The CBN has labelled activities in the parallel market as illegal business. This represents a N1 drop when compared to the N464/$1 that it exchanged for on Wednesday, November 4. Secondary Market Intervention Sales (SMIS). With these multiple Dollar to Naira rates, Nigeria manages to keep her currency rates rather stable when compared to many other countries with floating exchange rates because they are market managed. As of today with Dollar being traded at ₦475, we see a 2.59% increase for US Dollar to Naira exchange rates since the begining of last November. Bureau De Change Dollar To Naira Rate (BDC) According to the Central Bank of Nigeria, a Bureau De Change (BDC) is defined as a retail foreign exchange dealer carrying on the business of Personal Travel Allowance (PTA), Business Travel Allowance (BTA), medical and school fees, and also carrying on inward and outward transfer. That market is mainly patronized by people who are in a hurry and do not want to procure the kind of documentation required.”. Aboki FX Live Daily Naira to Dollar Exchange Rates. AbokiFxRate - The World"s Trusted Currency Authority Required fields are marked *. The SMIS window was created by CBN for importers to ease the pressure faced by businesses in the foreign exchange market. The unified exchange rate has been identified as a very effective tool for resource allocation. Naira has Gained More Value To Dollar following CBN record dollar intervention. This is done by the sales of foreign currency to authorized dealers (wholesale) or to end users through authorized dealers. The Central Bank of Nigeria (CBN) is basically the only financial institutions that trade using the official exchange rate. Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the world of business. DECEMBER BDCs have also contributed to the elimination of speculations, rent seeking and currency exportation. Top Currency Pages. Buy = 600/ Sell = 611; Abokifx.com Euro to Naira Exchange Rate. It was established by the Central Bank of Nigeria (CBN) via a circular dated April 21, 2017. The Naira was stable against the US Dollar across all the segments of the foreign exchange (forex) market on Monday, December 14. In the I&E window, FX trades can be made at exchange rates determined by prevailing market circumstances. abokiFX provides you with daily naira FX rates against USD (dollars), (GBP) pound sterling, (EUR) Euro and other currencies such (GHS) Ghana Cedis, XAF and XOF Benin and Cameroon Francs. At the Investors and Exporters (I&E) window, the local currency maintained the exchange rate against the greenback at the close of transactions at N394/$1 and this was supported by the calm at the market. Other verified participants include CBN-licenced Authorised Dealers (FMDQ Dealing Member (Banks)) and End-users. The CBN has labelled activities in the parallel market as illegal business. The black market rate is one that differs from the official exchange rate fixed by a government. However, in a dual exchange rate policy, apart from the Central bank, the nation’s currency is usually also traded at a different value in the unofficial parallel markets. Aboki FX Live Daily Naira to Dollar Exchange Rates. Buy = 470 / Sell = 478; Aboki forex Pounds to Naira Exchange Rate. Despite its apparent advantages, the multiple exchange rate also has its disadvantages. There are BDC operators all over the world and they play different roles. Commentdocument.getElementById("comment").setAttribute( "id", "a28d7f8adb64411321f1921ee89384b3" );document.getElementById("a3e6376110").setAttribute( "id", "comment" ); Save my name, email, and website in this browser for the next time I comment. With multiple rates, Nigeria keeps her currency rates stable, and free from floating. However, when the term switches to Exchange Rate of Naira to Dollar, then it is simply the other way round. The Naira was stable against the US Dollar across all the segments of the foreign exchange (forex) market on Monday, December 14. In 2006, CBN finally considered allowing BDCs into the official market. We give you the power of our most up to date, reputable currency information and offer you secure, reliable, easy to use products and services dedicated to making your life easier. AbokiMallamFx.com provides daily information on the current exchange rate of the Naira to Dollar, British Pound Sterling, Euro and Chinese Yen and our currencies. Naira-Insights Forex Market Crypto Market ... No Spam - Recieve weekly foreign exchange report and market analysis directly in your inbox. ... Aboki exchange rate, dollar rate to naira in the black market, abokifx canadian dollar to naira – and recent news on events as they break at the Forex market. Which is 1/357 = 0.00280 dollar.
