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Dollar to Naira Today Black Market June 19, 2024: USD to NGN CBN Rate
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By Kayode Sanni-Arewa
Navigating the currency exchange landscape in Nigeria demands keen awareness of the latest dollar to naira rates. For individuals and businesses, understanding these rates is crucial for making informed financial decisions. Whether dealing with the black market, official channels, or digital platforms like Geegpay and Grey, having a comprehensive guide can significantly ease this complex process. This article provides a detailed overview of current exchange rates, factors influencing these rates, and practical tips for safely navigating the currency exchange market in Nigeria. Dollar to Naira Black Market Exchange Rate The black market, often referred to as the parallel market, typically offers more attractive exchange rates compared to official channels. However, these transactions come with inherent risks, including potential fraud and legal complications. As of June 19, 2024, the black market rates for the dollar to naira are
Buying Rate: ₦1,480
Selling Rate: ₦1,483 – ₦1,490
These rates are subject to frequent fluctuations driven by various factors such as demand and supply dynamics, geopolitical influences, and prevailing economic conditions.
Geegpay and Grey Dollar to Naira Exchange Rates
Digital platforms like Geegpay and Grey have emerged as convenient options for currency exchanges, providing competitive rates and secure transactions.
Geegpay Rates:
EUR (€): Buying at ₦1,690.03,
Selling at ₦1,695.55
GBP (£): Buying at ₦1,950,
Selling at ₦1,965 USD
($): Buying at ₦1,500,
Selling at ₦1,550
Grey Rates:
EUR (€): Buying at ₦1,640.03,
Selling at ₦1,719 GBP
(£): Buying at ₦1,902,
Selling at ₦2,015 USD
($): Buying at ₦1,460,
Selling at ₦1,500
Both platforms have gained popularity due to their ease of use, transparency, and competitive rates, making them viable alternatives to traditional methods of currency exchange.
Latest Dollar to Naira CBN Exchange Rate
The Central Bank of Nigeria (CBN) sets the official exchange rates, which are generally lower than black market rates but provide the stability of government regulation:
Buying Rate: ₦1,514
Selling Rate: ₦1,515
CBN rates reflect government policies aimed at stabilizing the naira and managing the country’s foreign exchange reserves. These rates are crucial for businesses and individuals who prefer the security and predictability of regulated transactions.
Comparing Official and Black Market Rates
A significant disparity exists between official and black market rates. While the black market offers higher rates, the associated risks, including fraud and legal issues, are considerable. The CBN advises using official channels to avoid these risks. Official rates, regulated by the government, provide more stability and reliability, making them a safer option for most transactions.
Pounds and Euro to Naira Exchange Rates
For those dealing in currencies other than the US dollar, here are the latest rates:
Pounds to Naira (CBN Rates):
Buying Rate: ₦1,890
Selling Rate: ₦1,905
Euro to Naira (Black Market Rates):
Buying Rate: ₦1,615
Selling Rate: ₦1,625
These rates are also subject to fluctuations based on market conditions and economic policies.
Understanding Exchange Rate Fluctuations
Exchange rates between the dollar and naira fluctuate due to several factors:
*Economic Policies:* Government decisions on interest rates, inflation control, and monetary policies significantly impact exchange rates.
*Supply and Demand:* The availability of foreign currency versus the local currency demand influences rate movements.
*Political Stability:* Geopolitical events can create uncertainty, affecting investor confidence and, consequently, exchange rates.
**Global Economic Conditions* : Changes in global markets, such as oil prices and economic growth rates, also affect the naira
How to Safely Navigate the Currency Exchange Market
Given the risks associated with the black market, it is advisable to use official channels or reputable online platforms like Geegpay and Grey for currency exchanges. These platforms offer transparency, security, and competitive rates, reducing the likelihood of fraud and legal issues.
*Practical Tips for Currency Exchange*
*Research Rates Regularly:* Staying updated on the latest rates is essential for making informed decisions. Use
*Reliable Platforms:* Opt for trusted online services or official banking channels to ensure secure transactions.
*Monitor Economic News:* Keep an eye on news that could affect currency values, as this can provide insights into potential rate changes.
*Plan Ahead:* If possible, plan currency exchanges in advance to take advantage of favorable rates.
FAQs
*What is the current dollar to naira exchange rate in the black market?*
The current black market rate for the dollar to naira is around ₦1,485 for buying and between ₦1,485 and ₦1,487 for selling.
