At present. Below, you'll find Nigerian Naira rates and a currency converter. Sell: 361 – The most accurate Currency Exchange rates website. Is it not possible that the higher the demand for the Naira, the more its value rises? Dollar Rates for September, 2018: – – The dollar rate remains unchanged at: As long as this trend continues, there is every possibility that the black market will continue to stay relevant. Access fee is N3,000 monthly. — – The over dependence on imported products. – This website uses cookies to improve your experience. Can you ever tackle an issue without knowing the root cause it? Give a Comment Cancel Reply. It is a much better idea of what the currency is actually worth that the official rate because it is actually matching up the number of willing buyers to the number of willing sellers. We'll assume you're ok with this, but you can opt-out if you wish. The Nigerian Naira (NGN) exchange rates represented on this page are live, updated every minute within the forex market's trading hours of 22:00 Sunday through 21:00 Friday GMT. Expert now suggests that this gave birth to forex black market. There are several categories of goods and services that are being imported into the country on a daily, weekly basis. After that collapse, the dollar exchange rate began to gradually decline and pegged at the end of year 1998 at an average price of 1,507.5. But, the primary focus here is on the dollar to naira exchange rate. Just think about the clothes you put on, the shoes, cars you drive, mobile phones you are now using to browse this page, and lots more. The black market exchange rate for 1 NGN Nigeria to USD $ is also referred to as the parallel market rate. Today on Black Market (Lagos) Top rising exchange rate is Yuan to Naira having a ₦ 5 rise reaching ₦ 70.00 as of 11/12/2020. July 25th, 2018 (Wed): 355../..360 The (USD) dollar to Nigerian Naira exchange rate today varies between the CBN exchange rate and the parallel market (black market) exchange rate. The constant proliferation of multiple exchange rates – But, after seeking advice from a friend, he decided to visit the parallel market. The chief imported product that we already know of is: Petrol. – Note: we will update this page when there is a massive shift in current price. Note that the official exchange rate was 22 naira, the black market exchange rate was around 88 naira to 1 $. You can contact our Bureau De Change Agent on – +234 ——-Exchange Rate Dollar To Naira Black Market History. July 27th, 2018 (Fri): 355../..360 Here are some questions that you really need to ponder upon: How possible and feasible is it for Nigeria to sell her crude oil to intending buyers in naira? – There may be a N2/3 differential between Island and Mainland rates. On this page, access daily Naira to Dollar exchange rate for both the parallel market (black market) and the CBN.. June 20th, 2018 (Fri): 357../..360 Black Market Rate(Aboki) => ₦475 = $1 Official Average Bank rate 1 dollar to Naira => ₦388 exchange rate dollar to naira today No doubt, Nigeria is currently facing severe economic hardship. These factors are: Today’s Naira Black Market Rates. Nigeria Black Market Exchange Rate Today Monday, 9 November 2020. Nigeria has multiple exchange rates: we have the official bank rate, Pilgrims’ special fixed rates, Investors window rates, black market rates, interbank rates, and lots more. Twenty years later, … – Central Bank of Nigeria (CBN) / Interbank Rates —– – Naira official exchange rate black naira falls at the black market despite nigeria lawmakers worry about gap parallel exchange rate in nigeria today naira parallel market nigeria is no black market exchange rate in nigeria. Before once can effectively tackle this issue, we need to understand why the problem exist in the first place. — – And as far as Nigerians cannot do without the exchange rate market, then this page will be used to monitor how one currency is converted to another in Nigeria. Today’s black market exchange rates in Nigeria remains: How much is Dollar to Naira Exchange Rate in black market April, 2020, Current Dollar Naira rate in Black Market. Buy Rate: 356 The currency code for Nairas is NGN, and the currency symbol is ₦. 2. The most trusted platform to get the live exchange rates. Nigerians have not been encouraged enough to invest in a lot of none oil export able product. – Buy: 357 US Dollar rate is ₦475 against Naira in Black Market (Lagos) today, December 11, 2020. 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Daily exchange rate of Naira to other currencies today. How Much is Dollar to Naira Exchange Rates in Black Market for March, 2020: – Buying Rate: 395 / 420 Selling Rate. Do you know that within 5 minutes of dashing to the black market, he had completed his transactions? ——— Parallel exchange rate in nigeria today nigeria forex exchange rate abokifx get daily naira to dollar euro pound nigeria lawmakers worry about gap naira falls at the black market despite official and black market exchange rate. Our currency rankings show that the most popular Nigeria Naira exchange rate is the USD to NGN rate. June 12th, 2018 Thur): 358../..361 Buying rate = N360 Pound to Naira Exchange Rate (Black Market and CBN) Today, December 2020. August 31/2017 – 362 / 365; September 29/2017 – 362 / 365; October 31/2017 – 360 / 363; November 30/2017 – 361 / 364 Convert foreign currencies instantly with the Abokifx calculator. Abokifx 2020 Current Black Market Exchange Rate in Nigeria. Do you now see why the parallel market is still very important? Why do Nigerians rely heavily on foreign goods? To keep yourself current and up-to-date with all the happenings and price movement changes with regard to the black market exchange rate of Dollars to Naira, check our live archive blog on Current Dollar Naira rate in Black