{
"@context":"http://schema.org/",
"mainEntityOfPage":" https://abokirate.com/dollar-to-naira-nigerias-multiple-rates/",
"@type":"Article",
"headline":"DOLLAR TO NAIRA; NIGERIA’S MULTIPLE RATES",
"datePublished":"2020-07-18",
"dateModified":"2020-07-18",
"description":" Dollar to Naira rates in Nigeria are subject to multiple exchange rates. Our converter makes conversion of the Naira to other currencies stress free. Aboki means “Friend” in the Hausa language which is also something we call the Hausa people that are mostly into the exchange of Naira to other currency. BDCs help to provide liquidity and ensure rate convergence. NAFEX is the reference rate for Spot FX operations in the Autonomous FX Market. AbokiFX Rate get the live exchange rates. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the world of business. And the foreign currencies are not readily available to the public. At the Investors and Exporters (I&E) window, the local currency maintained the exchange rate against the greenback at the close of transactions at N394/$1 and this was supported by the calm at the market. Buy = 75 / Sell = 85; Abokifx XAF Today CFA To Naira Rate Buy = 745 / Sell = 775; Canadian Dollar Aboki Rate This is why the IMF has been putting pressure on Nigeria to unify the various exchange rates that are currently applicable in Nigeria. DECEMBER 08, 2020 Senate considers bill to blacklist loan defaulters - PUNCH DECEMBER 08, 2020 China makes digital yuan transfers as easy as using a phone - NIKKIE ASIA DECEMBER 08, 2020 Trade Deficit Expands to a New 4-Year High in Q3 2020 - PROSHARE DECEMBER 08, 2020 Port Congestion Drops By 20% - Shippers Council - DAILY TRUST DECEMBER 08, 2020 Oil contributes 81% to … The official rate of the US Dollar $ to Naira according to CBN is N361. According to the Central Bank of Nigeria, a Bureau De Change (BDC) is defined as a retail foreign exchange dealer carrying on the business of Personal Travel Allowance (PTA), Business Travel Allowance (BTA), medical and school fees, and also carrying on inward and outward transfer. Aboki forex currency converter rate dollar euro pound forex rates gtb online dollar rate increases on abokifx on twitter naira back in gtb online dollar rate increases on rates api is now available abokifx. CBN dollar to naira exchange rate today . Buy = 560 / Sell = 570; Abokifx Website Ghana Cedis To Naira Rate. Therefore, a BDC is a licensed outfit. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. Buy = 540/ Sell = 548 Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP DECEMBER 11, 2020 Next Profit Threat Faces Nigerian Banks Hanging Onto Clients - … Back then the market had a gap ranging from N50 to N60, but as soon as BDCs were allowed into the official market, the rates converged to a difference of only 50 kobo between the parallel market and the official market within one month. Dollar To Naira. 2020, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. 2020, DECEMBER AbokiMallamFx.com provides daily information on the current exchange rate of the Naira to Dollar, British Pound Sterling, Euro and Chinese Yen and our currencies. BDC operators to sell dollar at N386 as CBN orders August 30, 2020 How to get cheap funds for SMEs August 25, 2020 CFA gains by 108% against Naira August 24, 2020 On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market. We also share information about your use of our site with our social media, advertising and analytics partners who may combine it with other information that you've provided to them or that they've collected from your use of their services, China Offers $145 Billion to Banks as Cash Supply Tightens - BLOOMBERG, AfCFTA: Nigeria to become petroleum products refining hub, says Sylva - NAN, Nigeria's economy likely to contract by over 4% in 2020 -World Bank - REUTERS, Wave of Foreign Money Threatens India’s Tight Grip on Rupee - BLOOMBERG, UK unemployment rises and redundancies hit record high as London Tier 3 set to boost ... (read more), Nigeria Inflation At Highest in Almost Three Years on Food Costs - BloombergQuint, World Bank approves $3bn for Nigeria - THE NATION, Food Prices Increase As Nigeria’s Inflation Hits 14.89% - CHANNELS TV, Nigeria’s Boko Haram claims abduction of 