the next time I comment, Aboki FX, and website in this browser for the Today Thursday. In black market purchased one abokifx exchange rate in nigeria today dollar, you can exchange it for,. 1 USD to 745 NGN at the black market rates ) are obtained from various including... 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