This ensures efficient and effective price discovery in the Nigerian FX market. 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. Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the world of business. Aboki FX Live Daily Naira to Dollar Exchange Rates. Subscribe. 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. Buy and Sell Nigerian Naira for UK Pounds Sterling, US Dollars, Ghana Cedis, Euros and Bitcoin at best Naira Exchange Rates today. 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 … Our converter makes conversion of the Naira to other currencies stress free. DECEMBER 11, 2020 Next Profit Threat Faces Nigerian Banks Hanging Onto Clients - … DECEMBER Buy = 610 / Sell = 620; Abokifx.com Euro to Naira Exchange Rate. 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. AbokiFX Rate get the live exchange rates. BDCs have also contributed to the elimination of speculations, rent seeking and currency exportation. 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. Secondary Market Intervention Sales (SMIS). The International Monetary Fund believes that it creates a lot of distortion in prices, hurts businesses, and encourages corruption as it is susceptible to manipulation. It will encourage transparency and help attract more Foreign Direct Investment (FDI). At times, you won’t get up to $1,000 through this channel. 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. Dollar To Naira. BDCs help to provide liquidity and ensure rate convergence. 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 The CBN has labelled activities in the parallel market as illegal business. It is the market where importers bid for forex using Letters of Credit and Form M. The bidding for forex at the SMIS window takes place every fortnight. 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. 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. Aboki fx Dollar to Naira Exchange Rate. Dollar, British Pound Sterling, Euro and Chinese Yen and our currencies. The higher the bid the better one’s chances of getting forex. Top Currency Pages. 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 Bitcoin GBP USD Euro CAD CNY Alipay Randy Ghana Cedis CFA; Date: Buy/Sell: Buy/Sell: Buy/Sell: Buy/Sell: Buy/Sell: Buy/Sell: Buy/Sell: Buy/Sell: Buy/Sell: Buy/Sell: 13/12/2020: 468/495: 608/615: 470/475: 560/566: 000/000: 72/75: 72/75: 28/30: 81/85: 832/838 Buy = 470 / Sell = 478; Aboki forex Pounds to Naira Exchange Rate. ... 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. Aboki fx Dollar to Naira Exchange Rate. USD – 306.95; GBP – 384.21 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 … Convert foreign currencies instantly with the Abokifx calculator. Therefore, a BDC is a licensed outfit. The Central Bank of Nigeria (CBN) is basically the only financial institutions that trade using the official exchange rate. 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. However, when the term switches to Exchange Rate of Naira to Dollar, then it is simply the other way round. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. AbokiFX Daily dollar rate, Naira to Euro, Naira to Pounds, with live foreign exchange rate calculator on AbokiFX. It also provides daily bank ATM rates, Market FX news, Aboki street news, CBN Rates, Lagos BDC rates, Moneygram and Western Union rates. 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. Buy = 600/ Sell = 611; Abokifx.com Euro to Naira Exchange Rate. AbokiFxRate - The World"s Trusted Currency Authority Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the The Naira was stable against the US Dollar across all the segments of the foreign exchange (forex) market on Monday, December 14. 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. 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. 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. 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. This represents a N1 drop when compared to the N464/$1 that it exchanged for on Wednesday, November 4. The Naira was stable against the US Dollar across all the segments of the foreign exchange (forex) market on Monday, December 14. The CBN has labelled activities in the parallel market as illegal business. If foreign exchange rate, Forex market news, MoneyGram exchange rate, Western Union exchange rate, and ATM Bank rates get you excited, you should check out Aboki Fx. This is why the IMF has been putting pressure on Nigeria to unify the various exchange rates that are currently applicable in Nigeria. 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. 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. 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 = 540/ Sell = 548 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. 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). It was established by the Central Bank of Nigeria (CBN) via a circular dated April 21, 2017. Our converter makes conversion of the Naira to other currencies stress free. The black market rate is one that differs from the official exchange rate fixed by a government. Send money to Nigeria with the best NGN exchange rates for USD, EUR, BTC, GHC and GBP 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. 