*How does the CBN exchange rate compare to the black market rate?*
The CBN exchange rate is slightly lower, with the buying rate at ₦1,467 and the selling rate at ₦1,470.
The black market rates are typically higher due to demand and supply factors.
*Are online platforms like Geegpay and Grey reliable for currency exchange?*
Yes, platforms like Geegpay and Grey are reliable and offer competitive rates. They are convenient for individuals and businesses engaged in international transactions.
*Why does the dollar to naira exchange rate fluctuate?*
The exchange rate fluctuates due to various factors, including economic policies, inflation, global economic conditions, and market speculation.
*Is it safe to use the black market for currency exchange?*
While the black market may offer better rates, it carries risks such as fraud and legal issues. It’s advisable to use official channels for safer transactions.
*How can businesses manage exchange rate risks?*
Businesses can manage exchange rate risks through hedging strategies, diversifying income sources, and regularly monitoring market trends.
Conclusion on Black Market Dollar to Naira Exchange Rate
Staying informed about the dollar to naira exchange rate is essential for navigating Nigeria’s economic landscape. While the black market offers attractive rates, the risks involved often outweigh the benefits. Therefore, using official channels and reliable online platforms is recommended for safer and more transparent transactions.
News
Nigeria-UN Renew Push For Africa’s Growth
By Gloria Ikibah
Nigeria and the United Nations have reaffirmed their commitment to deepening cooperation on Africa’s development, democratic governance, women’s leadership and regional economic integration following high-level talks in Abuja.
The Minister of Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, received the Regional Director for Africa at the United Nations Development Programme (UNDP), Ahunna Eziakonwa, on Monday, where both sides reviewed the long-standing partnership between Nigeria and the United Nations and explored fresh areas of collaboration.
During the meeting, Odumegwu-Ojukwu congratulated Eziakonwa on her appointment as a United Nations Assistant Secretary-General, describing the elevation as a milestone for both Nigeria and Africa.
“Your appointment is a source of pride for Nigeria and the African continent. It reflects your distinguished contributions to international development, and Nigeria remains committed to strengthening its longstanding partnership with the United Nations in advancing sustainable development, democratic governance and regional prosperity,” the minister said.
The discussions focused on democratic governance, sustainable development, regional integration and peacebuilding, while also reviewing Nigeria’s foreign policy priorities under the government’s 4-Ds framework of Development, Democracy, Demography and Diaspora.
Briefing the minister, Eziakonwa highlighted the outcome of the recently concluded regional dialogue on the implementation of the African Continental Free Trade Area, which Nigeria hosted in partnership with the UNDP.
She lauded Nigeria’s leadership in advancing regional economic integration and stressed that the country’s role remains central to the success of the continental trade agreement.
“Nigeria’s leadership in promoting regional economic integration is commendable. The country’s active participation is indispensable to the success of the AfCFTA.
“Nigeria continues to play a growing role in shaping Africa’s development agenda, and UNDP stands ready to support the Federal Government in advancing inclusive economic growth, entrepreneurship, innovation, and policies that strengthen regional value chains and intra-African trade,” Eziakonwa said.
The meeting also spotlighted efforts to expand opportunities for women and young people across the continent.
Eziakonwa outlined the achievements of the UNDP Regional Leadership Programme, which mentors promising young African women through leadership development, networking and engagement with accomplished leaders. She invited the foreign minister to serve as a mentor and speaker for future cohorts, saying her experience in public service would inspire the next generation of female leaders.
She also invited Odumegwu-Ojukwu to participate in a high-level gathering of African women leaders scheduled for August.
Responding, the minister welcomed the initiative and reaffirmed Nigeria’s support for programmes that expand women’s participation in politics and leadership while creating opportunities for young people.
“Nigeria firmly supports programmes that promote women’s political participation, leadership development and youth empowerment. Investing in the next generation of African leaders remains essential to achieving sustainable peace, democratic governance and inclusive development across the continent,” Odumegwu-Ojukwu said.
She further reaffirmed Nigeria’s commitment to working closely with the United Nations and the UNDP to accelerate the implementation of the United Nations Sustainable Development Goals and the African Union’s Agenda 2063.
Both parties also exchanged views on regional and global developments, emphasising that stronger multilateral cooperation, resilient institutions, inclusive governance and innovative partnerships remain critical to addressing Africa’s evolving development challenges.
