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SEE Dollar to Naira Exchange Rate at Black Market ( July 3, 2024: USD to NGN CBN Rate

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What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx) Today July 3, 2024?

Many Nigerians, especially those engaged in foreign trade, travel, and investment, have always been very interested in and concerned about the exchange rate between the US dollar and the Nigerian naira.

The parallel market, also known as the black market or Aboki FX, often offers a different rate from the official Central Bank of Nigeria (CBN) rates.

For many, this is a critical source of foreign exchange. See the black market Dollar to Naira exchange rate for July 3, 2024, below. At these rates, you can exchange your dollar for Naira.

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How much is a dollar to naira today in the black market? Dollar to naira exchange rate at black market Yesterday (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market), yesterday, July 2, 2024, players buy a dollar for N1500 and sell at N1505 according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. Dollar to Naira Black Market Rate Today July 3, 2024 Dollar to Naira (USD to NGN) Black Market Exchange Rate Today Buying Rate N1510 Selling Rate N1515 Dollar to Naira CBN Exchange Rate The Central Bank of Nigeria sets the official exchange rates, providing stability through government regulation. As of now, the rates are: Dollar to Naira CBN Rate Today Dollar to Naira (USD to NGN) CBN Rate Today Buying Rate N1548 Selling Rate N1549

These rates reflect government policies aimed at stabilizing the naira and managing foreign exchange reserves. Businesses and individuals that prefer regulated transactions frequently rely on these rates. Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary. Dollar to Naira Exchange Rate at Black Market (Aboki FX) July 2, 2024: USD to NGN CBN Rate

Pounds and Euro to Naira Exchange Rates For those dealing with currencies other than the US dollar, here are the latest rates: Pounds to Naira (CBN Rates) Buying Rate: ₦1,963 Selling Rate: ₦1,963 Euro to Naira (Black Market Rates) Buying Rate: ₦1,662 Selling Rate: ₦1,665 These rates are also subject to market conditions and economic policies. Geegpay and Grey: online Exchange Platforms

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Digital platforms like Geegpay and Grey offer convenient and secure options for currency exchange, providing competitive rates. Geegpay Dollar to Naira Rates EUR (€): Buying at ₦1,690.03, Selling at ₦1,695.55 GBP (£): Buying at ₦1,950, Selling at ₦1,965 USD ($): Buying at ₦1,480, Selling at ₦1,550 Grey Dollar to Naira Rates EUR (€): Buying at ₦1,640.03, Selling at ₦1,719 GBP (£): Buying at ₦1,902, Selling at ₦2,015 USD ($): Buying at ₦1,460, Selling at ₦1,500 These platforms have gained popularity due to their ease of use, transparency, and security, making them viable alternatives to traditional methods. Factors Influencing Black Market Rates Understanding the factors that influence the dollar to naira exchange rate in the black market can help anticipate changes and make better financial decisions.

Economic Policies Government policies significantly impact exchange rates. Decisions on interest rates, inflation control, and foreign exchange regulations by the Central Bank of Nigeria (CBN) directly affect the naira’s value. For instance, when the CBN adjusts policies to manage inflation or stabilize the naira, it impacts the exchange rate. Supply and Demand The availability of foreign currency versus the demand for it plays a crucial role. When foreign currency is scarce or demand is high, the naira depreciates, leading to higher exchange rates. Conversely, an abundant supply of dollars can lead to lower rates.

Political Stability Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate as investors move towards safer assets. Stability and positive political developments, on the other hand, can strengthen the naira. Global Economic Conditions Global market conditions, such as shifts in oil prices (a major export for Nigeria), international economic trends, and global inflation rates, influence the naira’s value. For example, a significant drop in oil prices can negatively impact Nigeria’s economy and the naira. Comparing Official and Black Market Rates There is a significant disparity between official and black market rates. The black market offers higher rates, but with substantial risks such as fraud and legal issues. The CBN advises using official channels to avoid these risks. Official rates are stable and reliable, making them suitable for the majority of transactions.

Why the Disparity Between Official and Black Market Rates? The disparity between the official CBN rates and the black market rates is influenced by several factors: Supply and Demand: The availability of foreign currency in the official market is often limited, leading individuals and businesses to seek forex in the black market where demand drives up prices.