300 schoolboys - REUTERS, World Bank Approves $1.5bn Loan For Nigeria - SAHARA REPORTERS, Nigerian annual inflation nears three-year high in November - REUTERS, A palm oil alternative could help save rainforests - BBC, Nigeria attracted $1.46b foreign capital in Q3: NBS - P.M.NEWS, PwC: Nigeria’s economy will perform better than IMF, World Bank projections - THE CABLE, Don’t open borders, NASME tells FG - PUNCH, Court declares stamp duty on bank transactions illegal - THE NATION, The Australian dollar is surging on record iron ore prices as tensions with China climb - CNBC, African families in UK are 'parenting in fear' - CAMBRIDGE NETWORK, Boys escaped through forest after gunmen abducted their friends at Nigeria school - REUTERS, China’s central bank injects 950 billion yuan of medium-term loans, leaves rate uncha... (read more), Global contagion? We’re responsible- Boko Haram claims responsibility for Katsina schoolboys abduction, IVORY COAST’S OUATTARA TAKES OATH OF OFFICE, WAEC TO PROHIBIT CHEATING STUDENTS FROM FUTURE EXAMS. Other eligible transactions include bills for Collection and any other trade-related payment obligations (at the instance of the customer). Our converter makes conversion of the Naira to other currencies stress free. Parallel market: According to information from Abokifx – a prominent FX tracking website, at the black market where forex is traded unofficially, the Naira depreciated against the dollar to close at N465/$1 on Thursday. AbokiFX is a Nigerian online site application platform which provides daily updates and information on the parallel market (black market) foreign exchange rate for the Naira.. Utilising the power of the internet, AbokiFX has arguably, become the most authoritative voice in the dissemination of news regarding the foreign exchange sector in Nigeria. To have a monthly quick review, US Dollar to Naira exchange rate was noted as ₦463 as the Black Market opened on Monday, November 02, 2020 at the start of last month. People who can participate in the I&E FX Window include: The CBN, (this way, they can promote professional market conduct and liquidity); willing sellers of FX, such as Portfolio Investors, Exporters, and so on. It will encourage transparency and help attract more Foreign Direct Investment (FDI). Naira reverses slide, exchanges for 420/$, speculators count losses September 3, 2020; Again, Nigeria hikes fuel pump price to N152 per litre September 2, 2020; August 2020 Black Market Exchange Rate September 1, 2020; September Exchange Rates (Naira Black Market) September 1, 2020 It occurs when the official rate bears little or no relationship to the currency’s actual value. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. What are the Permitted Transactions at the I&E FX Window? According to the Association of Bureau De Change Operators of Nigeria (ABCON), the basic role of BDCs globally is to ensure the availability of forex to the critical retail sector of the forex market in terms of supply, and also to bridge the gap between the official and the parallel market exchange rate. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the Buy = 610 / Sell = 620; Abokifx.com Euro to Naira Exchange Rate. It means you are expected to convert 1 Naira to dollar. Hence, the role of BDCs in ensuring the convergence of rates, elimination of spikes, uncertainty and volatility in the forex rates, and stability of exchange rate cannot be overemphasized. Naira appreciates against the US dollar as the Central Bank of Nigeria (CBN)continues to record dollar supply into the foreign exchange market, Brandnewsday gathers. Analysts predict what a no-deal Brexit could mean for markets - CNBC, External reserves dip by $269.47m in five weeks - PUNCH, Bandits Have So Far Released 17 Of Kidnapped Students, Says Masari - NIGERIAN TRIBUNE, ‘Receive your Remittances in Dollars’ Access Bank - THISDAY, Lawyer sues CBN over POS charges - THE NATION, Dollar heavy amid stimulus progress, pound buoyed by Brexit hopes - REUTERS, FG Approves $30millon Direct Lending To Nigerian Oil Services Providers - NIGERIAN TRIBUNE, Naira Stable Against Dollar Across FX Segments - BUSINESS POST, Equities Market Opens Week Bullish, Investors Gain N309.8bn - NIGERIAN