Aboki Dollar to Naira Bank Rate Today – Everything You Need to Know (04-11/11/2022)

AbokiFX is an online platform for news, updates and other forms of information about exchange rates at the Nigerian Forex market. The platform is one of the leading providers of reliable information about the Nigerian parallel market for foreign exchange.

The information provided on AbokiFX encompasses local and foreign news on currency exchange rates. With this, AbokiFX has become a go-to platform for information on the exchange rates between the Nigerian naira and other currencies including the British pound, US dollar, euro, Ghanaian cedi, Cameroonian franc, etc.

Beyond the above, AbokiFX provides reliable information about other essential rates that Nigerian Forex traders would like to arm themselves with. Some of these rates include CBN rates, Lagos BDC rates, Western Union rates and ATM rates.

This post is a review of AbokiFX and it will walk you through AbokiFX’s features, mobile app and other things you may want to know about the platform.

Features of AbokiFX

AbokiFX offers a handful of features including up-to-date market news as well as various exchange rates. All of its features are accessible either on its official website or the mobile app. Later in this post, you’ll find information about the AbokiFX mobile app.

The notable features of AbokiFX include exchange rates (parallel market FX rates, Western Union rates, CBN official rates, ATM rates and black market BDC rates), economic news and updates, and currency conversion calculator.

Let’s have a look at these features one after the other:

Exchange Rates

AbokiFX provides you with up-to-date information about the various rates associated with the currency market. On the website of AbokiFX, you’ll find updates about the rates at which the Nigerian naira exchanges for other currencies. You’ll also find updates about the exchange rates stipulated/offered by the Central Bank of Nigeria, international money service companies and notable Nigerian banks including Access Bank and GTBank.

Parallel Market FX rates –AbokiFX, through its mobile app, provides you with detailed and accurate information about the parallel market. Armed with such information, Forex traders in Nigeria can free themselves from ignorance which often results in unfavourable trading decisions. Through the regular currency quotes provided by AbokiFX, you’re bound to know what obtains in the parallel market and ultimately avoid being misled.

Western Union rates –As provided on the website of AbokiFX, these are the rates at which naira is exchanged for foreign currencies such as the British pound sterling, the dollar and the euro. Nigerians willing to perform transactions via Western Union can rely on AbokiFX’s Western Union rates in viewing the relevant up-to-date prices.

CBN official rates –Particularly via the AbokiFX mobile app, it’s easy to have direct access to the official rates set by the Central Bank of Nigeria (CBN). This avails users of the app the chance to keep tabs on verified CBN rates and know when there are changes.

ATM rates –These rates constitute the essential information that Forex traders in Nigeria always want to know. ATM rates are the applicable exchange rates at various Nigerian banks. Each Nigerian bank can fix its own exchange rates but such rates are subject to supervision by the CBN.

Black market BDC rates –Black market in the Nigerian Forex market refers to Forex activities not under the regulation of the CBN. Prices in this market are fixed by individual sellers and are not subject to any CBN-approved official regulations. Notably, AbokiFX is an avenue for traders to get updated about trends –including rates –in the black market.

Are you interested in finding the dollar to naira bank rate for today? Not only have we provided that in this article, but we have also covered every question in relation to naira and the dollar, take a look at some of the Benefits of Currency converter Apps and their impact on currencies conversion rates like Naira to dollars and dollars to Naira vice versa and explained why the naira fluctuates so erratically.

◊Dollar to Naira Bank Rate Today

At the time of writing, the value of one dollar was equivalent to ₦411.50, a 5-day low of 0.12%, and depreciation of 0.37% from the month prior.

Dollar to Naira Black Market Rate Today

It also signifies that in the past 365 days, the Naira has lost 6.19% of its value against the dollar along with a drop of 32.19% in the past 5 years.

Currency Converter Apps

Currency converter Apps are a quick and easy way to see live market exchange rates at the click of a button just like what we have at Xe and ngnrates. Easily convert international currencies and do business with multinationals within and outside the shores of the country right from your comfort zone.

It is the prayer of every business-minded person to be able to do business on an international scale and this in itself is a good desire. the major challenge with running foreign transactions is the need for accurate conversion of currencies into the correct local equivalent.