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Regulatory Restrictions: The CBN imposes restrictions on the amount of forex available for personal and business use, making it difficult for many to meet their needs through official channels. Economic Instability: Fluctuations in oil prices, inflation, and economic policies can create uncertainty, prompting people to turn to the parallel market for more favorable rates. Impact of Black Market Rates on the Economy

The high exchange rates in the black market can have various implications for the Nigerian economy: Inflation: Higher costs for imported goods can drive up prices locally, contributing to inflation. Investment: Unfavorable exchange rates can deter foreign investment as investors seek more stable economic environments. Trade: Exporters may benefit from higher naira values per dollar, while importers face increased costs, potentially leading to trade imbalances. How to use the parallel market For those needing to engage in forex transactions through the black market, safety and caution are paramount. Here are some tips:

Verify Rates: Always check the latest rates from reliable sources like Aboki FX to ensure you get the best deal. Deal with Reputable Dealers: Engage with well-known and trusted Bureau De Change operators to avoid scams. Stay Informed: Keep abreast of economic news and CBN policies that could affect exchange rates. FAQs on dollar naira exchange rate black market How much is a dollar to naira today in the black market? The buying rate is N1495, and the selling rate is N1500 as of June 23rd, 2024. Why does the black market offer higher rates than the CBN? The black market rates are driven by supply and demand dynamics, regulatory restrictions, and economic instability. Is it legal to trade forex in the black market? While the CBN discourages it, many engage in the black market due to the unavailability of sufficient forex through official channels. What are the risks of trading in the black market? Risks include fluctuating rates, potential scams, and the legal gray area of such transactions. Can the CBN influence black market rates? The CBN can influence these rates through monetary policy, forex interventions, and regulatory measures, but direct control is limited. How often do black market rates change? Rates can change on a daily or even multiple times per day, depending on market conditions and economic news. Conclusion on the Dollar-Naira Exchange Rate Black Market

The dollar to naira exchange rate at the black market reflects a complex interplay of economic factors, regulatory frameworks, and market dynamics. While it offers a critical alternative for many Nigerians seeking forex, it also underscores the challenges and opportunities within Nigeria’s broader economic landscape. Staying informed and cautious can help navigate this often volatile market effectively. Non-Bank Transactions Surge Threatens West Africa’s Financial Stability – Cardoso Yemi Cardoso, Governor of the Central Bank of Nigeria, has raised alarms about the rising volume of transactions by non-bank and Other Financial Institutions (OFIs), warning that this trend threatens West Africa’s financial stability. Speaking at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions in Abuja, Cardoso emphasized the vital role of non-bank financial institutions in promoting financial growth and inclusion in the West African Monetary Zone (WAMZ). Non-bank financial institutions provide essential services to underserved populations, including SMEs, without accepting deposits like commercial banks. Cardoso praised the adoption of the Model Act for Non-Bank Financial Institutions, a legislative milestone aimed at harmonizing supervisory practices across the WAMZ. Highlighting fintech innovations, Cardoso noted the rise in fintech loans, crypto, and stablecoin assets. He stressed the importance of monitoring these trends, as their increasing volumes pose significant risks to financial stability. Cardoso urged supervisors to bolster cybersecurity frameworks and adopt risk-based supervisory approaches to mitigate these risks. Yaw Sapong, Chairman of the College, highlighted the role of non-bank financial institutions in fostering financial inclusion and economic growth, calling for coordinated policy responses to current challenges. Dr. Olorunsola Olowofeso, Director General of WAMI, emphasized the need for resilience in the financial sector against emerging risks such as cyber threats and climate-related issues

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The CSNBFI meeting aims to review progress in the NBFI sector and strategize on addressing current challenges, focusing on regulatory harmonization, cybersecurity, and the impact of digital innovations on financial services.

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BREAKING: Nigerian Government Hit with N10m ECOWAS Court Award for Assault on Journalist Oyekunle

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By Gloria Ikibah

The ECOWAS Community Court of Justice has slammed a N10 million in general damages against the Federal Republic of Nigeria over the physical assault, unlawful arrest, and seizure of property belonging to a journalist with Independent Newspaper by name Jide Oyekunle.

The landmark ruling in Suit No. ECW/CCJ/APP/29/25 was secured by Avocats Sans Frontières France (Lawyers Without Borders France) on June 22, 2026, under its eRIGHTS project, supported by the European Union, which focuses on defending human rights in the digital space.

Comrade Oyekunle who is currently the Secretary of the Nigeria Union of Journalists, NUJ, Federal Capital Territory Council, on August 1, 2024, during the coverage of the #EndBadGovernanceInNigeria protests at the Eagle Square, Abuja, was physically assaulted, unlawfully detained, his photo camera was damaged, while his mobile phone was seized by armed police officers on the order of former FCT Commissioner of Police, Benneth Igweh.

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The Court in agreement with Counsel to the applicant, Collins I. Maidoh-Anene, Esq., that the detention of the journalist and seizure of his mobile phone by the Nigerian police, was “excessive, unjustified, and in violation of international law”.

The ECOWAS Court subsequently found the Federal Republic of Nigeria liable for violating the applicant’s rights to freedom of expression, personal liberty, dignity, and property under the African Charter.

The Court therefore ordered the Nigerian government to pay Comrade Oyekunle the sum of N10 million in general damages.

The court found that Nigeria’s actions suppressed his live coverage, thereby breaching his right to freedom of expression under Article 9 of the African Charter.

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It also ruled that the assault and detention violated his rights to personal liberty, human dignity, and freedom from degrading treatment under Articles 6 and 5, while the temporary seizure of his phone violated his right to property under Article 14.

The Court further held that Nigeria’s justification failed the test of necessity under international law, making the conduct of the security forces excessive and unlawful.

In a statement signed by the Country Director of Avocats Sans Frontières France, Barrister Angela Uwandu Uzoma-Iwuchukwu, on Tuesday, said the judgment sends a clear message that a journalist’s digital tools are extensions of the modern press and newsroom and that their arbitrary confiscation by security forces constitutes a direct assault on the public’s right to know.

She said: “The court’s pronouncement adds to the growing jurisprudence from the regional court protecting journalists and human rights defenders who document protests and public interest events.

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“ASF France will continue to monitor compliance with the judgment and provide legal aid to journalists facing similar violations.

“For Avocats Sans Frontières France and the eRIGHTS project partners, this ruling strengthens legal protections for journalism in the digital age. It shields reporters from tech-based censorship and intimidation, puts security agencies on notice that targeting media practitioners during protests will attract accountability, and reaffirms the ECOWAS Court as a vital shield for civic space in the region.”

Reacting to the landmark judgment, Comrade Oyekunle, said it as a significant affirmation that journalists have the right to carry out their constitutional duties without intimidation, harassment, or attack.

According to him, democracy cannot thrive where journalists are attacked for documenting events or where citizens are punished for exercising their lawful rights.

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“The decision of the ECOWAS Court is not only about me; it is about every journalist, media worker, and Nigerian citizen who believes in the right to freedom of expression, access to information, and peaceful civic participation.

“This judgment sends a clear message that security agencies and government institutions must be held accountable when they violate fundamental rights.

“Because if democracy is all about good governance, accountability, and transparency, then press freedom should not be curtailed, denied, or restricted”, he said.

Oyekunle appreciated everyone who stood by him throughout the journey, including the Nigeria Union of Journalists FCT Council, Avocats Sans Frontières France, colleagues and rights advocates, and all Nigerians who continue to defend press freedom and democratic values.

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Sowore to relax in Kuje prison as court fixes June 30 for bail ruling

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A Federal High Court in Abuja has fixed June 30 for a ruling on Omoyele Sowore’s motion seeking to vacate the order revoking his bail, as his lawyer pushed for a stay of execution while DSS counsel mounted opposition.

Omoyele Sowore’s freedom hinges on June 30.

The Federal High Court in Abuja on Wednesday fixed that date for a ruling on the activist’s motion seeking to set aside the bail revocation order that landed him in Kuje Custodial Centre, according to Vanguard.

Sowore’s lawyer, Raphael Adakole, moved the motion for stay of execution before Justice Mohammed Umar, arguing that the June 16 order revoking bail and issuing a bench warrant — triggered by Sowore’s absence from court — should be set aside entirely and the status quo restored.

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The application, filed June 19, leans on Sections 35(4), 36(1), and 66(a&b) of the 1999 Constitution and Sections 169 and 352 of the Administration of Criminal Justice Act (ACJA) 2015, alongside the court’s inherent jurisdiction.

“We adopt the said reply on points of law while placing reliance on the further affidavit and urge the court to grant the application as prayed in the interest of justice,” Adakole told the court.

Justice Umar has now heard both sides. June 30 will deliver the verdict.

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NDLEA unearths another massive industrial scale clandestine meth laboratory in Oyo forest(Photos)

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. Arrests Mexican, 4 others; recovers multi-billion-naira worth of illicit substances

. We’ll find you in the cities, track you into the forests, and dismantle your infrastructure of death, Marwa warns drug cartels

Operatives of the National Drug Law Enforcement Agency (NDLEA) have struck yet another decisive blow against transnational drug syndicates following the discovery and dismantling of a fortified, industrial-scale clandestine methamphetamine laboratory operated by a Nigerian-Mexican cartel deep within the forest of Tapa Village, Ibarapa North Local Government Area, Oyo State.

The breakthrough comes barely four weeks after the Agency dismantled a similar massive meth laboratory in a forest in Ijebu East, Ogun State, signaling a desperate attempt by drug barons to turn the Southwest axis into a synthetic drug manufacturing hub.

Speaking on the development at the NDLEA Headquarters in Abuja, the Chairman/Chief Executive Officer of the Agency, Brig. Gen. Mohamed Buba Marwa (Rtd) who was represented by the Director of Media and Advocacy, Femi Babafemi at a press briefing on Wednesday 24th June 2026, commended the gallantry, dedication, and clinical professionalism of the officers involved in the operation.

According to him, “On Wednesday, 17th June 2026, tactical operatives of the NDLEA stormed a highly fortified, industrial-scale clandestine methamphetamine laboratory operating deep within the forest of Tapa Village, Ibarapa North Local Government Area, Oyo State.

“This was not a rudimentary setup; it was a sophisticated, highly organized transnational syndicate. During the raid, our operatives successfully arrested five key members of the cartel on-site.

They include a 56-year-old Mexican Methamphetamine expert, Jose Villa Ochoa, brought in specifically to provide the technical expertise for large-scale synthesis and four Nigerian collaborators providing logistical support, cover, and local operations. They are: Maxwell Uche Nevoh, 30; Olatunji Yusuf, 37; Bankole Akeem Owolabi, 45; and ⁠Ganiu Monsiu, 43.

“The arrest of a foreign cartel specialist on Nigerian soil underscores the transnational nature of this threat, but more importantly, it underscores our Agency’s world-class intelligence capability to track, intercept, and neutralize them. Following the successful raid, a specialized team from our Directorate of Forensic and Chemical Monitoring moved in on June 18th, 2026, to conduct a rigorous forensic examination of the facility. What they uncovered is a massive, factory-level production line of poison.

“The laboratory was fully stocked with a frightening array of precursor chemicals, industrial catalysts, and heavy-duty processing equipment. Chemicals and Materials recovered include: Phenyl-2-propanone (P2P), which is the the main, highly controlled precursor required for methamphetamine synthesis; 1800-litre drums containing Phenylacetic acid (the primary precursor used to synthesize P2P); Two 180L drums containing a staggering 300 litres of whitish crystalline substance; Four 180L drums containing dark liquid undergoing synthesis.

“Others include: 101 bags (25kg each) of Caustic Soda; 17 containers (25L each) of Sulphuric Acid; 19.5 containers (25kg each) of Tartaric Acid; 5 containers of Reniso Ultracool 68 (three 50L and two 25L capacity; 25 bottles (500ml each) of 80% Thioglycolic Acid; 2 containers (25L each) of Ethyl Phenylacetate, and 25 cartons of aluminum foil.

“The Industrial Processing Equipment discovered at the site include: One (1) Reactor Pot, which is the heart of the chemical synthesis; Two (2) mounted distillation units and three (3) fabricated mixers and condensers; as well as Two (2) vegetable dehydrator machines used for the rapid drying of the crystals.

“As a result, immediate field tests were conducted by our forensic experts. Samples of the finished crystals recovered yielded a definitive positive result for Methamphetamine. Furthermore, the crystalline substance from the 180L drum tested positive for Phenylacetic acid. Every single gram of these exhibits has been safely evacuated, documented, and preserved for comprehensive and strict evidential presentation in court.

This is yet another multibillion-naira worth of illicit substances and production equipment ready to push millions of doses of synthetic drugs into our streets, communities and the international community but for the vigilance of our dedicated officers.”

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Marwa noted that the proximity of the latest discovery to the Ogun State lab uncovered about four weeks ago reveals a desperate attempt by drug barons to establish a synthetic drug manufacturing hub in the Southwest axis, adding that the cartels thought hiding in dense forests would shield them from the long arm of the law but were wrong.

“Let the message go out clearly to all drug cartels, domestic and international that Nigeria is not, and will never be, a safe haven for your illicit trade. We will find you in the cities, we will track you into the forests, and we will dismantle your infrastructure of death. They thought hiding in dense forests would shield them from the long arm of the law. They were wrong”, the NDLEA boss warned.

“We want to commend the gallantry, dedication, and clinical professionalism of our officers of the Oyo state Command involved in this operation. To the Nigerian public, we say thank you for your continued trust and credible information. Together, we are securing the future of our nation”, he added.

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