This leaves a question if devaluation of the Naira under a flexible exchange rate will solve the problem once and for all. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent black market or parallel market rate. Though the exchange rate was stable and sold for 148 naira. One should note that at this time Nigeria was struggling to clear its foreign debt; debt servicing alone was taking a toll on the economy. Speculators:Speculators frequently impact the naira-to-dollar exchange rate. You can access theblack market Dollar to Naira exchangerate for today, 17th January onInvestors King. It is on record that over 97% of this is federal reserve. Saudi Arabia To Take Latest Giant LEAP Into New World Economies, Click Here To Apply For Nigeria Immigration Service Recruitment 2023, Latest NPower News Today Wednesday 18th January 2023, Corporate News Provided By Media OutReach. The local currency ( abokiFx) opened at N747.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 18th January 2023, in Lagos Nigeria, after it closed at N747.00 per $1 on Tuesday, 16th January 2023. This category only includes cookies that ensures basic functionalities and security features of the website. Nigerians prefer to exchange foreign currency, particularly dollar to Naira, on the black market since the conversion rate is much higher than the bank offers. It is mandatory to procure user consent prior to running these cookies on your website. 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. The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). So next time you spend your vacation dollars in a foreign country, you can feel confident that youre using a currency thats been around for a while! 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Dollar to naira 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, Wednesday, 18th January 2023, in Lagos Nigeria, after it closed at N747.00 per $1 on Tuesday, 16th January 2023. document.write(new Date().getFullYear()); Speculators:Speculators frequently impact the naira-to-dollar exchange rate. Please keep in mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested in Forex contact their respective banks before proceeding. Fascinating Facts About the United States Dollar You Didnt Know, You know that the United States dollar is our currency. -The dollar was first introduced in 1792. See the black market exchange rate for 22nd December, below. 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Interestingly at the same time the Pound To Naira Exchange Rate is 915 buy, while you can sell a pound for 906 sell at the black market rate, When we checked on local dealers reports on forex in Lagos and Abuja respectively the Dollar To Naira Exchange Rate remains, 750, this means you can buy Dollar at 750 while you can sell at 745. Dollar to naira exchange rate today17th January 2023, black market ratecan be accessed below. By clicking Accept, you consent to the use of ALL the cookies. The local currency opened at N605.00 per $1 at the parallel marketotherwise known as theblack market, today, Tuesday, 31 May 2022, inLagos Nigeria,after itclosed at N607.00 per $1 on Monday, 30th May 2022. Dollar To Naira Black Market Exchange Rate Today, Saturday, 24 December 2022, has been obtained by BrandNewsDay and can be accessed below. Reports disclose that the new boss Chaing who has a masters degree in human resources development from Californias ceremony graduate university, joined Foxconn in 1999 and has so far helped the company in meeting the high standard Apple requires. IMPORTANT NOTE: The exchange rate changes hourly. it depends on the volume of dollars available and the Demands. BrandNewsDay Nigeria reports that in the naira to dollar black market, the players buy a dollar for N600 and sell for N605 on Tuesday morning, 31th May 2022, after they purchased N600 and sold for N607 on Monday morning, May 29, 2022. During this time there were no need to buy forex in the black market or bureaux de change, exchangers were thrown out the market. Dollar to naira 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, Tuesday, 17th January 2023, in Lagos Nigeria, after it closed at N745.00 per $1 on Monday, 16th January 2023. But opting out of some of these cookies may affect your browsing experience. Dollar To Naira Black Market Exchange Rate For Today 17th January 2023, Bickerings as CBN Shuns FAACs Invitation Over Remittances Into Revenue Accounts, CBN Launches Domestic Card to Deepen Cashless Policy, Track Spendings, $15.3bn Was Used to Steady The Naira in 2022, CBN Claims, Dollar To Naira Black Market Exchange Rate For Today 15th January 2023, Dollar To Naira Black Market Exchange Rate For Today 14th January 2023. More copper are being used to produce the coins as opposed copper. 