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. 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, Thursday 15 September 2022 black market Dollar to Naira conversion rate. While the official exchange rate is determined by the CBN and is typically used for official transactions, many Nigerians turn to the black market to buy and sell dollars. Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors. Your comment will be published after the review process. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. 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. One of the key factors affecting the dollar to naira exchange rate is the price of oil, which is Nigerias primary export. 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. In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. 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 Inflated prices: 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. Factors Influencing Foreign Exchange Rates 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). The dollar to naira today black market exchange rates in Lagos Nigeria today. This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. 1 Pound (GBP) to Naira Black Market Rate Today - is Naira The government may choose to devalue the naira in order to increase competitiveness and stimulate economic growth. Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the masses. The pound is influenced by a range of economic indicators, including inflation, interest rates, and economic growth. At current exchange rates, you may convert dollars to naira. However, you can buy and sell 1 USD at 750 and 745 as of the time of writing today. 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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. Below is the black market exchange rate for the dollar to the naira as of today, January 16, 2023. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. One of the key factors affecting the pounds to naira exchange rate is the performance of the British economy. 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 Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. 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. What is the exchange rate for U.S Dollar and Nigerian Naira in the parallel market, commonly known as the black market (Aboki fx)? RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. Necessary cookies are absolutely essential for the website to function properly. 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 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. The government is often unable to meet the demand for currency, leading to shortages and the development of an unofficial market. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. The official exchange rate is set by the Central Bank of Nigeria (CBN) and is used for government transactions and other official purposes. Your comment will be published after the review process. 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. 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. A: Todays exchange rate (460.655) is lower compared to yesterdays rate (442.8151). 740. The black market exchange rate is also affected by factors such as political instability, economic uncertainty, and the availability of foreign exchange reserves. WebThe most trusted platform to get the live exchange rates. Factors Influencing Foreign Exchange Rates This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. This is the option we recommend for Nigeria. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. Exchange Rate of Dollar To Naira in Black Market Today? Therefore, the exchange rate provided may change over time. With careful management and a focus on economic stability, Nigeria can hope to achieve a healthy and thriving economy that benefits all its citizens. 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This is the option we recommend for Nigeria. 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