Morning rate: Abokifx dollar price at lagos black market today

The rates shown below reflect the opening naira exchange rates obtainable from the Nigerian Foreign exchange market in the Lagos black market from abokifx.com

Here is morning update of Abokifx dollar naira exchange rate from the Lagos parallel market

30/03/2017: 375 / 380
29/03/2017: 365 / 375
28/03/2017: 375 / 385
22/03/2017: 420 / 430
21/03/2017: 435 / 445
20/03/2017: 445 / 450
17/03/2017: 448 / 455
16/03/2017: 450 / 457
15/03/2017: 452 / 457
14/03/2017: 455 / 460
13/03/2017: 455 / 463
10/03/2017: 455 / 462
09/03/2017: 455 / 465
08/03/2017: 450 / 460
07/03/2017: 450 / 460
06/03/2017: 455 / 465

Visit current exchange rate of pound and euro against the naira in black market for the latest and current exchange rates in the Nigeria black market.

Abokifx is the most trusted platform to get the accurate live
exchange rates from the LAGOS Black market or parallel market.

It is a very popular website for daily update on Nigeria’s conversion to major currency exchange rates.

Aboki Forex provides daily updated currency exchange rates of the Nigerian Naira.

If you are thinking of buying or selling things online in foreign currency like Dollar, Pound, or Euro then Abokifx.com is the best place to check for the black market or parralel exchange rates to Naira.

Meanwhile, The Central Bank of Nigeria, CBN, on Tuesday March 7th, 2017 injected another $100m into the forex market in a bid to make the greenback available and the naira appreciate.

CBN Director of Corporate Communications, Isaac Okorafor said the measure is part of the initiatives to crash dollar demand at the black market.

This way, commercial banks will have enough Forex to cater for Nigerians needing travelling allowance, medicals and tuition fees, he said.

This fresh injection by the apex bank brings the amount so far pumped into the interbank Forex market within the last two weeks to 1.14 billion dollars for both forwards and invisibles.

But, an economist, Dr Anthony Aziegbemi, described the Central Bank of Nigeria’s (CBN) latest strategy of strengthening the value of Naira by injecting excess foreign currencies into the market, as an artificial solution.

Aziegbemi said that the right way to strengthen the Naira was to invest in critical infrastructure and ensure that the manufacturing and agriculture sector got the necessary support to grow.

“Right now CBN is pumping so much Forex because it has the money. But once the money dries up, we are back to square one.

“Economics is a social science, thus contains laws that govern how economies should be run.

“If you don’t follow these laws and you do it artificially, like banning of the 41 items from getting foreign exchange, the economy won’t work as expected.

“You need to attack the foundation of the economy. You need to get the manufacturing industry up and moving. That is the only way we will have sustainable progress,’’ he said.

However, President, Association of Bureaux De Change (ABCON), Alhaji Aminu Gwadabe, has confirmed to Vanguard Newspaper that 3,114 BDCs collected $8,000 each from the CBN on March 8, 2017.

Gwadabe expressed optimism that the naira will further appreciate in the coming week, based on expectation of increased dollar sales to BDCs by the CBN.

He disclosed that the apex bank in furtherance of its intervention in the foreign exchange market has decided to increase weekly dollar sales to each BDCs to $15,000 from $8,000.

Since Monday February 20th 2017, when it announced new measures to boost dollar supply and forestall the declining fortunes of the naira in the parallel market, the CBN has intervened in the forex market six times as follows: Tuesday February 21st, $417 million; Thursday February 23rd, $231 million; Monday February 27th, $180 million; Friday March 3, $350 million, Monday March 6, N367 million; and on Tuesday with $100 million.

Acting Director, Corporate Communications Department, CBN, Isaac Okorafor, said that the move by the intervention by the CBN was to fund the commercial banks with enough forex to cater for the request of customers to meet personal travelling allowance (PTA), basic travelling allowance (BTA), medicals and tuition fees.

Commending the move, market analysts observe that it will further create problems for currency speculators who are yet to recover from the sudden appreciation of the Naira.

According to the former Economic Adviser to the President and Minister, National Planning Commission, Professor Ode Ojowu, “It appears this time around, the CBN has decided to become smarter than the market manipulators, by putting on its cap of authority to look beneath the market forces”

It will be recalled that the CBN, in February 2017, changed its forex rule supply to guarantee supply to both small and the big end-users.

The policy has restored stability and bolstered market confidence which has ultimately boosted the value of the Naira.

Operators in the market have also commended the efforts of the CBN in ensuring the continuous appreciation of the naira.

This they attributed to good policy and effective communication strategy, which has witnessed increased dollar supply to the market through a deliberate policy of the apex bank.



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