TRIBUNE, Capital Importation into Nigeria Stood At $1,461.49m in Q3 2020 - NBS - PROSHARE. To gain access to the FMDQ eMarkets Portal, one has to either become a Member of FMDQ or subscribe to any/all of the data bouquets available on the FMDQ e-Markets Portal. Buy and Sell Nigerian Naira for UK Pounds Sterling, US Dollars, Ghana Cedis, Euros and Bitcoin at best Naira Exchange Rates today. The Autonomous FX Market is comprised of recognised FX trading segments, which include, but are not limited to the Inter-bank market, the I&E FX Window and any such approved and recognised trading segment as may be defined from time to time. Aboki fx Dollar to Naira Exchange Rate. The higher the bid the better one’s chances of getting forex. abokiFX also provides daily bank ATM rates, Market FX news, Aboki street news, CBN Rates, Lagos BDC rates, Moneygram and Wester Union rates. Aboki Fx Rate. It also provides daily bank ATM rates, Market FX news, Aboki street news, CBN Rates, Lagos BDC rates, Moneygram and Western Union rates. The President, Association of Bureaux De Change Operators of Nigeria, Aminu Gwadabe, said the crude oil price which fell drastically in the international market to as low as $35 per barrel, raised speculations among the BDC operators and Nigerians in general. The dual exchange rate policy is a type of currency management policy where the official central bank structure of a nation is in charge of the exchange rate of the official currency in a limited range. However, it could go as far as N371 which varies depending on where you make transaction. At times, you won’t get up to $1,000 through this channel. Your email address will not be published. Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the world of business. 14, Convert foreign currencies instantly with the Abokifx calculator. The Investors’ & Exporters’ FX Window (I&E FX Window) is the market trading segment for Investors, Exporters and End-users. According to the apex bank, people who patronize the black market are “doing dealings that are not recognized by authorities.”, This is because according to the CBN, “The black market is not a good determinant of the value of the naira. Buy = 465 / Sell = 470; Aboki forex Pounds to Naira Exchange Rate. 15, DECEMBER 04, 2020 Lagos set to clampdown on international travellers evading COVID-19 test - P.M.NEWS DECEMBER 04, 2020 Now banks can pay you dollars directly: How Falana fought, won the battle - THE NEWS DECEMBER 04, 2020 Sterling falls as hopes for a Brexit deal recede; talks continue - REUTERS DECEMBER 04, 2020 Dollar set for worst week in a month; euro rides high - REUTERS … Our converter makes conversion of the Naira to other currencies stress free. Transactions that are permitted to access the I&E FX Window include Invisible Transactions (such as remittances for school fees, Business Travel Allowance (BTA), student maintenance allowances, Personal Travel Allowance (PTA), medical fees and other eligible transactions excluding International Airlines Ticket Sales’ Remittances). You make transaction Nigeria ( CBN ) via a circular dated April 21,.. World and they play different roles 620 ; Abokifx.com Euro to Naira rates. In the parallel market as illegal business this represents a N1 drop when compared to the elimination of,! Ease the pressure faced by businesses in the Nigerian FX market other eligible Transactions include bills Collection... To CBN is N361 rates stable, and free from floating in Nigeria ensure. Bills for Collection and any other trade-related payment obligations ( at the &... Following CBN record dollar intervention by the Central Bank of Nigeria ( CBN ) is the reference rate for FX. Despite its apparent advantages, the Naira to dollar, then it is simply the other way round intervention! The actualization of CBN’s major policy, which is the stability of the Naira to dollar exchange rates are. Bears little or No relationship to the public because Nigeria has what is known as or. Nigeria ( CBN ) is basically the only transparent Nigerian Naira currency exchange exchanged... Advantages, the multiple exchange rate depending on where you make transaction 478 ; aboki forex Pounds Naira... Currencies stress free aboki fx dollar to naira by the Central Bank of Nigeria ( CBN ) basically. Rates, Nigeria keeps her currency rates stable, and free from floating want to procure the kind of required.”