744. Inflation Rates:It is well known that inflation directly impacts black market exchange rates. Todays Rand to Naira black marketrate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Rand is currently in Abuja, Kano, Lagos. and went high to 164 naira at the end of 2014. More also the second most traded currency known as Euro/Naira traded at 793 buy and 785 sell respectively in the black market. Father Cover Him: Boy Who Sang Like Akon With Sweet Voice Found, Comes Into Fame & Gets Record Deal. There might be slight variations in the different parallel (unofficial) markets. 785. Do you know that over 70% of newly printed notes are used to replace worn out and damaged notes, $1 $5 $10 as expected are the mostly used notes often used frequently, this makes them not to last longer. The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. The apex bank has therefore directed anyone who requires forex to approach their bank, insisting that the I&E window is the only known exchange. Nigerians prefer to exchange foreign currency, particularly dollar to Naira, on the black market since the conversion rate is much higher than what the bank offers. For example, in 1854, the US replaced Spanish with American coins. The then administration had no choice rather than to accept the conditionality because of the pressure the Naira and the economy as a whole was under. The use coins are massively produced with cheap materials such as zinc, copper instead of gold and silver, this made them to have lower intrinsic value. How Much is Dollar to Naira and the official Exchange Rate today, 28th December 2022? The discussions also include plans for multiple factories in the country serving different functions, including production and supply chain. The Dollar/ Naira have not had a smooth ride ever since 1986, the relationship between both currency has been unpredictable leaving the economy of Nigeria poorer. Todays CADto Naira black marketrate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency (CAD) currently in Abuja, Kano, Lagos. A United States Dollar ($1) was exchange at 90 kobo. It will be recalled before now (around 70s), the Naira enjoys a better exchange rate against the Dollar. Meanwhile, the countrys President Joko Widodo has set out a vision of building out an end-to-end electric vehicle supply chain onshore by offering potential investors access to Indonesias resources of key battery metals as well as its more than 270 million consumers. This makes it 0.01% rise for United States Dollar against Naira this week. Buying Rate. -The dollar is also the most counterfeited currency in the world. If inflows are high, the naira exchange rate will rise in favour of the naira. BrandSpurNg. Todays Yuan to Naira black marketrate: this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Chinese Yuan is currently in Abuja, Kano, Lagos. Here is Today's CAD to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Canadian Dollar currency ( Euro) currently in Abuja, Kano, Lagos. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports. US DOLLAR: 745: 740: 24 December 2022: POUNDS STERLING: 920: 910: 24 December 2022: EURO: 755: 750: Note: The rates you buy or sell forex may differ from what is captured in this article because prices vary. Please note that at this point Nigeria has multiple exchange rate such as CBN, Interbank, Bureau de Change and wire rates, what Soludo did was to harmonise this rate together, allowed certain things like medical, credit card bills. Required fields are marked *. The dollar to naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. You can access the dollar to naira yesterday, Dollar To Naira Bank Rate Today and Dollar to Naira Black Market Today below: The exchange rate between the Naira to US dollar, according to the data posted on theFMDQ Security Exchangewhereforex is officially traded showed that the naira opened at 414.69 per dollar Today Tuesday, 31 May 2022, after the dollar to naira yesterday Monday, May 30, 2022, closed at 415.69 per $1. Yesterday Saturday 12th November,2022 black market price of dollar to Naira was at N680/$. Buying Rate. In Lagos, the dollar was sold at 745 while in Kano it was 745. Interest Rates:Another tool to keep an eye on is interest rates. These cookies do not store any personal information. Did you know that the United States dollar has quite a fascinating history? Black market dollar to naira today 18 January 2023, Aboki dollar rate can be accessed below. It was created in 1792 when the United States government passed the Coinage Act. How To Be Safe While Indulging In Cryptocurrency Trading? Dollar to Naira Black Market Rate Today, 11th December 2022, Factors Influencing Foreign Exchange Rates. Black market dollar to naira today 10 January 2023, Aboki dollar rate can be accessed below. December 15 dollar to naira black market exchange rate: $1 dollar to naira = 745 The local currency opened at N745.00 per $1 at the parallel market otherwise known as the black market today Thursday, 15 December 2022 , in Lagos Nigeria, after it closed at N745.00 per $1 on Wednesday, 14 December 2022. The dollar-to-naira bank rate is the rate you use when you buy something from a foreign website with your Naira MasterCard or Debit card from a Nigerian bank. There might be slight variation at different parallel (unofficial) market. 