Since then, the dollar has gone through a few changes. 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. 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. From the standpoint of view the market seems to be indicating for a further fall. It is a known fact that many automakers now equip their vehicles with driving assistance features to enhance users driving, but Tesla has gone a step further by claiming that an optional version of its autopilot technology provides full self-driving capabilities. 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. 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. Here is Todays 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. What Can 50 Naira Do For You In Nigeria Today? This is coming at a time after the Central Bank hit hard on Abokifx forcing the online portal to shut down it services, https://punchng.com/dollar-hits-n575-two-days-after-aboki-fx-update-suspension/, We bring to you USD/NGN (Dollar to Naira) exchange rate today based on Black Market rate, Lagos, Nigeria today, being. 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Necessary cookies are absolutely essential for the website to function properly. Your email address will not be published. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy. At that time the regime introduced the Autonomous Foreign Exchange Market (AFEM) that engaged in the the sale of Naira to those who need it. During this time there were no need to buy forex in the black market or bureaux de change, exchangers were thrown out the market. Even though the dollar to naira opened in the parallel market at 746 per $1. More copper are being used to produce the coins as opposed copper. 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Dollar to Naira Black Market Rate Today, 28th December 2022. 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. Inflation Rates:It is well known that inflation directly impacts black market exchange rates. Type above and press Enter to search. You have to understand that the Naira is under pressure, leaving the FX market in a constant state of flux. When using your Naira MasterCard or Debit card from a Nigerian bank to make a purchase on a foreign website, you use the dollar to naira bank rate. The parallel (black market) exchange rate is different from the official Central Bank of Nigeria (CBN) rate. This represents a change of 0.01%. Ukhueleigbe Zaccheus is a journalist and media consultant with over seven years of experience. 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. There might be slight variation at different parallel (unofficial) market. Have you ever asked "how much is Dollar to Naira exchange rate?" . January 10 dollar to naira black market exchange rate: $1 dollar to naira = 745. How much is the Dollar to Naira exchange rate today,20th August 2022? These cookies do not store any personal information. 785. The exchange rate between the US dollar and the Nigerian Naira significantly impacts the Nigerian economy. 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. The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). How To Be Safe While Indulging In Cryptocurrency Trading? IDOMA VOICE reports that in the black market, the players buy a dollar for N745 and sell for N747 on Wednesday morning, January 18, 2023, after they purchased N742 and sold for N745 on Tuesday morning, January 17, 2023. When is Jamb 2023/2024 Starting, Is JAMB Form Out For 2023? The parallel exchange rate (black market rate) is always different from the CBN rate. Dollar to Naira (USD to NGN) Black Market Exchange Rate Today. The United States Mint is in charge of producing the paper currency for the US dollar. 1 Dollar to 1 Naira. 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. Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions. Here are some of the causes of the dwindling dollar to naira exchange rate. This information comes from the US Mint. 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. Nigerians prefer to exchange foreign currency, particularly dollars to Naira, on the black market since the conversion rate is much . EURO. At this critical point the country had to introduce the bureaux de change. Selling Rate. -The dollar is three different denominations: the penny, nickel, and dime. All the housemates of Big Brother Titans (BBTitans) except the Head of House, Mmeli, have been put up for possible eviction in the first We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. Everything comes from China, India, and the majority of Asian countries. Its a governmental agency that falls under the Department of the Treasury. today,News Onlinereports that theCentral Bank of Nigeria (CBN) does not recognise the parallel market, otherwise known as the black market. 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. Ashok disclosed that the intent of the video was not to accurately portray what was available for customers in 2016, but rather it was to portray what was possible to build into the system. 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. 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. USD has been traded at 749 when Black Market opened this week on Monday, January 16, 2023. These cookies will be stored in your browser only with your consent. The black market rate for dollars is frequently higher than the Central Bank of Nigeria (CBN). Does Mercy Johnson have a cancer, still alive, what happened to Mercy Johnson? 745. 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. Government Debt:National debt can impact investor confidence and, as a result, the influx of funds into the economy. Father Cover Him: Boy Who Sang Like Akon With Sweet Voice Found, Comes Into Fame & Gets Record Deal. Speculators:Speculators frequently impact the naira-to-dollar exchange rate. 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. Required fields are marked *. Interest Rates:Another tool to keep an eye on is interest rates. Press Esc to cancel. This makes it 0.01% rise for United States Dollar against Naira this week. Meanwhile, IDOMA VOICE reports that theUSDstarted this week at747 in Parallel Market also known as Black Market on Monday, January 9, 2023, inLagos Nigeria, afteritopened at741 last week Monday, January 2, 2023. The parallel exchange rate (black market rate) always differs from the CBN rate. But one thing we must understand is that the black market has been in existence for long and they played a significant role in sourcing and selling of dollars to the ordinary Nigerians. 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