For over a decade, the Naira has continued to lose value against major currencies; US Dollars, Euro, and Pounds which has hurt so many businesses from the operation. Every day, the rate changes, sometimes to the downside but most times to upside (as reflected in our five-year summary chart).
This exchange rate fluctuation has accounted for reasons individuals and small business owners look for a reliable portal where they will find accurate exchange rate information. In Nigeria, there are two markets available for forex; the market rate and black/parallel market.
If you have been asking, How Much is Dollar Euro Pounds Exchange Rate to Naira Today? this guide will help find the places for the latest rates now.
BlackMarket & CBN Rate
In Nigeria, there are two markets available for forex; the market rate and black market (parallel or “Aboki market“). While the former is determined by the interplay between demand and supply from banks, oil companies, and authorised forex dealers, the latter is subjective (arbitrary).
Here we have reviewed two powerful applications you can refer to when you want to buy or sell US dollars, Euro and/or Pounds in Nigeria, at the market; AbokiFx and NairaBot.
AbokiFx, on a daily basis, publishes the latest exchange rate between the Nigerian Naira and the US Dollar, British Pound, and Euro at banks ATM, Western Union, Moneygram and Black Market. You can also have it downloaded on your smartphone which gives you seamless access to all the forex news and rates on the go.
NairaBot, on the other hand, is a Facebook messenger application that connects to AbokiFx via an API to answer your exchange rate request based on the following command:
=> rates (to get parallel market rates)
=> convert 100 usd (to convert 100 dollars to naira by default) or
=> convert 100 dollars or
=> convert 100 pounds to naira
=> wu (to get western union rates) or
=> westy (same as wu above)
=> wu convert 1000 euros (to convert western union 1000 euros to naira) or
=> wu convert 100 pounds to naira(to convert 100 pounds to naira at western union rates)
=> cbn rates(to get cbn exchange rates)