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.

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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 the 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.

Economic News and Updates

Economic news and updates make up the vital informative tools that Forex traders always want to have at their disposal. These tools may include forecasts, policies and fiscal decisions pertaining to local and foreign financial markets. Directives by monetary regulatory agencies also constitute the economic information which Forex traders need for decision making.

AbokiFX news section essentially provides regular news and updates about the Nigerian and the global financial markets. To ease users’ access to this information (updates and news), AbokiFX lets them retrieve the information month by month.

Relevant commentaries and in-depth analysis are provided in addition to the economic news and updates. With this, it becomes easy for users of AbokiFX to leverage insightful analysis about the Forex market in making smart trading decisions.

Currency Conversion Calculator

AbokiFX offers this calculator which enables you to figure out the value of one currency against another. With this, you can easily determine the price at which the Nigerian naira exchanges for a particular currency.

About AbokiFX Mobile App

The mobile app of AbokiFX is an intuitive and user-oriented resource available to both Android and iOS users. If you want to interact with AbokiFX beyond the platform’s website, the AbokiFX mobile app is surely your perfect choice. Aside from the ease of access it offers, AbokiFX’s mobile app is vastly compatible, making it suitable for various mobile devices including tabs and smartphones. You’re very likely to get a version that perfectly befits your kind of mobile device.

On the website of AbokiFX, you’ll find the links for downloading the app. Click the link here to visit the website of AbokiFX. To download the app, scroll to the bottom of the site’s homepage and click the App Store or Google Play download button that you see there.

AbokiFX is a go-to online platform for the latest information about the Nigerian parallel market. Both on the official website and the mobile app, AbokiFX is a platform you can bank on for up-to-date Forex information in Nigeria.


Dollar to Naira Bank Rate Today 

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

As at the time of writing, the value of one dollar was equivalent to ₦411.50, a 5-day low of 0.12%, and a 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.


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 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 this 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 effects 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 are 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 to live 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 have 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 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 due to 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. Afthe same time the central bank now have moe 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

As at the time of writing, the value of one dollar was equivalent to ₦411.50, a 5-day low of 0.12%, and a 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)

 

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