News
Photos: Delivery of road infrastructure fortifying Kwali as FCT’s agric. hub – Tinubu
President Bola Tinubu has said that the delivery of road infrastructure across Kwali Area Council of the Federal Capital Territory (FCT) was fortifying the area as a food-producing hub for the territory.

Tinubu, represented by Senate President Godswill Akpabio, stated this in Dafa on Tuesday, while inaugurating the newly constructed Gomani-Dafa-Yangoji Road by the FCT Administration.
The president said that with the opening of the road corridor, farmers could move produce faster, buyers could reach the farms without delay and post-harvest losses would drop significantly.
He added that more importantly, Kwali could now stand on its own as a food-producing hub for the FCT and beyond.

According to Tinubu, roads like this keep families together by giving them reasons to stay at home and to build their lives at home.
“When we set out under the Renewed Hope Agenda, we agreed on one thing: development must reach every Nigerian; not just those at the city centre.
“Abuja cannot be a city of two worlds, with gleaming district lights but forgotten satellite towns. This road connects Gomani, Dafa and Yangoji to markets, to schools, to hospitals, and also to opportunities.
“It says clearly that the wealth of this nation belongs to all of us. Whether you live on a boulevard or you live on a farm track, you must take part in the wealth of this nation.”
He noted that for too long, the strength of rural communities was held back by poor access roads, with crops rotting away before reaching the market.

He added that young people left rural communities because the roads to their areas were impossible, stressing that instead of taking them up, the roads were bringing them down.
“Those things have changed today,” he said.
He commended the FCT Minister, Mr Nyesom Wike, for the purposeful leadership in delivering life-impacting projects across the city.
“Wike, you took my advice seriously, open up the area councils and match city development with rural development. You have earned us that trust here in this community and in this local government area,” Tinubu said.
In his remarks, Wike explained that the road projects were initiated following a request by Etsu Kwali, Luka Nizassan III, during a community engagement with stakeholders in the area to identify areas of need.
The minister explained that the community engagement was in adherence to Tinubu’s directive, to meet with community members, discuss and agree on areas that need government intervention.

According to him, the meeting was the first community engagement to entrench community participation in projects nomination for implementation in the area council.
“I remembered during the meeting, the traditional ruler of Kwali mentioned these three roads: A2 to Pai, Pai to Gomani, Gomani to Dafa and Dafa to Yagboji, which is about 43 kilometers.
“Today, to the glory of God, all our promises to them have been fulfilled.”
Wike also recalled that Tinubu had directed that development should not be concentrated in the city centre but should be extended to satellite towns.
“Since we commenced the inauguration of projects on June 9, this is the fourth project being inaugurated in satellite towns and rural communities,” he said.
Earlier, Mr Abdulkadir Zulkiflu, Coordinator, Satellite Towns Development Department, said that the project was awarded in November 2025, adding that the Gomani-Dafa-Yangoji Road is a part of the 43.4-kilometre FCT secondary regional road.
Zulkiflu said that the road commenced from the Abuja-Lokoja Expressway (A2) and traverses through Pai to Gomani and terminates at Yangoji town, making a crescent of road with entry and exit at two different points of the expressway.
“The first segment of this road is A2 to Pai, which is about 15-kilometre and was completed and inaugurated in June, 2025 to celebrate Tinubu’s second year in office.
“The second segment of the road, which is from Pai to Gomani with 15.4-kilometer of length, is still ongoing.
“Here we are today, inaugurating the third and the last segment of the road, Gomani to Dafa to Yangoji, which is about 13-kilometre long and connects Abuja-Lokoja Expressway at the second point,” he said.
News
FG inaugurates National Laureate Committee, unveils ₦365m Annual Research Prize for Nigerian Students
In what education stakeholders are describing as one of Nigeria’s most ambitious attempts to reposition scholarship, innovation and research as national priorities, the Federal Government on Monday inaugurated the Tertiary Institutions National Laureate Committee.
The Committee will set in motion a new annual award programme that will reward outstanding undergraduate, master’s and doctoral research with prizes valued at approximately ₦365 million.
The Committee was inaugurated by the Honourable Minister of Education, Dr Tunji Alausa, CON, at the Digital Resource Centre of the Universal Basic Education Commission (UBEC). It will oversee the implementation of the National Laureate Programme, a flagship initiative designed to elevate academic excellence to the highest level of national recognition while promoting research commercialisation and innovation across Nigeria’s accredited post-secondary and tertiary institutions.
