Aboki Dollar to Naira Today: Check October 2023 Price Update
The Aboki Dollar to Naira Today can be referred to the nontraditional exchange rate between the United States Dollar to the Nigerian Naira. This black market rate of exchange often differs from the conventional Financial Institution’s rate.
What is Aboki Exchange Market?
The Aboki refers to the hausa folks who sell or buy dollars or any foreign currencies in major cities in Nigeria. The Aboki Exchange Market rate is invariably higher than the regular rate from Financial Institution.
If you intend to change your dollar to naira using the Aboki Exchange Market rate, ensure you confirm the bank rate of dollar to naira so you will not be cheated.
Aboki Dollar to Naira Today
The Aboki rate of exchange for dollar to naira as at today is 1002 naira to 1 dollar at a buying rate and 1008 naira to 1 dollar at selling rate.
In this case, Buying rate is the rate at which you are getting a dollar with naira while Selling rate implies the rate at which dollars is exchanged for naira in the Black Market.
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Dollar to Naira CBN Rate Today
Today, the bank rate for dollar to naira is 763.65 naira to 1 dollar.
Pros and Cons of Using the Aboki Market
The exchange rate for the Aboki market has several effect on various Stakeholder. They include:
1. General: People from Nigeria looking to travel abroad to study or business, using the exchange rate for Aboki is more cost effectie than the regular Financial Institutions.
2. Exporters and Importers: Businesses that rely on goods being imported to Nigeria face high cost of buying the foreign currency of their choice in the Aboki Market, this stalls the profitability of the business and the pricing.
3. Foreigners and Investors: The existence of the Aboki Market can drive away foreign investors who intend to invest because of the risks involved in exchange and the lack of transparency.
CSN Team.
