Your comment will be published after the review process. Follow financial news outlets: Financial news outlets such as. 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. 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. If inflows are substantial, the currency rate will move in the nairas favor. 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 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. 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. 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. This cookie is set by GDPR Cookie Consent plugin. Speculators: Speculators routinely affect the exchange rate between the naira and the dollar. Dollar prices on the black market are usually higher than those set by the Central Bank of Nigeria (CBN). This cookie is set by GDPR Cookie Consent plugin. It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. What is the Dollar to Naira Exchange rate at the official CBN rate, aboki fx, and the black market? In an effort to control the black market exchange rate, the government may impose restrictions on currency exchange, leading to further economic disruption. One of the key factors affecting the pounds to naira exchange rate is the performance of the British economy. 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. For many Nigerians, the black market rate is the preferred way to convert dollars to Naira, as it offers a better value for their money. 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. Here are a few reasons why the dollar to naira conversion rate is declining. The resulting depreciation of the naira against the dollar on the black market has increased the exchange rate. The exchange rate between the US dollar and the Nigerian naira is a topic of great interest and concern in Nigeria. Selling Rate. At current exchange rates, you may convert dollars to naira. DO NOT ADVERTISE OR TRANSACT FX ON THIS PLATFORM. 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. 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. 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. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. The cookie is used to store the user consent for the cookies in the category "Performance". Your email address will not be published. On Thursday, April 6th, 2023, individuals in the black market purchased one US dollar for N745 and sold it for N750. 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. 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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) 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 Pounds to Naira Black Market Rate Today Abokifx - Aboki Forex How much is Pound to Naira? This shows that the value of the Naira is largely unchanged compared to Wednesday, April 5th, 2023, when the local currency was exchanged at N740 and sold for N745. 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. WebMonthly data for the market currency exchange rates in Nigeria. Buying 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. 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. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. The following are the current Euro to naira black market rates today of Bureau De Change (BDC) operators in Lagos for selling and buying Euros at the parallel (unofficial) market. 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. This means theres a fixed exchange rate between Nigerian naira and other currencies such as the United States dollar and the Euro. 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. 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. Everything comes from China, India, and the majority of Asian countries. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange. Another factor that influences the black market rate is inflation. The following are the current black market rate today of Bureau De Change (BDC) operators in Lagos for selling and buying Central African CFA franc to Naira at the parallel (unofficial) market. Factors Influencing Foreign Exchange Rates The online website stand for freedom, justice and equity with targeted audience of mass population among which are business & political elites, the affluent, the educated and the upwardly mobile. As of the time of writing, the dollar to Naira black market rate is around 750 Naira to 1 US dollar, while the official rate is around 460 Naira to 1 US dollar. Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the masses. Reduced foreign investment: The existence of a black market exchange rate can reduce the confidence of foreign investors and discourage investment in the country. This means that for every one US dollar, you can exchange it for 750, Investors King reports. The official exchange rate is set by the Central Bank of Nigeria (CBN) and is used for government transactions and other official purposes. China, India, and the majority of Asian nations are the source of everything. These cookies track visitors across websites and collect information to provide customized ads. 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. Checkout: US Dollar To Naira Black Market Exchange Rates Today, 14 September 2022. 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. Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. 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. Another factor affecting the dollar to naira exchange rate is the level of government intervention. / = 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 = Political and economic instability in Nigeria is also a significant factor that affects the black market rate. 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. We also use third-party cookies that help us analyze and understand how you use this website. As of April 12, 2023, the dollar to naira exchange rate is 1 USD to 740 NGN at the black market. 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