Speaking at the inauguration, Dr Alausa said the programme represented a deliberate effort by the Federal Government to reshape the country’s reward system. According to him, it will place scholarly achievement, scientific discovery and innovation alongside other nationally celebrated accomplishments.
The Minister said the initiative seeks to inspire a new generation of young Nigerians to pursue research capable of solving real-world problems, creating new industries and strengthening the nation’s global competitiveness.
“The future prosperity of nations will increasingly depend on their ability to convert knowledge into economic value,” the Minister said. He noted that Nigeria must deliberately celebrate intellectual achievement if it hopes to build a globally competitive knowledge economy.
Alausa observed that in an era increasingly dominated by the social media-driven “attention economy”, the Federal Government considered it necessary to establish a national platform. The platform will reward creativity, scholarship, invention and commercially valuable research, particularly among young people.
The newly inaugurated Committee comprises the following members:
Professor Abubakar Sambo, OON, President of the Nigerian Academy of Science, as Chairman; Professor Solomon Nwhator of Obafemi Awolowo University, Ile-Ife; Professor (Mrs.) Tolulope Ariyomo of the Federal University Oye-Ekiti; Professor Francis F. Uba of the Federal University of Health Sciences, Otukpo; Dr Babangida Abubakar Albaba, representing the National Board for Technical Education (NBTE); Dr Salihu Bakari Girei, representing TETFund; Professor (Mrs.) Carol Arinze-Umobi of Nnamdi Azikiwe University; Dr (Mrs.) Obianuju Anigbogu, representing the Federal Ministry of Education; Mr. Francis Egbokare, representing the Nigerian Academy of Letters; Dr Ezinne Orisakwe, representing the National Universities Commission (NUC); and Dr Pius O. Ekireghwo, representing the National Commission for Colleges of Education (NCCE).
Mr Richard Falaye, Secretary of the Nigeria Education Repository and Databank (NERD), will serve as Secretary to the Committee.
The inaugural National Laureate Awards are scheduled for November 2026. The awards will recognise the country’s finest Undergraduate Dissertations, Master’s Theses and Doctoral (PhD) Theses, alongside six thematic Excellence Awards. The thematic categories cover Medicine and Health Sciences, Engineering and Technology, Agriculture, Law, Arts and Social Sciences, and Teaching Innovation.
Under the approved prize structure, the winner of the Undergraduate Dissertation category will receive ₦35 million, while the best Master’s Thesis will attract ₦50 million. The overall winner in the Doctoral (PhD) category will receive ₦100 million.
In addition, six National Laureate Excellence Awards, each valued at ₦30 million, will be presented annually. This brings the programme’s total prize pool to approximately ₦365 million.
The Minister also announced the establishment of the Dr Stella Adadevoh Excellence Award in Medicine and Medical Innovation. The award, one of the programme’s special awards, honours the late physician whose leadership during the 2014 Ebola outbreak helped prevent a national public health catastrophe.
He further directed the Committee to conclude its work on eligibility requirements, evaluation procedures and institutional engagement in good time. This is to ensure the successful hosting of the inaugural National Laureate Awards in November.
Dr Alausa also used the occasion to commend Engr Olatunji Ariyomo, Chairman of NERD, for his innovative contributions towards transformative interventions within Nigeria’s education sector.
Responding on behalf of the Committee, its Chairman, Emeritus Professor Abubakar Sambo,, described the initiative as a historic turning point in the nation’s education policy. He praised President Bola Ahmed Tinubu’s administration for placing academic excellence and research at the centre of national development.
Professor Sambo pledged that the Committee would uphold the highest standards of transparency, fairness and merit throughout the selection process. He commended Dr Alausa for leading a national revolution to reward and promote innovation and its commercialisation.
He assured the Minister that every eligible student, irrespective of institution or geographical location, would have an equal opportunity to attain National Laureate status. The process, he said, would be insulated from institutional favouritism and other extraneous considerations.
Education analysts say the National Laureate Programme could become one of the most consequential reforms in Nigeria’s tertiary education landscape if successfully implemented. Beyond its substantial prize fund, they argue that the initiative signals a shift in national priorities — from prioritizing social media celebrity culture to deliberately recognising ideas, discoveries and innovations capable of driving economic transformation.
The programme is expected to deepen collaboration between universities, polytechnics, colleges of education, industry and government. It will also create stronger incentives for commercially viable research and position Nigeria to compete more effectively within the global knowledge economy.
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