Investors King. 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. 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 See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. 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. 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. WebThe most trusted platform to get the live exchange rates. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. Investors King. Here are some of the causes of the dwindling dollar to naira exchange rate. 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. 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. Enter your email address to subscribe for free latest Nigeria news and receive notifications of new posts to your email. However, you can buy and sell 1 USD at 745 and 740 as of the time of writing 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. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. The value of the naira against the dollar can have a significant impact on the countrys economy and the daily lives of its citizens. Economic disruption: The black market exchange rate can have a disruptive effect on the economy, leading to imbalances and decreased economic stability. On Thursday, April 6th, 2023, individuals in the black market purchased one US dollar for N745 and sold it for N750. This means that for every one US dollar, you can exchange it for 745,Investors Kingreports. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. 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. 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. You can check their website regularly for updates. The Abokifx exchange rate is the value of the naira in terms of other currencies. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange Type above and press Enter to search. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. 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. They stockpile money in anticipation of a gain, causing the naira to plummet even lower. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. . Notify me of follow-up comments by email. Required fields are marked *. This cookie is set by GDPR Cookie Consent plugin. This category only includes cookies that ensures basic functionalities and security features of the website. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. Check the Central Bank of Nigerias website: The CBN is responsible for regulating the countrys monetary policy and is a reliable source for the latest exchange 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. 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 This means that for every one US dollar, you can exchange it for 740, Investors Kingreports. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? 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. Factors Influencing Foreign Exchange Rates 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. 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) IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Ghanaian Cedi to Naira at the parallel (unofficial) market. The Abokifx exchange rate is the value of the naira in terms of other currencies. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. 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 means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. 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). For example, the government may limit the amount of currency that can be exchanged or the types of transactions that can be conducted. Comments expressed here do not reflect the views of abokiFX Ltd. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. This is the option we recommend for Nigeria. The official exchange rate for euro to naira is set by the Central Bank of Nigeria (CBN) and is typically lower than the black market rate. If inflows are substantial, the currency rate will move in the nairas favor. Factors Influencing Foreign Exchange Rates Investors King understands that although the dollar to naira opened at N731 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. 750. 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. Dollar to naira black market exchange rate today black market (Aboki dollar 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. 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. 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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 cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". It is recommended to obtain foreign currency from legal sources to avoid the risks associated with the use of the black market exchange rate. 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. 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