Market. For this reason, the black market rate will always be higher than the official exchange rate. – The gap between the interbank rate and the black market rate deepens to N147.53 per dollar from N127.53 per dollar last week. Get Today's Dollar to Naira black market rate. June 19th, 2018 Thur): 357../..360 DECEMBER 12, 2020 Pound Sterling Set for an Explosive Monday Session vs. Euro and … — By Chibuzor Aguwa December 1, 2020. Buy Rate: 356 A: Today's exchange rate (380.5) is lower compared to yesterday's rate (380.5002). The dollar to naira parallel market rates stated below are updated on this page every working day from 1PM (GMT). Pounds to Naira Exchange Rate In Black Market Today Nigeria. June 6th, 2018 (Fri): 358../..361 Nigerians love to do things with ease and go through any length just to make sure of that. — Do you know that the country goes as far as to import toothpicks? The pound sterling is made up of several coins and notes. July 30th, 2018 (Mon): 356../..360 – Initial USD rate was noted as ₦482 at the beginning of this week on Monday, December 07, 2020. – BUY RATE: 357 There are actually some interesting facts we feel you should know about the Pounds. Websites to get black market exchange rates in Nigeria. It is no surprise that the CBN’s exchange rate is different from the black market’s exchange rate, and this is caused by many factors. Lately, at the forward market, the naira recently depreciated exchanging at an all-time high against the dollar, with the 5 years non-deliverable forwards falling to N570/$1 from N413/$1Nigeria’s central bank maintains it has enough dollars to meet demand as it commenced the sale of forex last week. – This is the black-market exchange rate. June 10th, 2018 (Tue): 358../..361 What does Nigeria need to do in order for her to ultimately render the black market exchange rate market irrelevant? June 4th, 2018 (Wed): 358../..362 NAIRA(₦) USD($) EURO(€) GBP(£) Buy/Sell: Buy/Sell: Buy/Sell: 11/12/2020: 470/475 June 18th, 2018 (Wed): 356../..360 June 13th, 2018 (Fri): 358../..361 The Nigerian Naira is the currency of Nigeria. – The black market exchange rate of dollar is the price at which vendors operating outside legal banking channels exchange the dollar for Naira – always intending to maximize huge profit. 2. Conclusion. – The Nigeria black market dollar exchange rate today to the Nigerian Naira is as follows: Buying = 1 USD to Naira 460 Selling = 1 USD to Naira 470 This is the current price as updated today, you can always check this spot for daily updates (or periodic updates) because they are done in realtime. When we look at the whole month, USD was traded at ₦490 at the beginning of December on Tuesday, December 01, 2020. This is further strengthened by CBNs endorsement to the reliability of the information published on the website. — We have some which are of everyday use like the 1P, 2P, 5P, 10P, £1, £2, coins, £5, £10, £20 notes. 1. Whether you are looking for the official rate or black exchange rate of the Naira to dollar, Euros to Naira, Naira to Cedis, be rest assured Aboki Fx has all the info you need. – – The Nigerian Black Market exchange rates of Dollars, Pounds, Euros when converted to Naira is very relevant today and continues to be relevant with each passing year. June 17th, 2018 (Tue): 358../..361 Q: What is 50 Dollars in Nigerian Naira? Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. 1. Date: Buying / Selling He had the naira, but could not easily get dollars from the banks. ———- Can you go to any bank in Nigeria today and request to sell your $10, $20, $50 casut, do you know that you can readily sell your dollars at the parallel market without stress in Nigeria? The black market exchange rate window is the hope of the average Nigerian out there. These are the Black market exchange rates of the Dollar to Nigerian Naira in each working trading day. June 31st, 3018 (Tue): .. The (USD) dollar to Nigerian Naira exchange rate today varies between the CBN exchange rate and the parallel market (black market) exchange rate. A 7% increase in current black market exchange rates will mean Nigeria’s monthly minimum wage amounts to $58 or $1.87 per day—a figure … It has been noted that the naira has been on a steady decline since January 12, 2016, when the Central Bank of Nigeria, CBN, stopped weekly dollar sale to BDCs. Current dollar to naira rate today May 1st, 2018 remains unchanged at. CBN Dollar To Naira Exchange Rate Today: 379/380 To $1; Save this page URL – NaijaQuest.Com/dollars. As long as the economy of Nigeria is still largely influenced by the importation of Foreign goods and services, there is nothing stopping the black market system. – A: 50 Dollars buys 19025 Nigerian Naira at interbank exchange rates. – Infact black market exchange rate became much pronounced more than ever in the history of Nigeria. Buy Rate: 356 ——— Whenever you want to convert your dollars, irrespective of the amount, there is always someone willing to accept your transaction. – – Dollar to naira rate today (Updated Today) Official CBN rate: N388 => $1. 3. –, Exchange rate of Dollar to Naira for October, 2018. June 3rd, 2018 (Tue): 358../..362 – There are other factors responsible for the viability of the parallel market exchange rate system in the country. – – The lack of viable and sustainable Exportation of non-oil products. Because the value of a currency fluctuates with time, the exchange rate is not fixed. The logic behind this question arise from the fact that the value of a currency is somehow tied down to its relevance and demands. July 2nd, 2018 (Mon): 358../..361. July 9th, 2018 (Mon): 358../..361 As far as the above factors continue to exist, then the black market exchange rate system will continue to be relevant to all residence in the country. 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