750. One of the main reasons for the existence of the black market exchange rate in Nigeria is the scarcity of currency. This means that for every one US dollar, you can exchange it for 750, Investors King reports. Inflation overtakes the economy as the value of the Naira declines, which typically has an effect on the masses. It is important to exercise caution and only use reputable and trusted sources when exchanging currency. See below for the Today, Thursday 15 September 2022 black market Dollar to Naira conversion rate. 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This website uses cookies to improve your experience while you navigate through the website. Your comment will be published after the review process. For example, a strong naira can make imports cheaper, leading to lower prices for consumers and increased competitiveness for local businesses. For example, the government may limit the amount of currency that can be exchanged or the types of transactions that can be conducted. A: One Dollar is worth 460 Nigerian Naira today. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. Save my name, email, and website in this browser for the next time I comment. Your comment will be published after the review process. This can result in fluctuations in the exchange rate, making it more difficult for businesses and individuals to plan and budget. BrandSpurNg. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. It is important for the government and businesses to closely monitor the exchange rate and develop strategies to mitigate its impacts and take advantage of its opportunities. 740. You convert your dollar to Naira at these rates, or you convert your dollar to Naira at the most recent, official CBN rate, black market, or parallel market rate. 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 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 The following are the euro to dollar exchange rates today. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc. The Informant247 is an informational web-based social media platform which enables social media users to have access to current and well researched information. While the official exchange rate is set by the CBN, the black market rate is often higher and is determined by supply and demand on the streets. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats. WebMonthly data for the market currency exchange rates in Nigeria. 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. To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. On Monday, January 16, 2023, it opened at N750.00 per $1. Everything comes from China, India, and the majority of Asian countries. If inflows are substantial, the currency rate will move in the nairas favor. On Monday, January 16, 2023, it opened at N750.00 per $1. The black market exchange rate for the US dollar to the Nigerian naira is influenced by various factors such as demand and supply for foreign currency, inflation, political and economic stability, and external economic factors. 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. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. It also includes the Naira Black Market exchange rates, Bureau De Change (BDC) rate, and Central Bank of Nigeria (CBN) rates. Nigeria is one of many countries that use the abokifx exchange rate system. Rates of inflation: It is common knowledge that inflation has a direct impact on exchange rates on the black market. 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. One of the key factors affecting the pounds to naira exchange rate is the performance of the British economy. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall. As of today, the exchange rate dollar to naira black market is different from the bank rate which is N460/$. AbokiFX is a web platform that reports movements in the foreign exchange market since as early as 2014. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. You can reach him at. This can result in increased inflation and decreased purchasing power for consumers, as well as reduced foreign investment in the country. As of April 6, 2023, the dollar to naira exchange rate is 1 USD to 750 NGN at the black market. On Saturday, January 14, 2023, the local currency (abokiFx), which is also known as the black market, closed at N750.00 per $1. This article does not set or determine forex rates. By. 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 cookie is used to store the user consent for the cookies in the category "Analytics". It also means allowing knowledgeable willing buyers to do business with knowledgeable willing sellers at contracted rates. 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. RATES PUBLISHING HAVE BEEN TEMPORARILY SUSPENDED, **XAF Central African CFA Franc (Cameroon CFA Cam), We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. These cookies do not store any personal information. Analytical cookies are used to understand how visitors interact with the website. The black market exchange rate is another factor that can impact the pound to naira exchange rate. Factors Influencing Foreign Exchange Rates Umahi, Buhari reveals his second biggest achievement as Nigerias president, Breaking Nigeria Newspaper and World News. 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It can vary widely from the official exchange rate and is affected by a variety of factors, such as inflation, government policies, and external economic conditions. On Monday, January 16, 2023, it opened at N750.00 per $1. 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) Enter your email address to subscribe for free latest Nigeria news and receive notifications of new posts to your email. All rights reserved. Comments expressed here do not reflect the views of abokiFX Ltd. You also have the option to opt-out of these cookies. Buying Rate. Investors King. According to Morningstar, one United States Dollar equals 468.00 Nigerian Naira. In recent years, Nigeria has experienced significant fluctuations in the dollar to naira exchange rate, leading to a range of economic challenges and opportunities. 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. This website uses cookies to improve your experience while you navigate through the website. 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) Lack of regulation: The black market exchange rate operates outside of government regulation, which can result in fraud and other unethical practices. These cookies ensure basic functionalities and security features of the website, anonymously. It also includes the euro to pounds exchange rates, euro to yen exchange rates, and euro to naira exchange rates among others. Metrics the number of visitors, bounce rate, there are a number of visitors, bounce,... Nigeria is one of the black market is different from the bank rate which N460/. 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