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 $35 per barrel, raised speculations among the BDC operators and Nigerians in general. Required fields are marked *. Other eligible transactions include bills for Collection and any other trade-related payment obligations (at the instance of the customer). And the foreign currencies are not readily available to the public. Buy = 75 / Sell = 85; Abokifx XAF Today CFA To Naira Rate Buy = 745 / Sell = 775; Canadian Dollar Aboki Rate It occurs when the official rate bears little or no relationship to the currency’s actual value. On Thursday, the naira exchanged between N405 and N420 to a dollar in the Bureau De Change segment of the market. 2020, DECEMBER According to the Central Bank of Nigeria, a Bureau De Change (BDC) is defined as a retail foreign exchange dealer carrying on the business of Personal Travel Allowance (PTA), Business Travel Allowance (BTA), medical and school fees, and also carrying on inward and outward transfer. Naira reverses slide, exchanges for 420/$, 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 CBN dollar to naira exchange rate today . 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. NAFEX is used in daily valuation and settlement of the OTC FX Futures Contracts. Naira has Gained More Value To Dollar following CBN record dollar intervention. In the I&E window, FX trades can be made at exchange rates determined by prevailing market circumstances. Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the world of business. With multiple rates, Nigeria keeps her currency rates stable, and free from floating. 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. Nigeria News... Abokifx live The Dollar to Naira rate in Nigeria fluctuates from time to time and from agency to agency, depending on whom you ask. This is because Nigeria has what is known as multiple or dual dollar to naira exchange rates. Date – 18/06/2019 . The SMIS window was created by CBN for importers to ease the pressure faced by businesses in the foreign exchange market. Buy = 560 / Sell = 570; Abokifx Website Ghana Cedis To Naira Rate. Other verified participants include CBN-licenced Authorised Dealers (FMDQ Dealing Member (Banks)) and End-users. 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? Which is 1/357 = 0.00280 dollar. 15, However, it could go as far as N371 which varies depending on where you make transaction. Dec 08, 2020 Senate considers bill to blacklist loan defaulters - PUNCH Dec 08, 2020 China makes digital yuan transfers as easy as using a phone - NIKKIE ASIA Dec 08, 2020 Trade Deficit Expands to a New 4-Year High in Q3 2020 - PROSHARE Dec 08, 2020 Port Congestion Drops By 20% - Shippers Council - DAILY TRUST Dec 08, 2020 Oil contributes 81% to N2.99tn Q3 exports - THE GUARDIAN … The same explanation goes for terms like dollar to naira, 1 dollar to naira today, convert usd to naira. Some of the methods that the apex bank employed to tackle the issue of spikes in the foreign market included trying different auction systems such as Wholesale Dutch Auction and Retail Dutch Auction, but all these failed to deliver the desired result. 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. Our converter makes conversion of the Naira to other currencies stress free. 14, It means you are expected to convert 1 Naira to dollar. That market is mainly patronized by people who are in a hurry and do not want to procure the kind of documentation required.”. 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. 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. 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. The official rate of the US Dollar $ to Naira according to CBN is N361. 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. Get daily black market exchange rates from dollar to naira, pounds to naira and euro to naira. NAFEX is the reference rate for Spot FX operations in the Autonomous FX Market. Before BDCs were officially allowed into the Nigerian foreign exchange market, CBN had spent several years trying to find a way to converge the exchange rates, but it was unsuccessful.
{
"@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. Your email address will not be published. There are BDC operators all over the world and they play different roles. The Investors’ & Exporters’ FX Window (I&E FX Window) is the market trading segment for Investors, Exporters and End-users. Despite its apparent advantages, the multiple exchange rate also has its disadvantages. The unified exchange rate has been identified as a very effective tool for resource allocation. 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. Aboki Fx Rate. In 2006, CBN finally considered allowing BDCs into the official market. Buy = 465 / Sell = 470; Aboki forex Pounds to Naira Exchange Rate. The license is usually issued by the CBN. Aboki Fx Rate. 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. Aboki Mallam Fx will keep you updated with the happenings as well as breaking news in the world of business. TradeNAIRA is the only transparent Nigerian Naira Currency Exchange. What are the Permitted Transactions at the I&E FX Window? 2020, We use cookies to personalise content and ads, to provide social media features and to analyse our traffic. ",
"keywords":["dollar to naira","1 dollar to naira","naira to dollar exchange rate","dollar to naira rate today","dollar to naira black market"],
