Abokifx is no doubt one of the most visited websites in Nigeria for daily updates of Major Nigerian currency exchange rates.
Talk about exchange rates of dollar to Naira, Euro to Naira, and black market buy and sell rates, Abokifx just keeps getting hits.
We all love it when we want quick answers, as to how much is a dollar to Naira or pounds to euro or the conversion of major currencies, isn’t it?
In this article, I’ll give you a straight forward answer and daily update of Abokifx black market exchange rate for Euro, pounds, and dollar to Naira conversion rates.
Here We Go:
What Is Abokifx Black Market Exchange Rate Today?
Abokifx black market or parallel market is kinda a life update that occurs twice to three times a day with information on foreign exchange rates In Nigeria.
The Website is www.abokifx with live information about the following: Yea www.abokifx.com (the most trusted platform to get the live exchange rates).
Abokifx website provides the currency quotes for the morning, afternoon and evening exchange rate and eliminates any misinformation that may arise.
These are applicable to currency such as the Pound, the Dollar and the Euro rates against the Naira.
It also provides daily bank ATM rates, Market FX news, Aboki street news, CBN Rates, Lagos BDC rates, MoneyGram and Western Union rates.
What Is AbokiFx Dollar to Naira Bank Rate Today?
Abokifx USD to Nigeria exchange Rate is 358 Naira
Are you also wondering why People are a fast concern to know about the dollar to naira rate?
As we all know that the economy is not stable, inflation arises at any point in time and this can affect your choice of business.
So, you need to understand the exchange rate before going into a business in order to escape precautionary loss.
You can also do so in order to know the input of the products or goods and services you intend to purchase as this will determine your profit and loss. Ever since Eve gave Adam apple there is scamming everywhere so, you need to watch out so that you won’t be cheated.
What Is Aboki Mallam Euro to Naira Exchange Rate Today?
Aboki mallam Euro to exchange rate in Nigeria currency is 397 to 402 respectively.
Many people are passionate to know about the value of Euro to Nigeria currency, in other to know how to regulate the goods and services they intend to purchase, in case of unforeseen inflation that could leads to profit maximization or loss.
It is no news that Nigeria depends largely on oil exports for its revenue, and it is also no news that this oil had lost value in the world market due to various reasons.
Also Read: The oil boom that later became our doom
This had led to a reduction in our revenue which had also affected the Naira exchange rates. Today, people are eager to know the euro to naira rate
Aboki Forex – How Much Is Pounds to Naira Exchange Rate?
Naira to Pounds GBP Buy rate/467 Sell rate: 471
Nigeria as a country imports more than we export, this has really affected the economic development and a negative effect on our currency.
There is nothing we don’t import. It might interest you to note that even some of the so-called “made in Nigeria” products are not actually made in Nigeria, but are just assembled in Nigeria.
In fact, we had gone to the extent of importing things like frozen chicken, diapers, and many other things we ought not to.
The only thing we export is primary goods, which can’t add any socio or economic advancement to our country if we choose to be import dependent.
It is no doubt the value of this imported goods are the reasons for the devaluation of our currencies in Nigeria
What Is Abokifx.com CFA to Naira Rate
The exchange rate of CFA franc to Naira is N100 equals 163.94West African CFA.francs
The exchange rate is the value of one currency for the purpose of conversion to another.
It is also regarded as the value of one country’s currency in relation to another currency. The Benin Republic, for instance, is a harbored place for used products from developed countries.
Goods imported into Nigeria through the border include second handed vehicles popularly known as Tokunbo, rice, vegetable oil, and household items.
Due to our poor educational schedule in Nigeria, especially at the tertiary level, the Republic of Benin has become a haven for university education for Nigerian parents who can afford it for their children.
Nigerians now chose to patronize these used products and in a bid to do so we exchange our Naira with their CFA giving it more value at the expense of ours.
If you want to travel through the Benin Republic, note that it is a cash only country and Nigerian cards do not work at the ATM, so, exchange your naira at the borders.
Who Is Abokifx Owner?
Abokifx owner is a person who engages in the exchange rate of different countries’ currencies.
They are called Aboki because most black market agents are Hausas. So the exchange rate they buy and sell a dollar for naira is called black market rate
When it comes to converting one currency to the other in Nigeria, the Black Market is a popular choice of currency among most Nigerians.
You need to understand that online traders only do electronically while the aboki’s do on the street.
Comparing CBN Exchange Rate Nigeria Today
CBN is an acronym for Central Bank of Nigeria – one of the types of banks in Nigeria. CBN rate is the amount in Naira they are buying or selling 1 dollar.
Parallel market rate can be used in its place. The primary aim of most central bankers is stability.
The Central Bank of Nigeria (CBN) is the sole issuer of legal tender money throughout the Nigerian Federation.
Apparently the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) are the bodies who have the power to establish a regulatory framework for trading in OTC derivatives.
CBN Rate: If you buy something or need to make a forex payment and such payment goes through the CBN (by you filling Form M) or some sort of foreign letter of Credit.
It is the Central bank of Nigeria that pays on your behalf, to the foreign creditor, at the “CBN-determined rate of exchange”.
