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Abokifx Exchange Rate Today Live

Abokifx Exchange Rate Today Live

One of the most trusted platforms to get live exchange rates is Money Master Tutorials. Another great platform is Abokifx. You can convert foreign currencies instantly with the Abokifx calculator and also see black market exchange rates for most currencies.

For example, you could find live exchange rates from US Dollars to Nigerian dollars in the black market and more.

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Abokifx Exchange Rate Today Live

In order to effectively use Abokifx platform, you must understand how it functions. Here’s a quick explanation of some key terms and what to look out on the platform:

Exchange Rate Definition

What is an Exchange Rate?

An exchange rate is the value of one nation’s currency versus the currency of another nation or economic zone. For example, how many U.S. dollars does it take to buy one euro? As of February 23, 2019, the exchange rate is 1.13, meaning it takes $1.13 to buy €1.

Abokifx Rates by Currency

Abokifx rates by currency permit you to check the live exchange rates of all world currencies either using their Google Play App or their website.

How Are International Exchange Rates Set?

International currency exchange rates display how much one unit of a currency can be exchanged for another currency. Currency exchange rates can be floating, in which case they change continually based on a multitude of factors, or they can be pegged (or fixed) to another currency, in which case they still float, but they move in tandem with the currency to which they are pegged.

Knowing the value of a home currency in relation to different foreign currencies helps investors to analyze assets priced in foreign dollars. For example, for a U.S. investor, knowing the dollar to euro exchange rate is valuable when selecting European investments. A declining U.S. dollar could increase the value of foreign investments just as an increasing U.S. dollar value could hurt the value of your foreign investments.

KEY TAKEAWAYS

  • Fixed exchange rate regimes are set to a pre-established peg with another currency or basket of currencies.
  • A floating exchange rate is one that is determined by supply and demand on the open market as well as macro factors.
  • A floating exchange rate doesn’t mean countries don’t try to intervene and manipulate their currency’s price, since governments and central banks regularly attempt to keep their currency price favorable for international trade.
  • Floating exchange rates became are the most common and became popular after the failure of the gold standard and the Bretton Woods agreement.

Floating vs. Fixed Exchange Rates

Currency prices can be determined in two main ways: a floating rate or a fixed rate. A floating rate is determined by the open market through supply and demand on global currency markets. Therefore, if the demand for the currency is high, the value will increase. If demand is low, this will drive that currency price lower. Of course, several technical and fundamental factors will determine what people perceive is a fair exchange rate and alter their supply and demand accordingly.

A fixed or pegged rate is determined by the government through its central bank. The rate is set against another major world currency (such as the U.S. dollar, euro, or yen). To maintain its exchange rate, the government will buy and sell its own currency against the currency to which it is pegged. Some countries that choose to peg their currencies to the U.S. dollar include China and Saudi Arabia.

The currencies of most of the world’s major economies were allowed to float freely following the collapse of the Bretton Woods system between 1968 and 1973. Therefore, most exchange rates are not set but are determined by on-going trading activity in the world’s currency markets.

Factors That Influence Exchange Rates

Floating rates are determined by the market forces of supply and demand. How much demand there is in relation to supply of a currency will determine that currency’s value in relation to another currency. For example, if the demand for U.S. dollars by Europeans increases, the supply-demand relationship will cause an increase in the price of the U.S. dollar in relation to the euro. There are countless geopolitical and economic announcements that affect the exchange rates between two countries, but a few of the most common include interest rate changes, unemployment rates, inflation reports, gross domestic product numbers, manufacturing data, and commodities.

Short-term moves in a floating exchange rate currency reflect speculation, rumors, disasters, and everyday supply and demand for the currency. If supply outstrips demand that currency will fall, and if demand outstrips supply that currency will rise. Extreme short-term moves can result in intervention by central banks, even in a floating rate environment. Because of this, while most major global currencies are considered floating, central banks and governments may step in if a nation’s currency becomes too high or too low.

