We would like to know what you think about today’s black market rate, let us know your opinion on how this affects everyone and ways that could help fix this Schwierigkeit going forward
This is because the value of the naira keeps fluctuating because of several factors like the increasing Tarif of inflation, political crisis, insecurity, increase in imports, and fluctuating price of oil.
Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured hinein this article.
Based on the fundamentals of demand and supply, the price of dollar will keep escalating as long as the demand outstrips the supply. The dollar Tarif would have been expected to drop if the supply surpasses the demand.
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Each time they want to send money to their children, they need to sell naira and buy dollars to Beryllium able to send to them, this further depreciates the value of naira and makes the dollar stronger. It also increases the demand for the dollar thereby causing its shortage rein the country.
The apex bank has therefore directed anyone World health organization requires forex to approach their bank, insisting that the I&E window is the only known exchange.
Aboki fx is the most trusted source for black market dollar to naira rate today. You can check here find their exchange Tarif for today here.
Simply go with your documents to any of the banks listed above or any other Nigerian bank that opens domiciliary account and request for account opening form. Fill in the form properly and remember to tick ‘Domiciliary’ rein the account Durchschuss and also choose ‘Dollars’ hinein account currency.
Another reason why the dollar has continued to increase hinein Nigeria is the rate at which the dollar is being used by Nigerians rein things like travelling, payment of their children school fees abroad, and obtaining medical services abroad.
Please keep hinein mind that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and has recommended individuals interested rein Forex contact their respective banks before proceeding.
Secondly, most of the equipment used in manufacturing local commodities are imported, this means that they are being purchased with dollars.
As they keep embarking on these trips, they need dollars to pay for flights, finance their stay and also pay for the medical bill. While this further weakens the value of the Naira, it also contributes to the shortage of the United States dollar rein the country.
We will provide you with the various ways you can do this in Nigeria. When we say convert dollar to naira, we mean either you are changing the physical dollar you have to Naira, or you are using a currency converting Dienstprogramm to just know the value of a certain amount of dollars hinein naira.