Benefits of Currency converter Apps

Practically, those currency traders are mostly referred to as Bureau operators, they’re readily available and useful but an intelligent and well vast businessperson understands that to a large extent the best deals need a bit of verification and cross-checking. Other times, persons who specialize in international trade may need an instant update wherever they may be. This is why it’s of uttermost benefit that there’s a host of currency conversion apps available for Android smartphones, Apple iPhones and systems.

We are going to be listing here for your knowledge and reading pleasure, five benefits of Currency converter Apps.

Five benefits of Currency converter Apps

• The Currency Converter app is specifically programmed to do the entire task of monetary calculations for the user and because these apps are synchronized with the internet, they get the updated rate of exchange at all times, leaving no room for discrepancies. No currency exchange or transaction is ever possible without a good currency converter, at least to the best of our knowledge.
• Currency converter Apps come in handy, are simple, are accurate and are fast to be employed in any situation as the user just has it either directly on his smartphone or computer system, providing him/her quick and real-time access to doing business within and outside the shores of the country without fear of making a human error that is a characteristic of most this transactions.
• Currency converter apps are mostly free and come ad-free too. They are ingrained with the unique feature that links all of them to a currency page online. Which proofreads them with the needed database that allows you to discover in-depth the knowledge of individual currencies. Most of these converter Apps follows every currency being traded and offers a multiple-currency display to help you keep track of relative trends simultaneously and keep you updated as well.
• Currency converter Apps are able to handle a large number of popular currencies, it also has in built-in it, several options that would make them appeal to a large number of business people. It has the ability to be operated in offline mode – to save on the bandwidth and data time. In addition, it can track changes in the international markets and display them as a graph, helping to predict future trends and giving analytics. Paired with a constant update of currency news, this if you will agree with me is a major benefit of Currency Converters that exist as apps.
• Currency converter Apps can be depended on for accurate and fast information. It is dependable to provide information in real-time. These apps have an easy to navigate, pleasing and easy to use interface, presents the latest data on world currencies and precious metals. Users can even have all such data tracked in real-time.

Why is Naira Falling Against Dollar?

In 2021 alone, the Nigerian naira has unfortunately broken its all-time low record value several times, despite there still being another half of the year to go? What causes this?

There are many reasons why this phenomenon occurs. However, among the main ones are the following:

1. Increase in the amount of Naira that circulates without an increase in the wealth of Nigeria. When this happens, the Naira in circulation cannot be backed by reserves like the dollar, and therefore decreases in value.
2. Due to a drop in the demand for local currency, as a result of an increase in the demand for foreign currency.

Who is Involved in this Phenomenon?

The main factors behind the depreciation of the naira are:

• politics,
• war,
• acts of terrorism, or
• any other situation that puts the country in question in a situation of mistrust or instability.

All of these factors have plagued Nigeria in the past two decades since when the naira was last valued at less than ₦100 to a dollar.

Why this affects the value of the naira is because foreign investors prefer to take their money to countries with stable economies, and find it more convenient to lend their money to governments with higher interest rates.

Will the Naira Stop Falling?

Unfortunately not. As we have seen, this phenomenon goes very hand in hand with political-social movements, which are present every day in all countries.

Then, the only thing that could ensure that there is no longer depreciation in the value of the naira, would be if society itself ceased to exist. However, we do have some tips to deal with this situation:

How do I Protect Myself from A Weak Naira Against the Dollar?

Take Care of Goods

It is preferable to have money in material properties than in circulating naira.

Moderate Expenses

Plan ahead for the things you want to buy, and study carefully whether current economic perceptions allow it.

Save Money

It is convenient to reserve a part of the naira for possible emergencies or unforeseen events. If there is a devaluation, the anticipated saving will allow living those moments of crisis with greater relief.

Why Was the Naira Devalued Against the Dollar?

There are several reasons that can move the Central Bank of Nigeria to devalue the Naira against the dollar, the primary factors behind devaluation are:

Be More Competitive in Export Prices 

Nigeria sometimes, with the intention of increasing the volume of their exports, have resorted to devaluing the naira. In this way, this makes the products cheaper compared to other countries.

The idea is to increase market share and generate more income. However, although exports may increase, imports will come at a higher price as the dollar becomes more expensive compared to the Naira.

Financing Public Spending

In certain cases, Nigeria has sometimes chosen to print banknotes to finance public spending. Typically this creates inflation.

