These cookies ensure basic functionalities and security features of the website, anonymously. Just recently, the Central Bank of Nigeria devalued the naira by 7.6% against the dollar. Below is the black market exchange rate for the dollar to the naira as of today, January 16, 2023. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. 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. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. The official, rates are obtained from the website of the. 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. 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. 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 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. On Monday, January 16, 2023, it opened at N750.00 per $1. The pound is influenced by a range of economic indicators, including inflation, interest rates, and economic growth. The fluctuating price of oil can lead to changes in the value of the naira, particularly in times of low oil prices. Speculators: Speculators frequently impact the naira-to-dollar 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)? It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. However, you can buy and sell 1 USD at 740 and 735 as of the time of writing today. 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 We also use third-party cookies that help us analyze and understand how you use this website. This website uses cookies to improve your experience while you navigate through the website. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. At current exchange rates, you may convert dollars to naira. 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) Checkout: US Dollar To Naira Black Market Exchange Rates Today, 14 September 2022. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. One of the key factors affecting the dollar to naira exchange rate is the price of oil, which is Nigerias primary export. According toInvestors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for N750 and sold for N745. 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. This article does not set or determine forex rates. / = 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 = 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 Dollar to Naira conversion is a popular topic in Nigeria, as the value of the Nigerian currency (Naira) is closely tied to the value of the US dollar. 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. 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. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. 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. This means that for every one US dollar, you can exchange it for 750, Investors Kingreports. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. Here are a few reasons why the dollar to naira conversion rate is declining. 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. This shows that the value of the Naira has improved compared to Saturday, April 15th, 2023, when the local currency was exchanged at N741 and sold for N745. Everything comes from China, India, and the majority of Asian countries. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. In an effort to control the black market exchange rate, the government may impose restrictions on currency exchange, leading to further economic disruption. However, the black market exchange rate is often associated with risks, such as fraud, counterfeit currency, and scams. 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. 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. These cookies will be stored in your browser only with your consent. Almost always, these prices are less expensive than those on the black/parallel market. It does not store any personal data. These cookies do not store any personal information. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. Factors Influencing Foreign Exchange Rates This means that for every one US dollar, you can exchange it for 750, Investors King reports. A: $100 USD is currently equal to 97.5844 EUR. The value of the naira against the dollar can have a significant impact on the countrys economy and the daily lives of its citizens. Inflation Rates: It is well known that inflation directly impacts black market exchange rates. 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. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. WebThe most trusted platform to get the live exchange rates. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? 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. 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. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. Press Esc to cancel. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. 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. The exchange rate between the Naira and the US dollar according to the data posted on the Central Bank of Nigeria (CBN) Currency Exchange Rate where forex is official. Addressing these challenges requires a combination of government intervention, increased economic stability, and increased confidence in the official exchange rate system. The black market exchange rate is another factor that can impact the dollar to naira exchange rate. Interest Rates: Another tool to keep an eye on is interest rates. Access the dollar to naira black market exchange rate for today 2nd April 2023, on Brand Spur Nigeria. For example, a strong naira can make imports cheaper, leading to lower prices for consumers and increased competitiveness for local businesses. Political and economic instability is also a significant factor that affects the dollar to naira black market rate. 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 IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. It is referred to as the black market because it operates outside the official channels and is not regulated by the Central Bank of Nigeria (CBN). The official NAFEX rates are obtained from the website of the FMDQOTC. 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. 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 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 dollar to naira today black market exchange rates in Lagos Nigeria today. Parallel market rates (black market rates) are obtained from various sources including online media outlets. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. 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By. 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). The apex bank is said to be investigating seven accounts belonging to Adedotun and abokiFX, vetting every forex transaction from 2019 to 2021. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. It is one of the monetary policies of the apex bank. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 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. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Despite these challenges, the dollar to naira exchange rate can also provide opportunities for economic growth and development in Nigeria. Please send us your ATM Rates for publishing, Send:Date, Location, Bank, Rate, Currency, Send to:[emailprotected] [emailprotected]. Political and economic instability in Nigeria is also a significant factor that affects the black market rate. Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). Parallel market rates (black market rates) are obtained from various sources including online media outlets. This cookie is set by GDPR Cookie Consent plugin. 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. Save my name, email, and website in this browser for the next time I comment. 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. It is one of the monetary policies of the apex bank. Analytical cookies are used to understand how visitors interact with the website. The euro to naira black market exchange rate in Nigeria is around 800 Naira to 1 euro. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. This is the option we recommend for Nigeria. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. 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. 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. 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. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. 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. 750. 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