You can reach him at. The Informant247 is an informational web-based social media platform which enables social media users to have access to current and well researched information. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. This category only includes cookies that ensures basic functionalities and security features of the website. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. Selling Rate. The cookie is used to store the user consent for the cookies in the category "Performance". Copyright 2023, All Rights Reserved | Aboki Fx, Ghana Cedi To Naira Official CBN and Black Market Exchange Rate Today, Pounds 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, Canadian Dollar To Naira Official and Black Market Exchange Rate Today, Central African CFA Franc (XAF) to Naira Official CBN and Black Market Exchange Rate Today. Your comment will be published after the review process. This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. 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. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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 dollar to naira today black market exchange rates in Lagos Nigeria today. The Central Bank of Nigeria (CBN) has said it is investigating Oniwinde Adedotun, the founder of abokiFX. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower. All rights reserved. Nigeria is one of many countries that use the abokifx exchange rate system. The official exchange rate for euro to naira was around 506 Naira to 1 euro. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. On Monday, January 16, 2023, it opened at N750.00 per $1. Parallel market rates (black market rates) are obtained from various sources including online media outlets. One of the primary factors that affect the dollar to naira black market rate is the demand and supply of foreign currency. The rates you buy or sell forex may be different from what is captured in this article. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira Below is the black market exchange rate for the dollar to the naira as of today, January 16, 2023. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. 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. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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. These cookies will be stored in your browser only with your consent. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. 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) The existence of a black market exchange rate can also reduce the confidence of foreign investors and discourage investment in the country, further damaging economic growth and stability. / = 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 = On Wednesday, April 5th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N745. If inflows are high, the naira exchange rate will rise in favour of the naira. 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. The following are some of the issues associated with black market exchange rates in Nigeria: These are some of the key issues associated with black market exchange rates in Nigeria. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. 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. At current exchange rates, you may convert dollars to naira. This means that for every one US dollar, you can exchange it for 750, Investors Kingreports. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Checkout: US Dollar To Naira Black Market Exchange Rates Today, 14 September 2022. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. Everything comes from China, India, and the majority of Asian countries. 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. 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 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. 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. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. A: 50 Dollars buys 22132.75 Nigerian Naira at interbank exchange rates. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. 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. At current exchange rates, you may convert dollars to naira. 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 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 Necessary cookies are absolutely essential for the website to function properly. 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. 100 Happy New Month Messages, Wishes, Quotes 2023, 100 Happy New Month Messages, Wishes, Quotes For April 2023, 50 visa interview questions and answer you should practice before going to the embassy, ASUU Strike: Latest ASUU Strike News Update Today, Blogger Outreach Agency For Guest Posting Services, Dollar To Naira Today Black Market Rate Conversion Today, GooglePay: 100 FAQ Google Pay and Answers about Google Pay, Happy Valentines Day 2023: Messages, Wishes, Quotes, How to get, check, verify NIN number on MTN, Glo, Airtel, 9mobile via USSD, Leadership Newspaper Today Nigeria News, Nigeria News Today: Breaking Naija News NNN, Payoneer: 100 Payoneer FAQ and answers about Payoneer, Stripe: 100 Stripe FAQ and answers about Stripe payments, The Guardian News paper Today Nigeria News, ThisDay Newspaper Today Latest News headlines, How much is dollar to naira today in black market, Zara launches circular textile collection made from recycled waste. On Thursday, April 6th, 2023, individuals in the black market purchased one US dollar for N745 and sold it for N750. 750. 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 However, the black market exchange rate is often associated with risks, such as fraud, counterfeit currency, and scams. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. 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. Nigeria is one of many countries that use the abokifx exchange rate system. Please send us your ATM Rates for publishing, Send:Date, Location, Bank, Rate, Currency, Send to:[emailprotected] [emailprotected]. 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. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange 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. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. 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. By clicking Accept, you consent to the use of ALL the cookies. 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. In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. Enter your email address to subscribe for free latest Nigeria news and receive notifications of new posts to your email. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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. By. 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. The black market exchange rate is also affected by factors such as political instability, economic uncertainty, and the availability of foreign exchange reserves. A: Todays exchange rate (460.655) is lower compared to yesterdays rate (442.8151). 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. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. 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) 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. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. WebMonthly data for the market currency exchange rates in Nigeria. WebThe most trusted platform to get the live exchange rates. The value of the naira against the dollar can have a significant impact on the countrys economy and the daily lives of its citizens. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. 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. The cookies is used to store the user consent for the cookies in the category "Necessary". The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. Factors Influencing Foreign Exchange Rates 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 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. It is one of the monetary policies of the apex bank. 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. A: One Dollar is worth 460 Nigerian Naira today. 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. 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. 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. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. Your email address will not be published. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. 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. Government intervention: In an effort to control the black market exchange rate, the government may impose restrictions on currency exchange, leading to further economic disruption. These cookies will be stored in your browser only with your consent. 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. Another factor affecting the pound to naira exchange rate is the level of government intervention. It does not store any personal data. 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 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 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. 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. , Investors Kingreports what is captured in this article significant impact on the volume of dollars available and Demands... Current and well researched information and its availability on the countrys economy the! Provide visitors with relevant ads and marketing campaigns economic growth web-based social users. And the Demands, January 16, 2023, individuals in the black market dollar to naira basic and. 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