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SEE Dollar to Naira Exchange Rate at Black Market for July 24, 2024
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By Kayode Sanni-Arewa
The dollar to naira exchange rate is a significant concern for many Nigerians, especially those involved in foreign trade, travel, and investments. The Dollar to Naira black market, also known as the parallel market or Aboki FX, often presents different rates compared to the official Central Bank of Nigeria (CBN) rates. This article delves into the current Dollar to Naira exchange rates for today July 24, 2024, factors influencing these rates, and the implications for Nigeria’s economy.
*Dollar to Naira Today Black Market.*
Current Black Market Dollar to Naira exchange rate.
Buying Rate: N1588
Selling Rate: N1590
*Official CBN Rates*
Buying Rate: N1639
Selling Rate: N1640
*Understanding the Black Market for Forex*
*What is the Black Market?*
The black market refers to unofficial exchange channels where currencies are traded without government regulation. This market often provides more competitive rates due to the high demand and limited supply of foreign currencies.
*Why Do People Use the Black Market?*
People turn to the black market due to:
*Favorable Rates:* Often higher than official rates.
*Accessibility:* Easier to obtain foreign currency without stringent regulatory requirements.
*Factors Influencing Black Market Rates*
*Economic Policies*
Government decisions on interest rates,
inflation control, and forex regulations by the CBN directly affect the naira’s value. Policy adjustments aimed at stabilizing the naira impact the exchange rates.
*Supply and Demand*
* The availability of foreign currency versus its demand significantly influences exchange rates. A shortage of foreign currency or high demand leads to naira depreciation.
*Political Stability*
Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate, while stability strengthens it.
*Global Economic*
Conditions Global market conditions, such as oil prices, international economic trends, and global inflation rates, influence the naira’s value. A significant drop in oil prices, for instance, negatively impacts Nigeria’s economy.
*Comparing Official and Black Market Rates*
*Why the Disparity?*
Several factors contribute to the disparity:
*Supply and Demand:* Limited availability in the official market drives people to the black market.
*Regulatory Restrictions:* CBN imposes limits on forex availability, leading to higher black market rates.
*Economic Instability:* Fluctuations in oil prices and inflation prompt people to seek more favorable black market rates.
*Impact on the Economy*
High black market rates can:
*Inflation:* Increase costs for imported goods.
*Investment:* Deter foreign investment due to economic instability.
*Trade:* Benefit exporters while imposing higher costs on importers.
*Using the Parallel Market Safely*
*Tips for Transactions*
*Verify Rates:* Check reliable sources like Aboki FX for the latest rates. Reputable
*Dealers:* Engage with trusted Bureau De Change operators to avoid scams.
*Pounds and Euro to Naira Exchange Rates*
*Pounds to Naira (CBN Rates)*
Buying Rate: ₦2,139
Selling Rate: ₦2,140
*Euro to Naira (Black Market Rates)*
Buying Rate: ₦1,778
Selling Rate: ₦1,779
*Geegpay and Grey: Online Exchange Platforms*
*Geegpay Rates*
EUR (€): Buying at ₦1,690.03, Selling at ₦1,695.55
GBP (£): Buying at ₦1,950, Selling at ₦1,965
USD ($): Buying at ₦1,504, Selling at ₦1,570
*Grey Rates*
EUR (€): Buying at ₦1,640.03, Selling at ₦1,719
GBP (£): Buying at ₦1,902, Selling at ₦2,015
USD ($): Buying at ₦1,550, Selling at ₦1,570
*FAQs*
*How much is a dollar to naira today in the black market?* The buying rate is N1588, and the selling rate is N1590 as of July 24, 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 Dollar to Naira Black Market Rate Today*
The black market dollar-to-naira exchange rate is a complex interplay of economic factors, regulatory frameworks, and market dynamics. While it provides an alternative for many Nigerians seeking forex, it also highlights the broader challenges and opportunities in Nigeria’s economic landscape. Understanding these rates and the factors influencing them is crucial for making informed financial decisions.
News
India at 80: President Murmu Hails Economic Growth, Women’s Rise and Global Influence
By Gloria Ikibah
India’s President, Droupadi Murmu, has declared that the country is on course to becoming a developed nation by 2047, citing rapid economic growth, digital transformation, poverty reduction, women’s empowerment and rising global influence as evidence of the country’s remarkable progress.
In a nationwide broadcast on the eve of India’s 80th Independence Day, President Murmu said the country was entering a historic phase, with every citizen playing a vital role in shaping its future.
She said: “On the eve of our Independence Day, I convey my warm greetings to all of you for this national festival. In a few hours from now, our country will witness the auspicious beginning of the 80th year since its independence.
“All Indians, living in the country and abroad, celebrate this festival with great joy. Our Tricolour is the symbol of our freedom. We unfurl it with immense pride.”
Reflecting on India’s journey since gaining independence in 1947, the President said freedom had given citizens the opportunity to pursue their aspirations and contribute to nation-building.
“The true meaning of freedom lies in ensuring that all citizens are able to utilise opportunities to fulfil their aspirations, and work towards the goal of making India the foremost nation in the world.”
She praised workers across different sectors, including farmers, teachers, healthcare professionals, scientists, soldiers, entrepreneurs and sanitation workers, for their contributions to national development.
“I wholeheartedly appreciate each one of them. I specially commend the devotion of our soldiers in the three Armed Forces, Armed Police Forces and all police personnel for their unwavering dedication to duty.
“I also praise the Indian diaspora and the officials serving in our embassies who enhance India’s prestige and honour on the global stage.”
Murmu reiterated the government’s commitment to building a developed India, known as Viksit Bharat, by the country’s centenary in 2047.
“We are moving ahead towards building Viksit Bharat by the centenary year of our Independence in 2047. Guided by the spirit of Antyodaya, it is our resolve to ensure that the fruits of development reach every individual”, she said.
The President highlighted what she described as major achievements recorded over the past decade, including poverty reduction, financial inclusion and expanded access to healthcare.
She disclosed that nearly 59 crore people had been integrated into the banking system through the government’s financial inclusion initiative.
“More than 25 crore people have been lifted out of poverty.
“Under ‘Pradhan Mantri Jan Dhan Yojana’, the world’s largest programme of financial inclusion, nearly 59 crore account holders have joined the banking system. Out of these, more than 32 crore account holders are women”, she stated.
Murmu also said food security programmes had ensured access to free food supplies for millions of vulnerable citizens.
“Food security has been ensured for more than 80 crore people by providing them with free rations”, she stated.
On healthcare, she noted that about 60 crore Indians were now covered under a government-backed health insurance scheme.
“Under ‘Ayushman Bharat Pradhan Mantri Jan Arogya Yojana’, free healthcare coverage of up to five lakh rupees per year has been provided to 60 crore people”, she added.
The President described India’s digital revolution as one of the country’s biggest success stories, noting that the country had developed the world’s largest digital infrastructure.
“Digital payments are now common even in small rural shops and among street vendors. More than half of the world’s real-time digital transactions take place in India.
“Together, the people of India and the Government have presented an example of digital revolution to the global community”, she said.
She also pointed to significant investments in roads, railways, waterways and aviation, saying infrastructure development was creating jobs and encouraging private investment.
“Our country has seen an unprecedented expansion of modern infrastructure in the form of highways, waterways, railways and airways. This is creating opportunities for new enterprises, generating employment and boosting investor confidence”, Murmu noted.
Despite economic uncertainties and geopolitical tensions around the world, Murmu said India had maintained its position as the world’s fastest-growing major economy.
“Warfare and instability prevailing in several parts of the world are affecting every country. Even in such trying circumstances, our economy is moving ahead as the fastest-growing major economy in the world.
“According to economic projections, the growth rate of the Indian economy is expected to be more than twice the average global growth rate”, she said.
On international relations, the President reaffirmed India’s commitment to diplomacy, peace and multilateral cooperation.
She added that India was playing a more prominent role in advancing the interests of developing countries.
“National interest is the foundation of our foreign policy. Peace, cooperation, dialogue and the ideal of Vasudhaiva Kutumbakam are the pillars of our foreign policy.
“We are playing a leading role among the countries of the Global South. Our country has grown in stature on the global stage”, she added.
Women’s empowerment featured prominently in the President’s address, with Murmu highlighting the increasing participation of women in business, politics, education, sports and agriculture.
She noted that women were now excelling in fields traditionally dominated by men, including aviation and modern agriculture.
According to her, women had dominated India’s medal haul at the recently concluded Commonwealth Games.
“It gives me immense pleasure to see our girls performing exceptionally well in the field of education.
“Women’s participation is increasing across diverse sectors, from the Drone Didi who contributes to enhancing agricultural productivity to the Fighter Combat Leader in the Air Force.
“In the recently concluded Commonwealth Games in Glasgow, women have won eight out of India’s total tally of 13 gold medals”, the President said.
Murmu also revealed that a government initiative aimed at creating three crore financially independent women had already achieved its target.
“A target was set to create three crore Lakhpati Didis. This target has been achieved. Now our country is moving towards the goal of creating three crore new Lakhpati Didis.”
The President said young people remained India’s greatest asset, noting that 65 per cent of the country’s population was below the age of 35.
She cited the country’s growing start-up ecosystem and recent achievements in space exploration as examples of the creativity and innovation of Indian youths.
“This young population is our most valuable asset. The youth of our country are talented, committed and skilled.
“A new phase of space exploration has been ushered in through the recent successful rocket launch by a young team with an average age of just 28 years”, she said.
On national security, Murmu praised the country’s armed forces and defended India’s tough stance against terrorism.
She also described the elimination of Naxalism as one of the country’s major achievements.
“That historic operation against terrorism demonstrated the capability of the Indian Armed Forces to act with precision.
“It sent a clear and firm message to terrorists and those who support them, that no matter where they hide, they will have to face the consequences of their actions.
“For decades, Naxalism posed a serious challenge to the nation. Making India Naxal-free is a major achievement”, she noted.
The President called on citizens to remain committed to environmental protection, warning that future generations had an equal right to the planet’s natural resources.
“Future generations have as much right over natural resources as we do. We must ensure that none of our actions result in the slightest encroachment upon the exercise of this right by future generations”, she added.
As India marks 80 years of independence, Murmu urged citizens to remain united and continue working towards building a stronger and more prosperous nation.
“When I talk about my country, India, let me say that it is a nation whose GDP is projected to grow between 6.5 and 6.8 per cent this year.
“India has already transformed from the world’s back office into a premier laboratory for digital public infrastructure, seamlessly connecting over a billion citizens.
“I have great faith in India’s bright and prosperous future”, the President stated.
News
BREAKING: Gov Adeleke in Early Lead, Wins First INEC Announced Results
Governor Ademola Adeleke of the Peoples Democratic Party (PDP) has taken an early lead over the All Progressives Congress (APC) in the first polling unit Governor Ademola Adeleke of the Peoples Democratic Party (PDP) has taken an early lead over the All Progressives Congress (APC) in the first polling unit result declared in the ongoing Osun State governorship election.Applying For Government Grants The result was announced at Polling Unit 39, Ward 4, in Osogbo Local Government Area after officials of the Independent National Electoral Commission (INEC) concluded voting, sorting and counting of the ballots. The Presiding Officer, Oyeranmi Deborah, announced the results as follows:
AAC — 1 voteCampaigns & Elections – ADC — 2 votes – APC — 43 votes – ZLP — 1 vote
The result shows that Accord Party secured the highest number of votes at the polling unit with 65 votes, while the APC polled 43 votes. Although the result does not represent the overall outcome of the election, it provides an early indication of voting patterns at the polling-unit level as collation continues across the state.
The election in Osogbo report that voting has ended in some polling units, with officials already sorting and counting ballots. Results from other polling units are expected to emerge as INEC officials continue the counting and collation process across Osun State.
The final winner of the governorship election will be determined after all results have been collated and formally declared by INEC.
News
Osun Decides: Fadahunsi Under Fire Again Over Remarks at Polling Unit
Senator Francis Fadahunsi has come under renewed scrutiny over comments he reportedly made while addressing supporters at his polling unit during Saturday’s Osun State governorship election.
A video purportedly recorded at the polling location showed the senator urging his supporters to monitor their ballots before making further remarks about how they should vote.
The comments have triggered a reaction from the Imole Campaign Council, which accused Fadahunsi of attempting to influence voters during the election.
The council’s spokesman, Pelumi Olajengbesi, described the remarks as unacceptable and undemocratic and called on security agencies to investigate the development.
The latest controversy comes days after Fadahunsi was invited by the Osun State Police Command over comments attributed to him during a campaign event in Ilesa.
The senator had previously faced criticism over a statement interpreted by opponents as a call for violence against members of the Accord Party.
Fadahunsi later clarified that the statement was not intended literally, explaining that he was urging his supporters to defeat the Accord Party politically at the polls.
The earlier controversy also attracted the attention of Amnesty International Nigeria, which called for an investigation and accountability over the alleged inciting remarks.
With voting underway across the state, the latest incident has again placed Fadahunsi under scrutiny amid heightened political tensions surrounding the governorship election.
However, the interpretation of the senator’s latest remarks and the allegations made by the campaign council could not be independently verified as of the time of filing this report.
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