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.
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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:
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.
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