A currency that is too high or too low could affect the nation’s economy negatively, affecting trade and the ability to pay debts. The government or central bank will attempt to implement measures to move their currency to a more favorable price.

Macro Factors

More macro factors also affect exchange rates. The ‘Law of One Price’ dictates that in a world of international trade, the price of a good in one country should equal the price in another. This is called purchasing price parity (PPP). If prices get out of whack, the interest rates in a country will shift—or else the exchange rate will between currencies. Of course, reality doesn’t always follow economic theory, and due to several mitigating factors, the law of one price does not often hold in practice. Still, interest rates and relative prices will influence exchange rates.

Another macro factor is the geopolitical risk and the stability of a country’s government. If the government is not stable, the currency in that country is likely to fall in value relative to more developed, stable nations.

Forex and Commodities

Generally, the more dependent a country is on a primary domestic industry, the stronger the correlation between the national currency and the industry’s commodity prices.

There is no uniform rule for determining what commodities a given currency will be correlated with and how strong that correlation will be. However, some currencies provide good examples of commodity-forex relationships.

Consider that the Canadian dollar is positively correlated to the price of oil. Therefore, as the price of oil goes up, the Canadian dollar tends to appreciate against other major currencies. This is because Canada is a net oil exporter; when oil prices are high, Canada tends to reap greater revenues from its oil exports giving the Canadian dollar a boost on the foreign exchange market.

Another good example is the Australian dollar, which is positively correlated with gold. Because Australia is one of the world’s biggest gold producers, its dollar tends to move in unison with price changes in gold bullion. Thus, when gold prices rise significantly, the Australian dollar will also be expected to appreciate against other major currencies.

Maintaining Rates

Some countries may decide to use a pegged exchange rate that is set and maintained artificially by the government. This rate will not fluctuate intraday and may be reset on particular dates known as revaluation dates. Governments of emerging market countries often do this to create stability in the value of their currencies. To keep the pegged foreign exchange rate stable, the government of the country must hold large reserves of the currency to which its currency is pegged to control changes in supply and demand.

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Dollar to Naira Exchange Rate Today Currency Converter Calculator

Abokifx Black Market Exchange Rate Today {Euro Pounds Dollar To Naira}

Abokifx Black Market Exchange Rate Today For Euro Pounds Dollar To Naira …

Abokifx.com website is a very popular website / online platform for the daily update on Nigeria’s conversion to a major currency black market exchange rate Lagos Aboki forex.

Note : Black Market is also referred to as Parallel Market

Its more of a life update, the update takes place three times in a day, showing two (**) for afternoon update and three (***) for the last daily market date. The website is fast becoming the number one goto site to check the latest currency exchange rate

Abokifx Lagos black market exchange rate parallel market Aboki forex website

Enough story – Let’s get into action
What you get on Abokifx Black Market Exchange Rate Today Lagos

Aboki fx Dollar to Naira Exchange Rate

  • Buy = 358 / Sell = 360

Aboki forex Pounds to Naira Exchange Rate

  • Buy = 445 / Sell = 450

Abokifx.com Euro to Naira Exchange Rate

  • Buy = 384 / Sell = 390

Abokifx Website Ghana Cedis To Naira Rate

  • Buy = 63 / Sell = 70

Abokifx Exchange Rate Today Live CFA To Naira Rate

  • Buy = 570 / Sell = 590

They also give you a different bank and atm rate for a number of countries currency fx rate, bank atm rate, high and low ranking and more . . .

You have to know that checking the major currencies, is not all you can do on Abokifx website, you can also check a lot of different countries’ currencies, plus the availability of a parallel market rate calculator for those that do not want to go through the stress of getting a calculator.

