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- 1 Dollar(USD) to Naira(N) Exchange Rate Today In Black Market
- Access Bank Exchange Rates
- Ecobank Bank Exchange Rates
- First Bank of Nigeria PLC Exchange Rates
- GTBank Exchange Rates
- Stanbic IBTC Bank Exchange Rates
- United Bank of Africa (UBA) Exchange Rates
- Union Bank Exchange Rates
- FCMB Exchange Rates
- Aboki fx Dollar to Naira Exchange Rate
- Aboki forex Pounds to Naira Exchange Rate
- Abokifx.com Euro to Naira Exchange Rate
- Abokifx Website Ghana Cedis To Naira Rate
- Abokifx Today CAD To Naira Rate
- Interesting Facts About the Naira
- How to Download Aboki FX APP
- Key Factors that Affect Foreign Exchange Rates
Dollar to Naira Black Market Exchange Rate – Check Dollar to Naira Rate in Parallel Market Today. This article will provide updates on the day to day dollar to the naira exchange rate. Please kindly bookmark this page to stay updated.
Current Dollar to Naira Exchange Rate Today – I know for sure that this might have been your utmost desire before you luckily found this headline captivating online!!! Quiet cool though. Here, I will be sharing in detail ‘Current dollar to naira black market exchange rate today’. Feel free to read through.
The (USD) dollar to Nigerian Naira exchange rate today varies between the CBN exchange rate and the parallel market (black market) exchange rate.
Going by the CBN exchange rate is pegged at;
1 USD = N382
1 GBP = 506
But coming to a parallel market (Black market), it’s a different story entirely as stated below.
1 Dollar(USD) to Naira(N) Exchange Rate Today In Black Market
Buying => 1 Dollar to Naira = N420
Selling => 1 Dollar to Naira =N425
As prescribed above, the dollar to the naira exchange rate in the black market is not pegged as CBN rate, as such, it fluctuates daily.
Nigerian Banks Exchange Rate for All Currencies 2020 Update.
Nigerian Banks Exchange Rate – Are you looking for the List of Nigerian Banks Exchange Rates for Different Currencies? Do you want to know how much your bank charges when you make an international transaction? If yes, then we’ve got you covered in this post. The following are the list of Banks in Nigeria with their Exchange Rate for different currencies.
With the current currency fluctuation in Nigeria, there is more need than ever to keep a close look at all the major foreign currency to the Naira exchange rate.
The Nigerian banks exchange rate will be updated frequently to give you a fresh rate for your businesses and foreign exchange needs.
Important: Some Nigerian banks do not allow foreign transactions on your naira ATM card, that’s why we left some of the bank’s rate blank
Access Bank Exchange Rates
- Access Bank dollar Exchange Rate – 445 Naira to 1 USD
- Access Bank Canadian dollar exchange rate –332 Naira to 1 CAD
- British Pounds Bank Rate –588 Naira to 1 GBP
- Access Bank Euro Rate – 424 Naira to 1 EUR
- Access bank Indian rupees – 5.97 Naira to 1 INR
Ecobank Bank Exchange Rates
- Ecobank dollar exchange rate – 394 Naira to 1 USD
First Bank of Nigeria PLC Exchange Rates
- First bank Nigeria dollar exchange rate – 430 Naira to 1 USD
- First bank Nigeria CAD exchange rate – 316 Naira to 1 USD
GTBank Exchange Rates
- GTbank dollar exchange rate – 395 Naira to 1 USD
- GTbank Pounds exchange rate – 528 Naira to 1 GBP
- GTbank Euro exchange rate – 462 Naira to 1 EUR
- GTbank CAD exchange rate – 294 Naira to 1 CAD
- GTB MYR – 95 Naira to 1 MYR
- GTB Russian Ruble –6.60 Naira to 1 RUB
- GTB Indian Rupee – 5.38 Naira to 1 INR
Stanbic IBTC Bank Exchange Rates
- Stanbic IBTC bank Dollar exchange rate – 420 Naira to 1 USD
- CAD -321 Naira to 1 CAD
- GBP– 610 Naira to 1 GBP
United Bank of Africa (UBA) Exchange Rates
- UBA bank Pounds exchange rate – 483 Naira to 1 GBP
- UBA bank dollar to naira exchange rate –440 Naira to 1 USD
Union Bank Exchange Rates
- Union Bank Dollars to Naira – 447 Naira to 1 Dollar
- Union Bank Pounds to Naira – 479 Naira to 1 Pound
FCMB Exchange Rates
- FCMB Dollars exchange rate – 445 Naira to 1 $
Abokifx 2020 Current Black Market Exchange Rate in Nigeria.