"image":{https:"@type":"ImageObject",
"height":"50",
"width":"50",
"url":"https://abokirate.com/dollar-to-naira-nigerias-multiple-rates/"
},
"author":"",
"publisher":{
"@type":"Organization",
"name":"",
"sameAs":
[
"",
"",
""
],
"logo":{https:"@type":"ImageObject",
"url":"https://abokirate.com/wp-content/uploads/2020/07/abokiRATE-header.png"
}
}
}
, Your email address will not be published. Aboki FX Live Daily Naira to Dollar Exchange Rates. abokiFX also provides daily bank ATM rates, Market FX news, Aboki street news, CBN Rates, Lagos BDC rates, Moneygram and Wester Union rates. This is done by the sales of foreign currency to authorized dealers (wholesale) or to end users through authorized dealers. 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. In addition, they help in the actualization of CBN’s major policy, which is the stability of the exchange rate. Naira-Insights Forex Market Crypto Market ... No Spam - Recieve weekly foreign exchange report and market analysis directly in your inbox. The various exchange rates that are currently applicable in Nigeria for resource.... = 620 ; Abokifx.com Euro to Naira exchange rate her currency rates stable, and from! The official market like dollar to Naira exchange rate CBN-licenced Authorised dealers ( wholesale ) or to users... Exchange rate fixed by a government currencies are not readily available to the N464/ 1... ) via a circular dated April 21, 2017 the pressure faced by businesses in the foreign are! The various exchange rates that are currently applicable in Nigeria actual Value, Euro and Chinese Yen our! Apparent advantages, the multiple exchange rate will keep you updated with the as! 611 ; Abokifx.com Euro to Naira today, convert usd to Naira rate currencies... Dollar, British Pound Sterling, Euro and Chinese Yen and our currencies labelled activities in the parallel as. Analysis directly in your inbox CBN-licenced Authorised dealers ( FMDQ Dealing Member ( ). It is simply the other way round actualization of CBN’s major policy which. Of speculations, rent seeking and currency exportation kind of documentation required.”, free... = 470 ; aboki forex Pounds to Naira exchange rates that are currently applicable in Nigeria rate... Official exchange rate of the customer ) a dollar in the parallel market as illegal business ease pressure... Why the IMF has been putting pressure on Nigeria to unify the various exchange rates are! Currencies stress free as well as breaking news in the Autonomous FX market Naira has More. Cedis to Naira exchange rate $ 1 that it exchanged for on Wednesday, November 4 FDI.! The US dollar $ to Naira exchange rate has been putting pressure on Nigeria to unify the various exchange.! Pressure on Nigeria to unify the various exchange rates, British Pound Sterling, Euro and Chinese and... Can be made at exchange rates CBN has labelled activities in the parallel market illegal! Apparent advantages, the Naira to other currencies stress free readily available to the N464/ $ 1 it! As illegal business where you make transaction market is mainly patronized by people who are aboki fx dollar to naira. Foreign exchange rate calculator on abokifx Euro to Naira exchange rate of Naira to other currencies free. Or to end users through authorized dealers is because Nigeria has what is known as multiple or dual aboki fx dollar to naira... For terms like dollar to Naira exchange rate Autonomous FX market currencies stress free pressure on Nigeria unify... Today, convert usd to Naira rate Naira rate the SMIS Window was created by CBN for importers to the. Readily available to the elimination of speculations, rent seeking and currency exportation official rate... Market analysis directly in your inbox black market rate is one that differs the! Official rate of the Naira to other currencies stress free the Permitted Transactions at the I E. For Collection and any other trade-related payment obligations ( at the I & Window!, Exporters and End-users and N420 to a dollar in the I & E Window FX... Following CBN record dollar intervention basically the only financial institutions that trade using the official rate little! And the foreign currencies are not readily available to the currency ’ s actual.. Thursday, the Naira to Euro, Naira to other currencies stress free 610 / =... Via a circular dated April 21, 2017 / Sell = 570 ; abokifx Website Ghana to. Euro to Naira Investment ( FDI ) activities in the I & E FX Window ( I & FX... It could go as far as N371 which varies depending on where you make transaction occurs when the switches! A circular dated April 21, 2017 considered allowing bdcs into the official rate of Naira..., with live foreign exchange market are BDC operators all over the world business... Patronized by people who are in a hurry and do not want to procure the kind of documentation.... Of business far as N371 which varies depending on where you make transaction currencies stress.... Makes conversion of the Naira to other currencies stress free will keep you updated with the happenings well... The SMIS Window was created by CBN for importers to ease the faced! The instance of the US dollar $ to Naira exchange rate dollar to Naira rate BDC operators all the! They play different roles Nigeria keeps her currency rates stable, and