Aboki Dollar to Naira Today Black Market: 11, October 2023

Filed in Articles by on October 3, 2023

Aboki Dollar to Naira Today Black Market – The Aboki exchange market also known as Aboki FX is an unofficial exchange market where foreign currencies are exchanged for other currencies. The Aboki exchange rate are easily influenced by varied factors like investments and trade.

aboki dollar to naira today black market

What is Aboki FX Market?

In the context, the word ‘Aboki’ refers to the hausas who sell or buy foreign currencies in some major cities in Nigeria. The rate of exchange in the Aboki Fx is slightly higher than the regular bank rates.

To successfully exchange your currency using the Aboki FX, confirm the bank rate of dthe currency you intend to change to avoid being cheated.

Aboki Dollar to Naira Today Black Market

Today, the rate of exchange of 1 dollar to naira in the black market is 1002 naira to a dollar at buying rate and 1008 naira at a selling rate.

Here, Buying rate refers to the amount a dollar is gotten with naira while selling rate is the amount a dollar is exchanged for naira in the Black Market.


The Good and Bad of Using the Aboki FX

The Good Part includes:

1. Easy Access: They make available foreign currency when the there is a difficulty using the official channels.

2. Inflation: When naira gets devalued, the dollar or any other currency becomes an hedge.

The Bad Part includes:

1. Being illegal: This Aboki FX operates illegally outside the official financial institution, thereby making it illegal.

2. High Risk Level: The instability of the black market is high, this causes possible losses for businesses and individuals.

CSN Team.

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