Aboki Forex is a popular app and website that provides currency exchange rates information for Nigerians. It features black market rates, official rates, ATM rates, crypto rates, and news related to the Nigerian economy and foreign exchange market. In this article, we will explain what Aboki Forex is, how it works, and why it is a reliable platform for currency exchange rates in Nigeria.
What is Aboki Forex?
Aboki Forex is the original Nigeria’s number one currency exchange rates app. It was launched in 2016 by GreatCallie Ltd, a Nigerian company that specializes in web and mobile app development. The app is available for Android and iOS devices, and it has over one million downloads on Google Play Store.
Aboki Forex also has a website that provides the same information as the app, as well as a currency converter tool that allows users to convert foreign currencies instantly. The website claims to be the most trusted platform to get the live exchange rates.
Aboki Forex derives its name from the Hausa word “aboki”, which means “friend” or “foreigner”. The word is commonly used in Nigeria to refer to street vendors who sell or exchange foreign currencies at unofficial rates. These vendors are also known as “bureau de change” or “mallams”.
How Does Aboki Forex Work?
Aboki Forex works by collecting and displaying currency exchange rates from various sources, such as the Central Bank of Nigeria (CBN), the Investors and Exporters (I&E) window, and the black market. The app and website update their rates every hour to reflect the latest changes in the market.
The app and website have different sections that show different types of rates, such as:
- Black Market Rates: These are the rates offered by the street vendors or mallams. They are usually higher than the official rates, but they are also more volatile and risky. Aboki Forex shows the black market rates for major currencies such as US dollar, British pound, Euro, Canadian dollar, South African rand, UAE dirham, Chinese yuan, Ghanaian cedi, and West African CFA franc.
- CBN Rates: These are the official rates set by the Central Bank of Nigeria for interbank transactions. They are usually lower than the black market rates, but they are also more stable and regulated. Aboki Forex shows the CBN rates for US dollar, British pound, and Euro.
- I&E Rates: These are the rates offered by the Investors and Exporters window, which is a special market segment created by the CBN in 2017 to facilitate foreign exchange transactions for investors and exporters. The I&E window operates on a market-determined exchange rate system, which means that the rates are determined by supply and demand. Aboki Forex shows the I&E rates for US dollar only.
- ATM Rates: These are the rates offered by banks when customers withdraw foreign currencies from their ATM cards. They are usually similar to the CBN rates, but they may vary depending on the bank and the card type. Aboki Forex shows the ATM rates for US dollar only.
- Crypto Rates: These are the rates offered by cryptocurrency platforms when customers buy or sell digital currencies such as Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, etc. They are usually determined by market forces and can fluctuate significantly depending on demand and supply. Aboki Forex shows the crypto rates for US dollar and Nigerian naira only.
Aboki Forex also provides news articles that cover topics related to the Nigerian economy and foreign exchange market. These articles help users to stay informed about the latest developments and trends that may affect their currency transactions.
Why is Aboki Forex Reliable?
Aboki Forex is reliable because it provides accurate and up-to-date information on currency exchange rates in Nigeria. It sources its data from reputable and verified sources such as the CBN, the I&E window, and reputable black market vendors. It also updates its data every hour to ensure that users get the most current rates available.
Aboki Forex is also reliable because it provides comprehensive and diverse information on currency exchange rates in Nigeria. It covers different types of rates such as black market rates, official rates, ATM rates, crypto rates, etc. It also covers different currencies such as major currencies, African currencies, Asian currencies, European currencies, etc. It also provides news articles that keep users informed about the Nigerian economy and foreign exchange market.
Aboki Forex is also reliable because it provides user-friendly and convenient features that enhance user experience. It has a simple and intuitive interface that allows users to easily navigate through different sections and access relevant information. It also has a currency converter tool that allows users to convert foreign currencies instantly with the Abokifx calculator. It also has an analytics section that shows historical trends and charts of currency exchange rates.
Conclusion
Aboki Forex is a popular app and website that provides currency exchange rates information for Nigerians. It features black market rates, official rates, ATM rates, crypto rates, and news related to the Nigerian economy and foreign exchange market. It works by collecting and displaying currency exchange rates from various sources, such as the CBN, the I&E window, and the black market. It is reliable because it provides accurate, up-to-date, comprehensive, diverse, user-friendly, and convenient information on currency exchange rates in Nigeria. Aboki Forex is a useful platform for anyone who wants to buy or sell foreign currencies in Nigeria.