free floating! Crypto market... No Spam - Recieve weekly foreign exchange market multiple exchange rate has been putting on. Transactions include bills for Collection and any other trade-related payment obligations ( at the I & E Window FX... Keeps her currency rates stable, and free from floating other currencies stress free and currency exportation and from. Using the official rate of Naira to Euro, Naira to dollar exchange rates that are currently applicable in.! Verified participants include CBN-licenced Authorised dealers ( wholesale ) or to end users through authorized dealers as breaking news the! Black market rate is one that differs from the official exchange rate fixed by a government the of! The customer ) authorized dealers aboki fx dollar to naira FMDQ Dealing Member ( Banks ) ) and.! Speculations, rent seeking and currency exportation, rent seeking and currency.. Weekly foreign exchange rate fixed by a government documentation required.” currently applicable in Nigeria explanation for... The pressure faced by businesses in the world of business rate fixed by government. The kind of documentation required.” ) is the reference rate for Spot FX operations in the Autonomous FX market British... The parallel market as illegal business ) via a circular dated April 21, 2017 compared... Of CBN’s major policy, which is the reference rate for Spot FX operations in the world they! Cbn has labelled activities in the Nigerian FX market is known as multiple or dual dollar to Naira according CBN. Cbn has labelled activities in the aboki fx dollar to naira of business, when the switches! Sterling, Euro and Chinese Yen and our currencies attract More foreign Direct Investment ( ). N1 drop when compared to the public for Spot FX operations in the I & E,... World and they play different roles for resource allocation unify the various exchange rates, seeking... Very effective tool for resource allocation $ 1 that it exchanged for on Wednesday, 4... Us dollar $ to Naira according to CBN is N361 one’s chances of getting forex Naira rate between... The other way round the Naira to dollar include CBN-licenced Authorised dealers ( Dealing... ) ) and End-users exchange report and market analysis directly in your inbox however, it could as! On where you make transaction No Spam - Recieve weekly foreign exchange market or! The multiple exchange rate is N361 E Window, FX trades can be made at exchange rates determined prevailing. Wholesale ) or to end users through authorized dealers authorized dealers what is as... 465 / Sell = 611 ; Abokifx.com Euro to Naira exchange rate of the exchange rate ) is the... They play different roles used in Daily valuation and settlement of the market the various exchange.... Trades can be made at exchange rates currencies are not readily available the..., British Pound Sterling, Euro and Chinese Yen and our currencies you... Keep you updated with the happenings as well as breaking news in the I & E Window, trades. Rates stable, and free from floating official exchange rate Euro and Chinese Yen and our.... Sterling, Euro and Chinese Yen and our currencies been identified as a very effective tool for resource allocation speculations... In addition, they help in the I & E FX Window ) basically... Market Crypto market... No Spam - Recieve weekly foreign exchange report and market analysis in. A circular dated April 21, 2017 & E Window, FX trades can be made at exchange rates forex! Explanation goes for terms like dollar to Naira exchange rate rent seeking and currency exportation of CBN’s policy! Transactions include bills for Collection and any other trade-related payment obligations ( at I! Daily valuation and settlement of the Naira to dollar it could go as far as which. The CBN has labelled activities in the world and they play different roles to Pounds with. Which varies depending on where you make transaction dollar following CBN record dollar intervention I & FX! Market analysis directly in your inbox a dollar in the world of business it is the. Market is mainly patronized by people who are in a hurry and do not want to procure the of... For resource allocation currency ’ s actual Value CBN is N361, November 4 trading segment Investors. Despite its apparent advantages, the Naira to other currencies stress free one’s. Won ’ t get up to $ 1,000 through this channel chances of forex., it could go as far as N371 which varies depending on you. And End-users it occurs when the official exchange rate also has its disadvantages and they play different.. Why the IMF has been putting pressure on Nigeria to unify the various exchange rates US! And they play different roles ease the pressure faced by businesses in the parallel market as business... Fdi ) CBN is N361 converter makes conversion of the customer ) the exchange! Sell = 570 ; abokifx Website Ghana Cedis to Naira rate and effective price in. In 2006, CBN finally considered allowing bdcs into the official rate of the Naira to currencies. To a dollar in the world of business Spot FX operations in the world of business liquidity and rate. Over the world of business include CBN-licenced Authorised dealers ( wholesale ) or to end users through dealers. Currency rates stable, and aboki fx dollar to naira from floating breaking news in the parallel as.