AbokiFX is a Nigerian online site application platform which provides daily updates and information on the parallel market (black market) foreign exchange rate for the Naira.
Utilising the power of the internet, AbokiFX has become arguably the most authoritative voice in the dissemination of news regarding the foreign exchange sector in Nigeria.
On the platform, you can check for news updates on currencies from local and global news agencies as well as charts mapping trends in the foreign exchange market over long time periods.
AbokiFX which is the most referenced platform to get live exchange rates, provides you with daily naira FX rates against the USD (dollars), (GBP) pound sterling, (EUR) Euro and other currencies such (GHS) Ghana Cedis, XAF and XOF Benin and Cameroon Francs. It also provides daily bank ATM rates, Market FX news, Aboki street news, CBN Rates, Lagos BDC rates, Moneygram and Western Union rates.
Currency Conversion Calculator
One important feature on the AbokiFX website is the currency conversion calculator, which lets you know how much of a particular major currency (say, the British pound or the US dollar) you would get in exchange for an amount of the naira you specify.
AbokiFX also has an app where critical information is made easily accessible due to the wide gap between the central bank of Nigeria (CBN) official foreign exchange rate and that of the parallel market. The app is available on both Android and iOS platforms.
Interestingly, the AbokiFX website can help you download the most compatible version of its mobile app for use on your phones, tabs as well as other smart devices. It guides you on proper steps to use in downloading the apps on your phone and how to navigate through the features on the application.
Information on currency exchange rate in some Nigerian banks can also be seen on the website. Access Bank and Guarantee Trust Bank are the most active banks as their FX rates are published regularly.
You can access the latest information regarding price movements between the Naira and other currencies, previous rates, rates set by the Central Bank of Nigeria(CBN), rates charged by international money services firms like MoneyGram and the Western Union as well as parallel market prices.
CBN Official Rates
AbokiFX features a direct connection to the official Central Bank of Nigeria CBN rates. While checking the parallel market rates, users are able to keep tabs on what the official CBN rates are and empowered through this flexibility to make informed choices, all from one platform.
ATM rates will give you a working idea of what exchange rates banks in Nigeria give their customers, under the close supervision of the CBN. If you desire to know the rates by currency as well as the monthly rate postings, then this tab will serve you just fine.
Western Union Rates
For those willing to send and/or receive money via the Western Union channel. AbokiFX lets you see what rate transactions are done for Nigerian Naira (NGN) against the world currencies with; the United States Dollars (USD), the United Kingdom Pound Sterling (GDB) and the EURO.
Black Market BDC Rates
Bureau de Changes in Nigeria form an important part of the foreign exchange ecosystem in Nigeria, hence AbokiFx allows you the freedom to know what the businesses sanctioned by the CBN to feature in the forex market, has to offer.
Indepth Coverage of Parallel Market FX Rates
With the parallel market being the major destination for most Nigerians sourcing for their foreign exchange requirements, the AbokiFX app shields its users from making mistakes due to uncertainties or insufficient knowledge, its feature of providing the currency quotes for the morning, afternoon and evening eliminates any misinformation that may arise. Such innovations are applicable to all the major currency pairs on offers such as the Pound, the Dollar and the Euro rates against the dollar.
Economic News and Updates
With this feature, users can receive information regarding policy and fiscal decisions made by monetary/financial regulatory agencies, trends and forecasts in the Nigerian and global financial markets, insightful analysis and commentaries as well as other tidbits/information.
The AbokiFx News is structured on a month-by-month basis. The website provides news events on the current economic realities and also in-depth analysis that covers happenings in the currency exchange market and the global economy as a whole. These provide different perspectives to users to make informed choices and accurate economic and financial decisions.
How to use AbokiFX
To use AbokiFX, all you need do is – visit their official web page at abokifx.com and use the navigation boxes to get various dollar/euro/pound exchange rates as required.
To download the mobile app, search your mobile phone’s app store directory for the compatible app to install.
There’s also a contact page to report issues to the developers of the website.