The banking system plays an important role in promoting economic growth and development through the process of financial intermediation.
The objective of CBN is to achieve exchange rate stability, the balance of payments equilibrium and high levels of employment, and non-inflationary growth
- CBN rate is the amount in Naira the Central Bank of Nigeria is buying or selling 1 dollar
- Cbn exchange rate dollar to Naira is e.g 365 Buy / 360 Sell
- Cbn exchange rate euro to Naira is..CBN Euro To Naira exchange rate {Eur £} Buy: 356.867 / Sell: 358.0384
- Cbn exchange rate pounds to Naira is..Buy: 392/Sell: 393
Note: The rate at which you exchange your funds may rise or fall anytime without prior notice.
More About The Central Bank of Nigeria
The Central bank is saddled with the responsibilities of given directives, money circulation, and serves as origin of currencies.
The Central bank functions as a banker to the government—both central and state governments.
The first development stock was issued in 1946, Central Bank of Nigeria was responsible for issuing stocks, and the Nigerian stock exchange was set up in1961 to take over transactions in the stocks.
The central bank soon became involved in lending directly to customers which makes it’s contravening its original intentions to work through commercial banks in activities which involves consumer lending.
More Features of AbokiFx Website
If you are willing to send or receive money via the Western Union channel, Abokifx will allow you see how the rate transactions are done for Nigerian Naira (NGN) against other currencies like the United States Dollars (USD), the United Kingdom Pound Sterling (GDB) and the EURO.
For those abroad who are planning to send funds to Nigeria, the Naira to Dollar exchange rate is a major issue.
When it comes to converting one currency to the other in Nigeria, the Black Market is a popular choice of currency among must Nigerians. Every hour of the day, people are seen in front of the abokis.
How to Use Aboki Fx App
Aboki Forex provides daily updated currency exchange rates of all the currencies of the world.
Abokifx app is available for both Android andiOS device. This abokifx app is fast and reliable, works offline, monitor the unlimited number of currencies at the same.
Abokifx also features Bitcoin widget, Bitcoin Cashwidget, Ethereum widget, and Litecoin widgets. Just try using this app!
I am very sure that you will love the accuracy. AbokifX also has an app where critical information is made easily accessible.
Interestingly, the AbokiFX website can help you download the most compatible version of its mobile app for use on your phones, tabs as well as on other smart devices.
If you want to use AbokiFX, all you need do is – visit their official webpage at abokifx.com and use the navigation boxes to get various dollar/euro/pound exchange rates as required.
To download the mobile app, search your mobile phone’s appstore directory for the compatible app to install.
Abokifx Currency Conversion Calculator
Aboki fx calculator will allow you know exactly how much you get in a particular foreign currency in exchange for a specified amount of Naira.
The Currency Conversion Calculator on Abokifx.com will assist if you want to convert pounds to naira, dollar to naira, euro to naira or even cedi to naira.
Say you want to convert euro to cedis, 1 euro to naira, convert 1 euro to naira, dollar to Ghana cedis, etc.
Also Read: What is Nigeria’s capital market?
10 Interesting Facts About Nigerian Currency
Have you even ever wondered how Naira became the registered name for Nigerian currency and when we started using it?
Not so long, the Nigerian Naira was a very strong currency, so strong that in the ’70s and ’80s (55k) could fetch you about one dollar ($1)
Here are Some Interesting Facts About Nigerian currency
Did you know that:
- Before now, Nigeria uses the West African Currency Board notes as legal tender.
- The term Naira was coined by Chief Obafemi Awolowo when he was the Federal Commissioner for Finance between 1967 and 1971.
- The Naira was introduced on Monday, January 1, 1973, to replace the British pound as the official currency of Nigeria
- Four years after the introduction of Naira, a new banknote denomination of the value of 20 Naira was issued.
- As of 1973, one Naira was the major currency unit in the country.
- In 1991, N50 was introduced. At first, it was known as Better Life and later it became popular as WAZOBIA, a linguistic blending of the word COME in Yoruba, Hausa, and Igbo Language.
- Twenty Naira, as a result, became the first Nigerian currency bearing the portrait of a Nigerian citizen, General Murtala Ramat Muhammad
- President Good luck Jonathan unveiled a new 100 Naira note on the 12th of November, 2014 to commemorate Nigeria’s 100 years of existence
- The Nigerian currency has been reissued 5 times (1959, 1965, 1968, 1973, 2007)
- Lastly, in a bid to facilitate an efficient payments system, the N100, N200, N500, N1000 were introduced in December 1999, November 2000, April 2001 and October 2005respectively.
Summary Notes on Abokifx Daily Currency Exchange Rates
Now that you know a lot of facts about the abokifx daily currency exchange rate, what is your take on this?
The nation’s wealth has been termed with “national cake” that everyone wants to have a bit at the barest opportunity.
The dollar just keeps going up and down. Abeg..Who will save the Naira?
Nowadays, Most young guys and money exchange rate today are like 5 and 6 when they talk about the exchange rate, MoneyGram and Western Union transfer, they know virtually all the exchange rates off hand and they will not hesitate to always talk about it.
Whether they are with their friends or families, they always seem to know what is going on with the exchange market and currency fluctuations.
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