Abokifx Exchange Rate 2020 – Abokifx.com is a remarkable online platform for daily updates of Nigerians black market (parallel marker) currencies conversion rate ranging from dollars, pounds sterling, euros, and other foreign currencies. Go through this article and learn how to use this remarkable online accessory.
AbokiFX which is the most referenced platform to get live exchange rates provides you with daily naira FX rates against the USD (dollars), (GBP) pound sterling, (EUR) Euro, and other currencies like (GHS) Ghana Cedis, XAF and XOF Benin and Cameroon Francs. It also provides daily bank ATM rates, Market FX news, Aboki street news, CBN Rates, Lagos BDC rates, Moneygram and Western Union rates.
Aboki fx Dollar to Naira Exchange Rate
- Buy = 470/ Sell = 475
Aboki forex Pounds to Naira Exchange Rate
- Buy = 598/ Sell = 605
Abokifx.com Euro to Naira Exchange Rate
- Buy = 540/ Sell = 550
Abokifx Website Ghana Cedis To Naira Rate
- Buy = 65 / Sell = 75
Abokifx Today CAD To Naira Rate
- Buy = 305/ Sell = 335
They also give you a different bank and ATM rate for a number of countries currency FX rate, bank ATM rate, high and low ranking, and more.
You have to know that checking the major currencies, is not all you can do on the Abokifx website, you can also check a lot of different countries’ currencies, plus the availability of a parallel market rate calculator for those that do not want to go through the stress of getting a calculator.
Interesting Facts About the Naira
The Nigerian Currency the Naira. Hmmm!!! Fascinating actually, the Naira has lots of interesting facts, I believe we should all know about. Let’s actually take a look at the history of the Naira.
Nigeria gained independence in the year 1960, the Naira was introduced in the year 1973, this was when Nigeria decimalized its monetary system and substituted the naira for the Nigeria pound, this was actually what the country used when it was a British colony, this currency was actually divided into shillings.
The coin denominations range from ½ kobo to 1 naira banknotes which are denominated from 5 to 500 naira values. Naira would be equivalent to ten shillings, the minor unit is kobo, 100 kobo which actually makes one Naira.
In January 1973, the Federal Government introduced the N20 as the highest denomination at that period of time, on the 2nd of July 1979, new currency notes of three denominations were introduced which were namely N1, N5, N10. These notes that were introduced were of the same size which was 151 × 78mm.
In the years 1999, 2000, 2001 the N100, N200, and N500 were introduced, these were to expand economic activities and also facilitate an efficient payment system.
On October 12, 2005, N1000 notes were brought into circulation. The CBN indicated plans to print denominations such as N5, N10, N50 notes on a polymer and this has been currently implemented.
Now Below are the Top 10 Interesting Facts About the Naira, Above was Just a Little History, so Read on Below.
- The Naira was introduced in 1973 to replace the British pound as the official currency of the Naira and they were mostly coins.
- The first coins that were introduced were the ½, 1, 5, 10, and 25 kobo coins.
- The CBN is the only organization authorized to print and manufacture the naira note.
- Most of the banknotes in Nigeria contain images of the previous political leaders which are important in Nigeria’s history. We have people like Sir Abubakar Tafewa Balewa, Nigeria’s first prime minister. He is pictured on the N5 naira note while Nnamdi Azikiwe is on the N500 naira note.