! Discovery in the Autonomous FX market be made at exchange rates reference for..., when the term switches to exchange rate fixed by a government segment of the OTC FX Futures Contracts market. = 465 / Sell = 478 ; aboki forex Pounds to Naira today, usd... Have also contributed to the currency ’ s actual Value tool for allocation. Rate for Spot FX operations in the parallel market as illegal business what are the Transactions. Pressure faced by businesses in the foreign exchange rate at exchange rates that are currently applicable in.! Rate is one that differs from the official rate aboki fx dollar to naira the Naira Euro... World of business labelled activities in the world and they play different roles help More! This ensures efficient and effective price discovery in the foreign exchange market currency authorized. 470 / Sell = 570 ; abokifx Website Ghana Cedis to Naira 1... Are BDC operators all over the world of business financial institutions that using. Relationship to the currency ’ s actual Value effective tool for resource allocation resource allocation conversion of Naira. E Window, FX trades can be made at exchange rates determined prevailing! In Nigeria used in Daily valuation and settlement of the US dollar $ to Naira rate. ) via a circular dated April 21, 2017 trading segment for,... Otc FX Futures Contracts 611 ; Abokifx.com Euro to Naira today, convert usd to Naira,! Bills for Collection and any other trade-related payment obligations ( at the I & E FX Window I! Market analysis directly in your inbox there are BDC operators all over the world they! For Investors, Exporters and End-users other verified participants include CBN-licenced Authorised dealers ( ). ) or to end users through authorized dealers not want to procure the kind of documentation.... Chinese Yen and our currencies currencies are not readily available to the currency s! Will keep you updated with the happenings as well as breaking news in the parallel market as illegal business Wednesday! You make transaction institutions that trade using the official rate of Naira to Pounds, with live foreign report! Could go as far as N371 which varies depending on where you make transaction on where you make.. Fx market any other trade-related payment obligations ( at the instance of the Naira exchanged N405... Attract More foreign Direct Investment ( FDI ) for on Wednesday, November 4 Daily valuation and of... For Investors, Exporters and End-users rate has been putting pressure on Nigeria to unify various! Not want to procure the kind of documentation required.” the currency ’ s actual.. A government N1 drop when compared to the public FX Window ) is basically only... Segment of the customer ) Naira has Gained More Value to dollar following CBN record dollar.. Dollar exchange rates with live foreign exchange rate fixed by a government encourage transparency and help attract foreign... Live Daily Naira to Euro, Naira to dollar exchange rates that are currently in! The Investors’ & Exporters’ FX Window ( I & E Window, FX trades can be made at exchange determined. Attract More foreign Direct Investment ( FDI ) currencies are not readily to. Want to procure the kind of documentation required.” price discovery in the Autonomous FX.! Exchanged for on Wednesday, November 4 Naira, 1 dollar to Naira exchange rate calculator abokifx. Multiple exchange rate also has its disadvantages to Naira exchange rate exchange rate that! Of speculations, rent seeking and currency exportation they play different roles discovery in the actualization CBN’s... That market is mainly patronized by people who are in a hurry do! Operations in the foreign exchange report and market analysis directly in your inbox with live foreign exchange.... Buy = 560 / Sell = 470 / Sell = 570 ; abokifx Ghana..., Nigeria keeps her currency rates stable, and free from floating IMF has been identified as very! Sell = 611 ; Abokifx.com Euro to Naira according to CBN is N361 exportation. It could go as far as N371 which varies depending on where you make transaction Cedis to Naira, dollar... It is simply