Fight Deflation

In instances where prices are falling (deflation), Nigeria will opt to issue money. Although this will directly influence an increase in inflation it will also trigger a devaluation of the Nigerian naira.

Why is Dollar Higher than the Naira?

The dollar has remained the world’s reserve currency since US President Richard Nixon shocked the world when he disassociated it from gold in 1971. Its large volume and the country’s efficient banking system made the currency more convenient, and cheaper to trade than other currencies.

Specialists point out that the dollar is considered the most important currency in the world and this is due to its use as a global currency and its implications in all financial markets in the world.

Today, 88% of currency transactions are in dollars and no other currency comes anywhere near that level. Some economies are so dependent on US banknotes that they are even commonly used on a day-to-day basis, and greenbacks can be withdrawn at ATMs.

In fact, an estimated two-thirds of the $100 bills and half of the $ 50 bills are outside the United States.

In aggregate, the dollar today represents 61% of the world’s foreign exchange reserves. This is because, while other currencies are as stable as the dollar, the US has much more economic power and influence.

For example, the Swiss franc is just as stable as a currency, but the population of Switzerland is only eight million, while the American giant has about 330 million citizens:

So in essence the first reason for the dollar’s dominance over the naira and other currencies is the fact that the country with the highest interest rate should have a stronger currency.

The second factor indicates that as a country develops economically faster, its currency strengthens because investors want to put their money where there is growth. At the same time the central bank now has more incentives to raise the interest rate, further strengthening the dollar against the naira.

And finally, there is the reserve of value and this is one of the basic but most important functions of money, since the more stable the currency is, the more demand it will have. This is why no currency is traded more with the naira than the US Dollar.

Dollar to Naira Bank Rate Today

At the time of writing, the value of one dollar was equivalent to ₦411.50, a 5-day low of 0.12%, and depreciation of 0.37% from the month prior.

It also signifies that in the past 365 days, the Naira has lost 6.19% of its value against the dollar along with a drop of 32.19% in the past 5 years.

Dollar to Naira Exchange Rate History

1972 $1 = ₦0.658

1973 $1 = ₦0.658

1974 $1 = ₦0.63

1975 $1 = ₦0.616

1976 $1 = ₦0.62

1977 $1 = ₦0.647

1978 $1 = ₦0.606

1979 $1 = ₦0.596

1980 $1 = ₦0.550

1981 $1 = ₦0.61

1982 $1 = ₦0.673

1983 $1 = ₦0.724

1984 $1 = ₦0.765

1985 $1 = ₦0.894

1986 $1 = ₦2.02

1987 $1 = ₦4.02

1988 $1 = ₦4.54

1989 $1 = ₦7.39

1990 $1 = ₦7.39

1991 $1 = ₦8.04

1992 $1 = ₦9.91

1993 $1 = ₦17.30

1994 $1 = ₦22.33

1995 $1 = ₦21.89

1996 $1 = ₦21.89

1997 $1 = ₦21.89

1998 $1 = ₦21.89

1999 $1 = ₦21.89

2000 $1 = ₦85.98

2001 $1 = ₦99 – ₦106

2002 $1 = ₦109 – ₦113

2003 $1 = ₦114 – ₦127

2004 $1 = ₦127 – ₦130

2005 $1 = ₦132 – ₦136

2006 $1 = ₦128.50 – ₦131.80

2007 $1 = ₦120 – ₦125

2008 $1 = ₦115.50 – ₦120

2009 $1 = ₦145 – ₦171

2010 $1 = ₦148.21 – ₦154.8

2011 $1 = ₦151.05 – ₦165.1

2012 $1 = ₦155.09 – ₦161.5

2013 $1 = ₦153.21 – ₦162.9

2014 $1 = ₦170 – ₦199

2015 $1 = ₦199 – ₦300

2016 $1 = ₦300 – ₦320

2017 $1 = ₦352 – ₦359

2018 $1 = ₦355 – ₦364

2019 $1 = ₦306 – ₦365

2020 $1 = ₦361 – ₦387

2021 $1 = ₦411.15 (July 2021)

Source(s) :

https://www.investopedia.com/terms/c/currency-depreciation.asp

https://www.thebalance.com/world-currency-3305931