Abokifx Exchange Rate Today Live

Abokifx Black Market Exchange Rate Today Dollar Euro Pounds Naira Lagos
Abokifx Black Market Exchange Rate Today Dollar Euro Pounds Naira Lagos

TOP 10 INTERESTING FACTS ABOUT THE NAIRA

The Nigerian Currency the Naira. Hmmm!!! Fascinating actually, the Naira has lots of interesting facts, I believe we should all know about. Lets actually take a look at the history of the Naira.

Nigeria gained independence in the year 1960, the Naira was introduced in the year 1973, this was when Nigeria decimalized its monetary system and substituted the naira for the Nigeria pound, this was actually what the country used when it was a British colony, this currency was actually divided into shillings.

The coin denominations range from ½ kobo to 1 naira banknotes which are denominated from 5 to 500 naira values. Naira would be equivalent to ten shillings, the minor unit is kobo, 100 kobo which actually makes one Naira. The decision to change to the decimal currency which took place on January 1973, brought about some changes which involved both currency notes and coins. The Federal Government introduced the N20 as the highest denomination at that period of time, on the 2nd of July 1979, new currency notes of three denominations were introduced which were namely N1, N5, N10. These notes that were introduced were of the same size which was 151 × 78mm.

1,000 Naira Note

Abokifx Black Market Exchange Rate Today Dollar Euro Pounds Naira

This currency which was issued actually bears the portraits of three eminent Nigerians who were declared national heroes on the 1st of October 1978. The engraving on the back of the notes reflects the cultural aspects of the country. In the years 1999, 2000, 2001 the N100, N200, and N500 were introduced, these were to expand economic activities and also facilitate an efficient payment system. On October 12, 2005, N1000 notes were brought into circulation. These notes carried the portraits of the first two central bank governors Clement Isong and Aliyu Mai-Bornu, their faces were there and also a picture of the bank main’s office at the bank.

On February 28th, 2007, as part of the economic reforms N50, N10, N20, N5 bank notes as well as N1 and 50K coins were re-issued with new designs. At that time only N20 was printed on polymer, while a new N2 coin was introduced. Recently, the CBN indicated plans that are in the top gear to print denominations such as N5, N10, N50 notes on a polymer. The Apex bank governor Sanusi Lamido first disclosed this when he appeared before the House committee on banking and currency on July 29, 2009.

Lamido told the committee that the approval has already been given for the Apex bank to proceed with mining of the notes by the Federal government under the tenure of Prof Chukuma |Soludo tenure as CBN governor.

Now below are the top 10 interesting facts about the Naira, above was just a little history, so read on below.

  1. The Naira was introduced in 1973 to replace the British pound as the official currency of the Naira and they were mostly coins.
  2. The first coins that were introduced were the ½, 1, 5, 10 and 25 kobo coins.
  3. The CBN is the only organization authorized to print and manufacture the naira note.
  4. Most of the banknotes in Nigeria contain images of the previous political leaders which are important in Nigeria’s history. We have people like Sir Abubakar Tafewa Balewa, Nigeria’s first prime minister. He is pictured on the N5 naira note while Nnamdi Azikiwe is on the N500 naira note.
  5. President Goodluck Jonathan Unveiled  New N100 naira note on the 12th of November, 2014 to commemorate Nigerian’s 100 years of existence.
  6. In the year 1968, currency notes were changed as a war strategy.
  7. The Nigeria currency has been re-issued 5 times (1959, 1965, 1968, 1973, 2007)
  8. Nigeria was formerly using the West African Currency Board notes as legal tender.
  9. The first notes that were introduced were the 50 Kobo, 1 Naira, 5 Naira, 10 Naira, and 20 Naira.
  10. N50 notes were not introduced until 1991.

I hope we have done justice to our Post on ” Abokifx Black Market Exchange Rate Today Dollar Euro Pounds Naira  … Lagos “, share your thoughts and suggestions with us through the comment box and like us on facebook @ facebook.com/MoneyMasterTutorials or follow us on Instagram @  instagram.com/MoneyMasterTutorials. Thanks

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Posted in Africa, Currency Converter, Exchange Rate, Nigeria

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