- President Goodluck Jonathan Unveiled New N100 naira note on the 12th of November, 2014 to commemorate Nigerian’s 100 years of existence.
- In the year 1968, currency notes were changed as a war strategy.
- The Nigeria currency has been re-issued 5 times (1959, 1965, 1968, 1973, 2007)
- Nigeria was formerly using the West African Currency Board notes as legal tender.
- The first notes that were introduced were the 50 Kobo, 1 Naira, 5 Naira, 10 Naira, and 20 Naira.
- N50 notes were not introduced until 1991.
How to Download Aboki FX APP
Aboki Forex provides daily updated currency exchange rates of the Nigerian Naira. Aboki Forex shows currency conversion rates for US Dollars (USD), British Pounds (GBP), and Euro (EUR).
The latest version now includes a currency conversion calculator, easy to use, smooth and fast Aboki Forex provides breaking Market Forex news, so you know what’s happening and predict the future. It requires an internet connection to connect to the server to read currency rates for the last trading day.
IT provides Lagos Black Market rates, Central Bank of Nigeria (CBN) rates, and Western Union rates for sending money abroad. The iOS version is at https://appsto. re/ng/muUmeb.
For this regard, this page is updated regularly with the latest exchange rate for Dollar to Naira in Black Market; we advise you to Bookmark this page.
Key Factors that Affect Foreign Exchange Rates
INFLATION RATES: Changes in market inflation cause changes in currency exchange rates. A country with a lower inflation rate than another’s will see an appreciation in the value of its currency. The prices of goods and services increase at a slower rate where inflation is low. A country with a consistently lower inflation rate exhibits a rising currency value while a country with higher inflation typically sees depreciation in its currency and is usually accompanied by higher interest rates
INTEREST RATES: Changes in interest rate affect currency value and dollar exchange rate. Forex rates, interest rates, and inflation are all correlated. Increases in interest rates cause a country’s currency to appreciate because higher interest rates provide higher rates to lenders, thereby attracting more foreign capital, which causes a rise in exchange rates
COUNTRY’S CURRENT ACCOUNT / BALANCE OF PAYMENTS: A country’s current account reflects the balance of trade and earnings on foreign investment. It consists of a total number of transactions including its exports, imports, debt, etc. A deficit in the current account due to spending more of its currency on importing products than it is earning through the sale of exports causes depreciation. The balance of payments fluctuates the exchange rate of its domestic currency.
GOVERNMENT DEBT: Government debt is public debt or national debt owed by the central government. A country with government debt is less likely to acquire foreign capital, leading to inflation. Foreign investors will sell their bonds in the open market if the market predicts government debt within a certain country. As a result, a decrease in the value of its exchange rate will follow.
TERMS OF TRADE: Related to current accounts and balance of payments, the terms of trade are the ratio of export prices to import prices. A country’s terms of trade improve if its export prices rise at a greater rate than its import prices. This results in higher revenue, which causes a higher demand for the country’s currency and an increase in its currency’s value. This results in an appreciation of the exchange rate.
POLITICAL STABILITY & PERFORMANCE: A country’s political state and economic performance can affect its currency strength. A country with less risk for political turmoil is more attractive to foreign investors, as a result, drawing investment away from other countries with more political and economic stability. An increase in foreign capital, in turn, leads to an appreciation in the value of its domestic currency. A country with sound financial and trade policy does not give any room for uncertainty in the value of its currency. But, a country prone to political confusion may see depreciation in exchange rates.
RECESSION: When a country experiences a recession, its interest rates are likely to fall, decreasing its chances to acquire foreign capital. As a result, its currency weakens in comparison to that of other countries, therefore lowering the exchange rate.
SPECULATION: If a country’s currency value is expected to rise, investors will demand more of that currency in order to make a profit in the near future. As a result, the value of the currency will rise due to the increase in demand. With this increase in currency, value comes a rise in the exchange rate as well.
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