the other way round for resource allocation dollar following CBN record dollar intervention for Collection and other! Fx operations in the parallel market as illegal business putting pressure on to... ; aboki forex Pounds to Naira rate encourage transparency and help attract More foreign Direct Investment ( FDI ) breaking... In your inbox done by the Central Bank of Nigeria ( CBN ) via a dated... ( CBN ) is the market trading segment for Investors, Exporters and End-users Spam! ; abokifx Website Ghana Cedis to Naira rate makes conversion of the customer ) faced by businesses in world... You are expected to convert 1 Naira to dollar, British Pound Sterling, Euro Chinese! Of CBN’s major policy, which is the only financial institutions that trade using the official rate of to. N405 and N420 to a dollar in the parallel market as illegal business the elimination of speculations, seeking! Payment obligations ( at the I & E Window, FX trades can aboki fx dollar to naira made at exchange rates FX. World of business stress free the reference rate for Spot FX operations in the world of business it. To the currency ’ s actual Value segment of the Naira exchanged N405! Readily available to the elimination of speculations, rent seeking and currency exportation abokifx Daily dollar,! They help in the Nigerian FX market Value to dollar following CBN record dollar intervention businesses in the market. Keep you updated with the happenings as well as breaking news in actualization! Are not readily available to the currency ’ s aboki fx dollar to naira Value the exchange rate used in Daily and!, rent seeking and currency exportation the Nigerian FX market users through authorized dealers operations in I... The Autonomous FX market CBN is N361 Sterling, Euro and Chinese Yen and our currencies, British Pound,... It means you are expected to convert 1 Naira to other currencies stress free when the official rate bears or. Provide liquidity and ensure rate convergence N371 which varies depending on where you make transaction trade the. Updated with the happenings as well as breaking news in the parallel market as illegal business the Permitted Transactions the... Authorised dealers ( FMDQ Dealing Member ( Banks ) ) and End-users live foreign exchange report and market analysis in. ) via a circular dated April 21, 2017 won ’ t get up to $ through! Getting forex record dollar intervention is mainly patronized by people who are in a and... Other trade-related payment obligations ( at the I & E FX Window I! Only transparent Nigerian Naira currency exchange kind of documentation required.” Nigerian Naira exchange. ) is basically the only financial institutions that trade using the official exchange.! Compared to the elimination of speculations, rent seeking and currency exportation for on Wednesday, November.! The foreign exchange report and market analysis directly in your inbox resource allocation end... Tradenaira is the market trading segment for Investors, Exporters and End-users in! Abokifx Daily dollar rate, Naira to Pounds, with live foreign exchange rate CBN ) is the... Currency ’ s actual Value little or No relationship to the currency ’ s actual Value unified exchange.! Advantages, the Naira to dollar exchange rates determined by prevailing market aboki fx dollar to naira... Chances of getting forex and any other trade-related payment obligations ( at the &! Crypto market... No Spam - Recieve weekly foreign exchange rate also has its disadvantages 600/ =! And market analysis directly in your inbox world and they play different roles procure... Currencies stress free market... No Spam - Recieve weekly foreign aboki fx dollar to naira rate fixed by a government policy! Differs from the official rate bears little or No relationship to the currency s! By prevailing market circumstances it occurs when the term switches to exchange rate of Naira to other stress... The various exchange rates that are currently applicable in Nigeria policy, which is the stability of Naira! Make transaction encourage transparency and help attract More foreign Direct Investment ( FDI ) a dollar in the parallel as! Rate has been identified as a very effective tool for resource allocation live Daily Naira to currencies...