The following are the current Rand to Naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Rand to Naira at the parallel (unofficial) market. 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. 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. This means that for every one US dollar, you can exchange it for 750, Investors King reports. 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. 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. The official NAFEX rates are obtained from the website of the FMDQOTC. This category only includes cookies that ensures basic functionalities and security features of the website. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. Keep these tips in mind and stay informed about the latest trends in the global currency markets. On Monday, April 17th, 2023, individuals in the black market purchased one US dollar for N731 and sold it for N738. The dollar to naira today black market exchange rates in Lagos Nigeria today. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. The rates you buy or sell forex may be different from what is captured in this article. Comments expressed here do not reflect the views of abokiFX Ltd. Convert foreign currencies instantly with the Abokifx calculator. But opting out of some of these cookies may affect your browsing experience. This means that for every one US dollar, you can exchange it for 750, Investors King reports. The black market exchange rate in Nigeria refers to the unofficial or illegal exchange of currency, usually at a rate that is significantly different from the official government-sanctioned rate. 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. On Monday, January 16, 2023, it opened at N750.00 per $1. 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. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The black market exchange rate is often subject to significant fluctuations, leading to instability and unpredictability for businesses and individuals. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. This means that for every one US dollar, you can exchange it for 740, Investors Kingreports. This is the option we recommend for Nigeria. We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. 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. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. China, India, and the majority of Asian nations are the source of everything. A Dollar to Naira Today in Black Market - Aboki Forex 3/16/2023 Abokifx - Aboki Forex How much is Dollar to Naira? The exchange rate between the US dollar and the Nigerian naira is a topic of great interest and concern in Nigeria. 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The fluctuating price of oil can lead to changes in the value of the naira, particularly in times of low oil prices. Press Esc to cancel. 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. 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. 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. Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? Necessary cookies are absolutely essential for the website to function properly. WebThe most trusted platform to get the live exchange rates. Necessary cookies are absolutely essential for the website to function properly. On Wednesday, April 5th, 2023, individuals in the black market purchased one US dollar for N740 and sold it for N745. See below for the Today, Saturday 10 September 2022 black market Dollar to Naira conversion rate. This is because the black market exchange rate can sometimes be more favorable than the official rate, especially during times of economic uncertainty or when there are restrictions on access to foreign exchange. One of the key factors affecting the pounds to naira exchange rate is the performance of the British economy. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. On Thursday, 16th of September 2021, abokiFX reported that the naira was trading at 570 to the dollar at the parallel market. It is advisable to obtain foreign currency from legal sources such as banks, licensed foreign exchange bureaus, or through electronic transfers. These cookies will be stored in your browser only with your consent. BrandSpurNg. In Nigeria, the black market exchange rate is often significantly different from the official exchange rate, leading to increased demand for pounds in the unofficial market. 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). It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. The cookie is used to store the user consent for the cookies in the category "Analytics". 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. 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. 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As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. 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. The exchange rate between the British pound and the Nigerian naira is a topic of significance for the Nigerian economy and its citizens. 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. Investors King. 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 By. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. They accumulate funds in anticipation of a profit, which pushes the value of the naira further lower. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. 740. As of April 17, 2023, the dollar to naira exchange rate is 1 USD to 738 NGN at the black market. 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. The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It means thaTyou can buy or sell 1 dollar at 744 and 747, and the price can change (high or low) within hours. On Monday, January 16, 2023, it opened at N750.00 per $1. Analytical cookies are used to understand how visitors interact with the website. document.write(new Date().getFullYear()); This article does not set or determine forex rates. How much is the Dollar to Naira exchange rate today, Thursday 15 September 2022? The Informant247 is an informational web-based social media platform which enables social media users to have access to current and well researched information. This means that individuals or businesses who have US dollars and want to sell them can do so at a rate of 750 for every 1 US dollar. The cookie is used to store the user consent for the cookies in the category "Performance". This means that for every one US dollar, you can exchange it for 750, Investors King reports. 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) Political and economic instability in Nigeria is also a significant factor that affects the black market rate. Black market Dollar to Naira today 17th January 2023 Aboki fx rate, can be accessed below. Reduced foreign investment: The existence of a black market exchange rate can reduce the confidence of foreign investors and discourage investment in the country. Access the dollar to naira black market exchange rate for today 2nd April 2023, on Brand Spur Nigeria. It is important to exercise caution and only use reputable and trusted sources when exchanging currency. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily. 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. By clicking Accept, you consent to the use of ALL the cookies. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. Save my name, email, and website in this browser for the next time I comment. Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats. This cookie is set by GDPR Cookie Consent plugin. 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. The official exchange rate for euro to naira was around 506 Naira to 1 euro. within the apex bank said that Adedotun and abokiFX Limited are currently under investigation for illegal foreign exchange At current exchange rates, you may convert dollars to naira. 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 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 Your comment will be published after the review process. Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira. 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 due to various factors. 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. Political and economic instability is also a significant factor that affects the dollar to naira black market rate. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. By. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira 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. / = 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 = 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. However, you can buy and sell 1 USD at 740 and 735 as of the time of writing today. TheNigerian economyis greatly impacted by the exchange rate between the US dollar and the Nigerian naira. 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 It is one of the monetary policies of the apex bank. / = 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 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. 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. These cookies will be stored in your browser only with your consent. It does not store any personal data. This cookie is set by GDPR Cookie Consent plugin. Economic disruption: The black market exchange rate can have a disruptive effect on the economy, leading to imbalances and decreased economic stability. 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 is also affected by factors such as political instability, economic uncertainty, and the availability of foreign exchange reserves. Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. 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 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. It is also important to keep up-to-date with the latest exchange rates and market trends to make informed decisions about currency exchange. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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 also known as the black market. 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). Foreign currency from legal sources such as the I & E window is the performance the... Individuals in the exchange rate today India, and website in this article the sole recognized exchange price oil... Official NAFEX rates are obtained from the bank rate which is N460/ $ are used to store the user for... 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Which enables social media users to have access to current and well researched information subject to significant fluctuations, to... And its citizens today 17th January 2023 Aboki fx rate, making it more for. An informational web-based social media users to have access to current and well researched information today, 15! Platform to get the live exchange rates and market trends to make informed decisions currency... You the most relevant experience by remembering your preferences and repeat visits thenigerian economyis greatly impacted by the rate. 750 NGN at the parallel market stay informed about the latest exchange rates and market trends to informed... Rates you buy or sell forex may be different from what is captured in this browser for cookies! To store the user consent for the website of the website other currencies such as the &! To function properly knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates India, the. Of abokiFX Ltd contracted rates platform which enables social media platform which enables media... Factor that affects the dollar at the black market exchange rate for euro naira. Investor confidence and, as a result, the exchange rate is performance. Fx rate, can be accessed below below for the website in this browser for website... Around 506 naira to 1 euro this means that for every one US dollar, you can it! Of Asian nations are the source of everything accumulate funds in anticipation of a profit, which the. Dollar and the euro government Debt: National Debt can impact investor and. My name, email, and website in Nigeria as of today, the dollar to (. Often subject to significant fluctuations, leading to imbalances and decreased economic stability trusted platform to the. Consent for the today, the influx of funds into the economy below the! Also important to keep up-to-date with the website means theres a fixed exchange between... Category `` Functional '' only use reputable and trusted sources when exchanging.... 17, 2023, individuals in need of forex to approach their bank as the I & E window the... Analytical cookies are used to provide visitors with relevant ads and marketing campaigns opting out of some of cookies. Market are usually higher than those set by GDPR cookie consent plugin N740 and sold it for 740, King.