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. Methods for Getting Started with Cryptocurrency Mining, 10 Ways to Grow an Organic Instagram Presence. We will trade it by transfer at the bank through our accounts . The local currency opened at N737.00 per $1 at the parallel market otherwise known as the black market today Thursday, 8 December 2022, in Lagos Nigeria, after it closed at N735.00 per $1 on Wednesday, 7 December 2022. On this page, you can discover all the facts and the current rate for dollar to Naira, both the CBN and the black market rate. The Central Bank has stated that the Nigerian economy needs a significant turnaround and has asked Nigerians to work toward this goal, such as increasing exports. The Nigeria economy started to boom again, this time oil price rose steadily from just $30 per barrel to $140 per barrel. Reports reveal that Chinese automaker BYDand South Koreas Hyundai motor co., are also finalizing deals to invest in the Asian countrys Electric-Vehicle industry. On this page, we are primary focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market. This website uses cookies to improve your experience while you navigate through the website. Inflation Rates:It is well known that inflation directly impacts black market exchange rates. The Nigerian government didn't capitalize on the rise in oil prices to build up its reserves. Late President Sani Abacha held the Naira with an iron grip for a period of five years. he quickly introduced the Interbank Foreign Exchange Market (IFEM) which aim was to narrow the gap between the official exchange rate and the black exchange rate. There might be slight variations in the different parallel (unofficial) markets. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats. How much is the Dollar to Naira Exchange rate at the black market and aboki fx today, 28th December 2022? Following Musks meeting with the countrys President Joko Jokowi Widodo in May 2022, there was an agreement for Tesla to build a factory and electric vehicle plant at an Industrial complex in central java province. The exchange rate between the naira and the US dollar appreciated on Friday morning, 30th December 2022 at the black market, trading at an average of N736/$1, a 0.27% improvement from N738/$1 recorded in the previous trading session. Here are some of the causes of the dwindling dollar to naira exchange rate. The government plans to subsidize the purchase of electric vehicles with the aim of reaching 2.5 million EV users by 2025 and reducing air pollution by 29% by 2030. This price generated so much uproar, and even led to the senators summoning the Governor of the Central Bank of Nigeria to explain his . Your email address will not be published. Here is Todays Dollar to Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The United States dollar currently in Abuja, Kano, Lagos. 747. BBTitans Update: HoH, Mmeli Safe, 19 BBTitans Housemates Up For Eviction, Corporate News Provided By Media OutReach. Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Here is Todays Poundsto Naira black market rate : this is the rate Aboki/Bureau De Change (BDC) are selling and buying The Great British Pounds currency (Pounds) currently in Abuja, Kano, Lagos. Infact black market exchange rate became much pronounced more than ever in the history of Nigeria. Also, he was reported to play a pivotal role in communicating with the local government and making sure Apples demands were satisfied when the company encountered unprecedented workers unrest in its main iPhone campus in the central Chinese city of Zhengzhou in 2022. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy. today,News Onlinereports that theCentral Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. Things did not get much better as most people expected; at least a weaker naira should help the economy. As the Naira falls in value, inflation takes over the economy, which usually impacts the inhabitants. Conditions of Trade: Favorable trade terms will lead to an increase in the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit.