The exchange rate is a way to know how much value the other currency holds. This is done by pitching your home currency against a foreign currency. To know the amount, AbokiFX exchange rate platform is one way to find out.
If you are the type that deals with foreign merchants or have some online business running, which payment has to be made with foreign currency. Chances are you will most likely be interested in knowing the conversion rate. Bloggers and YouTubers who receive funds through Google Adsense are also not left behind.
To understand the concept of the exchange rate is to think of it as the amount you paid for a particular currency. AbokiFX is a trusted online platform to know your naira to dollar, naira to pound, naira to euro, atm rate, western union rate, money gram rate, CBN rate and other parallels’ rates.
Are you planning to visit that Alhaji to have your foreign currency exchanged to Nigerian’s currency, you need AbokiFX to help you determine how much value you will be getting back. Always do your research whenever you want to buy or sell currency to avoid being cheated.
AbokiFX is an online platform in Nigeria with regular and timely info about currency exchange rate which includes euro, pound, dollar, and bitcoin.
What abokiFX does actually is to provide daily naira FX rates against USD (dollars), (GBP) pound sterling, (EUR) Euro and other currencies.
The exchange rate site, abokiFX, comes with an inbuilt calculator to make conversion easy and error-free. AbokiFx’s calculator can be relied upon to perform what is being thrown at it.
Why you should check the exchange rate with AbokiFX
Whether you are running an online business or not, the exchange rate plays a great role in determining a country’s fortune. By keeping a close watch with fluctuations that are common with currency using Abokifx, it prepares you for the inevitables.
If you are living in countries like ours, Nigeria, you will have come to terms with the fact that values against one another can change anytime which is largely determined by the power of demand and supply. Fluctuations in currency are not anything out of ordinary, prices are meant to change anytime based on demand and supply in the foreign exchange market.
But the question one needs to ask ourselves is why does this keep happening? Although, this follows a natural flow of the floating exchange rate system.
However, there are several factors affecting foreign exchange rates, you should not be surprised if you see “dollar to naira of today” to be slightly higher or lower tomorrow on AbokiFX. Among the volatile conditions affecting foreign exchange rate are interest rate, debts, recession and country’s balance of payment.
Another possible event that could contribute to a nation hitting the bottom could be the inability to provide other channels for trade. For instance, Nigeria economic issues could also be attributed to total concentration on petroleum. Refusal to improve other sectors especially agriculture really affects the economy. To make it work better, we might need to find a way to work around the clock in ensuring that other important sectors like technology and industry are put to work.
As a blogger or YouTuber, we all know Google Adsense is the best ad network out there, it is natural for us to calculate the value against the home country immediately we get the wind of possible earnings. We are most likely to be interested in the exchange rate, abokifx provides a platform to check how much we are getting on conversion.
Another reason why Abokifx is better is that you can also get news about currency and the economy. To make it easier to navigate, abokifx has dedicated mobile apps for android and ios users. There is a lot you can do on the app, this article is more like an introductory one, you are even going to find even more on the platform.
Benefits of AbokiFX
- Enjoy daily and timely updates of all the major currency exchange rates on AbokiFX.
- The black market rate is also not left behind, you can also swipe in to get the information on the platform.
- The digital currency, bitcoin is another payment network that is given a stand on the website.
- Enjoy daily doses of money and economic news to help you forecast better.
- The online platform also has a contact us page to help you with answers of bulging questions and enquiries.
- On the website, you can also make a comparison between previous rates and current rates.
- The platform also provides you with international news and some trends that might decide currency’s fluctuation.
- Abokifx also gives live analytics to give you an insight into fluctuations of foreign currency for making better decisions.
- AbokiFX is arguably the best online platform in Nigeria to get daily naira exchange rate.
Some terminologies on AbokiFX you might be interested in
1. Moneygram rates
Exchange rates are meant to change from time to time. With daily updates provided by abokifx, you can enjoy timely and new information anytime and anywhere as long as you are connected to the internet.
Moneygram rate is the value of one currency for the conversion of another. If someone sends or plans to send you some money, you can quickly look it up to determine how much you will be picking. It also works if you are planning to send some cash to a foreign country and you want to be sure of how much you are taking to the bank for possible transfer.
2. Western union rates
Western Union offers almost the same solution as MoneyGram, but western union is one of the most used and popular ways to send or receive money.
Abokifx offers you direct access to look up your rates. With the information, you can now decide how much you are sending or receiving. Although, there is no way banks will act unprofessionally during the working hours, it is just to prepare you if you will be selling or buying a foreign currency.
3. ATM rates
It is no longer a secret in Nigeria that a lot of people engage in online business as a way to open up more branches for money-making. To facilitate some certain activities, it becomes imperative to get cards like Payoneer or UBA africard for a smooth transaction.
With cards like Payoneer card, you can withdraw from any ATM in Nigeria if you have funds in it. When withdrawing, you do not always get a preview of the exchange rate. You can check abokiFX for an idea of how much naira you will be getting when you exchange your dollar to naira, pounds to naira, or whatever the foreign currency you are dealing with.
4. Bureau de change rates (BDC rates)
Bureau de change makes an important segment of the foreign exchange market, this is a retail foreign exchange dealer who buys and sells a foreign currency with the aim to make a profit.
You can find them at the airport or within your neighbourhood but normally most of us are used to the roadsides’ bureau de change. For years, Nigerians have been patronizing them and there have been less reports of unprofessional activities. This also forms part of black market activities as negotiation might take a different form depending on how good you are.
Meanwhile, you can look up the selling and buying rate of the dollar, euro and pound to have a clear picture of what you are getting back in naira.
5. CBN rates
The central bank of Nigeria commitment is always to inject funds into the market. As an investor or online dealer, one will always find a direct consultation with the CBN using the information provided by AbokiFx.
The CBN official exchange rate could be a guiding layout for whatever you want to do. You can also make a few comparisons with previous trends.
6. Parallel market rates
A parallel market rate which is also known as black market rate is more like underground activities whereby the foreign currency exchange takes place without consideration for the bank or official rate.
In Nigeria, this is what most people use, especially for the sole fact that it leaves no information for a possible investigation. This deal could happen anytime and any day using the unofficial rate at any unofficial place.
With the coverage provided by Abokifx, one should be able to have access to vital information that may help during transactions.
7. Bank exchange rates
Bank exchange rates are the official rates at which banks exchange home currency for another. If you are dealing with a bank, you are dealing with professionals who are mandated to follow acceptable standards.
AbokiFX has updated list for all Nigerian banks including access bank, gtbank, first bank, ecobank, stanbic and zenith bank. All exchange rates are available for your perusal.
Download AbokiFX mobile app for IOS and Android users
Android and iPhone/Ipad users can download AbokiFX app for easy and better access to the platform. With the app, you will no longer need to remember the website name, all you just need is to tap the app and you can start checking your naira exchange rate.
To download AbokiFX’s app (IOS and Android), simply go to the app store. If you are using android, you can search for abokifx on Google Playstore. IOS users will also be able to search for AbokiFX on the apple store.
How to make use of AbokiFX
- Enter www.abokifx.com on your browser. All browsers work well including opera mini.
- Locate the menu to access all rates and important tools offered on abokifx’s website.
- Click on your preferred link to get updates about previous and current rates.
- You can also navigate to the news section or contact page to learn more about trends and happenings in the Nigerian market.
- If you are having problems with the website which I really doubt, you can go to your phone’s app store to download the abokifx app.
How to use AbokiFX calculator to determine the exchange rate
- To use AbokiFX calculator, go to abokifx’s website.
- Scroll down a bit to reveal the AbokiFX’s calculator
- Tap on the calculator. When you tap, a new page within the current page will pop up.
- To see how much you will get when you sell your foreign currency, select the determinant. There are quite a lot including euro, pound, and dollar.
- After selection, enter the amount to have your currency converted to naira. For instance, $1=N375?