Aboki forex exchange

To deal with has been the sourcing and pricing of foreign currencies, due to the central bank’s questionable forex management.Keeping track of the CBN’s foreign exchange policies can be a dizzying affair as is setting up and using domiciliary accounts at legacy banks. The only solution is to build a better system and that’s what Aboki Africa has set out to do.1% feeAboki Africa officially launched in 2020 as an online money exchange service. Users could transfer foreign currencies from domiciliary accounts to their Aboki accounts in exchange for naira and vice versa. But after facing some difficulties with executing transfers, Idorenyin revealed that the company had to rebuild the platform, which culminated in a July 2021 relaunch with the addition of digital foreign bank accounts.“Initially, we expected that users would figure out how to receive their money and then come to the exchange using Aboki Africa. But now, we’re also helping them solve the problem of receiving money, which they can exchange with us immediately.”Aboki Africa uses the parallel market (black market) rates for currency exchanges and charges a 1% fee on every transaction or conversion, capped at ₦3,000 (around $6).Nigerians can sign up and get a foreign account within 1-2 business days after registration, provided they meet compliance requirements, according to Idorenyin.For now, Aboki Africa only provides European currency-denominated accounts (Pounds and Euros). It is currently working on adding USD accounts.What next?Aboki Africa’s operation so far has been funded by two angel investors. Idorenyin revealed that the startup is in the process of raising pre-seed funding.The startup plans to expand product offerings for users, starting with the addition of more currency support including USD, and the launch of a mobile application. It is also looking to deepen market penetration in Nigeria. Currently, Aboki Africa has around 3,000 users. Given the sheer scale of the retail forex market in Nigeria, the startup will be looking to increase its user figures significantly as it expands, especially in the wake of the CBN ban on BDCs. The demand pool includes remote workers, remittance recipients, importers and exporters, traders, manufacturers, etc.“There’s a

Aboki Africa is a startup that offers digital foreign bank accounts and foreign exchange services to Nigerians via its web-based platform. The company was founded by Idorenyin Obong and Joseph Aghedo, inspired by the personal experience of the former.“The idea first came up in 2019. I had saved up in U.S. dollars and wanted to pay my rent with the money. I remember spending most of my day trying to convert USD to Naira,” Idorenyin told TechCabal. “The experience was concerning to me at that moment, and led to Aboki Africa, which we launched around a year later.”Back then, Idorenyin employed the services of a bureau de change (BDC) operator in Lagos to convert his money. Fast forward to two years later, the exchange rate has not only skyrocketed (in favour of the USD), it’s also become harder to find a money changer.This is because, on July 27, the Central Bank of Nigeria (CBN) halted the sale of foreign currencies to bureau de change operators, a decision that sparked backlash due to the vital role BDCs play in the retail segment of the forex market.The wide network of the 5,600+ licensed BDC operators has been a reliable and easy go-to source for Nigerians quickly seeking foreign currency for education, travel, and other minor transactions. But that was not the first time a CBN announcement on forex-related affairs would cause apprehension. Since 2015, a major economic challenge Nigerians have had to deal with has been the sourcing and pricing of foreign currencies, due to the central bank’s questionable forex management.Keeping track of the CBN’s foreign exchange policies can be a dizzying affair as is setting up and using domiciliary accounts at legacy banks. The only solution is to build a better system and that’s what Aboki Africa has set out to do.1% feeAboki Africa officially launched in 2020 as an online money exchange service. Users could transfer foreign currencies from domiciliary accounts to their Aboki accounts in exchange for naira and vice versa. But after facing some difficulties with executing transfers, Idorenyin revealed that the company had to rebuild the platform,

Which culminated in a July 2021 relaunch with the addition of digital foreign bank accounts.“Initially, we expected that users would figure out how to receive their money and then come to the exchange using Aboki Africa. But now, we’re also helping them solve the problem of receiving money, which they can exchange with us immediately.”Aboki Africa uses the parallel market (black market) rates for currency exchanges and charges a 1% fee on every transaction or conversion, capped at ₦3,000 (around $6).Nigerians can sign up and get a foreign account within 1-2 business days after registration, provided they meet compliance requirements, according to Idorenyin.For now, Aboki Africa only provides European currency-denominated accounts (Pounds and Euros). It is currently working on adding USD accounts.What next?Aboki Africa’s operation so far has been funded by two angel investors. Idorenyin revealed that the startup is in the process of raising pre-seed funding.The startup plans to expand product offerings for users, starting with the addition of more currency support including USD, and the launch of a mobile application. It is also looking to deepen market penetration in Nigeria. Currently, Aboki Africa has around 3,000 users. Given the sheer scale of the retail forex market in Nigeria, the startup will be looking to increase its user figures significantly as it expands, especially in the wake of the CBN ban on BDCs. The demand pool includes remote workers, remittance recipients, importers and exporters, traders, manufacturers, etc.“There’s a huge market of business people and remote workers, especially because of Covid. They can generate foreign accounts with us, give to whoever is paying them from abroad and get paid, as well as exchange currencies with us.” Idorenyin is also targeting the API infrastructure market for foreign exchange, which he says is currently untapped.“We have a couple of things to improve on and offer. For instance, providing infrastructure services such as APIs to other companies for global foreign payouts. Aboki Africa is also considering expanding to as many countries as possible.”During his undergraduate days and since bagging a bachelor’s degree in computer science from the Cross River University of Technology, Idorenyin

Forex Dollar to Naira Black Market Exchange Rate February 1st, 2024 As of February 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1510 NGN in the black market, also referred to as the parallel market or Aboki fx. Share Tweet As of February 1st, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1510 NGN in the black market, also referred to as the parallel market or Aboki fx.For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,450 and sell it at N1,440 on Wednesday, January 31st, 2024 based on information from Bureau De Change (BDC).Meaning, the Naira exchange rate declined when compared to today’s rate below.This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.How much is the Black market dollar to Naira today, 1st February 2024?Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.Black Market Dollar to Naira Exchange RateBuying Rate: N1,510Selling Rate: N1,500 Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?See the black market Dollar to Naira exchange rate for 29th February, below. You can swap your dollar for Naira at these rates.How much is a dollar to naira today in the black market?Dollar to naira exchange rate today black market (Aboki dollar rate):The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1500 and sell at N1510 on Thursday 29th February 2024, according to sources at Bureau De Change (BDC).Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.Dollar to Naira Black Market Rate TodayDollar to Naira (USD to NGN)Black Market Exchange Rate TodayBuying RateN1500Selling RateN1510Dollar to Naira CBN Rate TodayDollar to Naira (USD to NGN)CBN Rate TodayBuying Rate1629Selling Rate1630Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.Price Of Local Rice Rose By 98.47% in One Year- NBSThe National Bureau of Statistics (NBS) has revealed that the price of local rice rose by 98.47 percent in January 2024.Announcing the development in its latest food price watch released for January 2024, the statistics bureau detailed that the kilogram price of local rise rose from N514.83 in January 2023 to ₦1,021.79 in January 2024.Naija News reports that the NBS data further detailed that the average price of boneless beef rose by 37.08 per cent between January 2023 and January 2024.Also, the price of brown beans reportedly rose by 64.42 per cent between January 2023 and January 2024.