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SEE Dollar to Naira Today Black Market June 23, 2024: USD to NGN CBN Rate
By Kayode Sanni-Arewa
Understanding the fluctuations in the dollar to naira today black market rates is crucial for individuals and businesses engaged in international trade and finance. The parallel market, often termed the black market, presents a more dynamic and volatile exchange rate compared to official channels. This guide provides a thorough examination of current rates, influencing factors, and safe practices for navigating this complex landscape.
*What is the latest Dollar to Naira Black Market Exchange Rate?*
The black market, known for its higher rates than official channels, provides an alternative exchange route, albeit with risks. As of June 23, 2024, the black market dollar to naira exchange rate stands at:
Buying Rate: ₦1,487
Selling Rate: ₦1,493
These rates fluctuate frequently, driven by various market dynamics and economic conditions.
*Geegpay and Grey: online Exchange Platforms*
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 ($): Buying at ₦1,500,
Selling at ₦1,550
EUR (€): Buying at ₦1,640.03,
Selling at ₦1,719
GBP (£): Buying at ₦1,902,
Selling at ₦2,015
USD ($): 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.
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:
Buying Rate: ₦1,479
Selling Rate: ₦1,480
These rates reflect government policies aimed at stabilizing the naira and managing foreign exchange reserves. Businesses and individuals who prefer regulated transactions often rely on these rates.
*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 provide stability and reliability, making them safer for most transactions.
*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: ₦1,890
Selling Rate: ₦1,905
*Euro to Naira (Black Market Rates)*
Buying Rate: ₦1,615
Selling Rate: ₦1,625
These rates are also subject to market conditions and economic policies.
*Understanding Exchange Rate Fluctuations*
Exchange rates fluctuate due to various 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 local currency demand influences rate movements.
*Political Stability*
Geopolitical events can create uncertainty, affecting investor confidence and exchange rates.
*Global Economic Conditions*
Changes in global markets, such as oil prices and economic growth rates, also affect the naira.
*Safely Navigating 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. 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 on Black Market Dollar to Naira Exchange Rate*
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 ₦1,495 for selling.
*How does the CBN exchange rate compare to the black market rate?*
The CBN exchange rate is lower, with the buying rate at ₦1,495 and the selling rate at ₦1,496.
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.
By Kayode Sanni-Arewa
The Lagos State Environmental Sanitation Corps (LAGESC) says it has sealed off the Idera market in the Oshodi metropolis.
In a statement on Thursday, Ajayi Lukman, LAGESC spokesperson, said the agency sealed the market due to unhygienic practices and indiscriminate dumping of refuse, which contravened the environmental law of the state.
He said the measure was taken to enforce adherence to environmental cleanliness across registered markets in the state.
‘‘Our operatives stationed across the Oshodi division during routine market monitoring identified the filth, unhygienic practices, and indiscriminate dumping of refuse around the Idera Market area, which prompted us to seal off the market until further notice,” the statement reads.
Lukman quoted Olaniyi Cole, the corps marshal of the agency, as decrying the level of hygiene at the market, which could lead to an outbreak of diseases.
He said Cole frowned at the inability of the market leadership to provide a valid waste collection contract, which resulted in the heaps of refuse in the facility.
He added that the display of wares for sale on road setbacks, lay-bys, medians, verges, kerbs, street trading, and hawking remained banned in the metropolis.
The LAGESC corps marshal reiterated the ban on the sales, distribution, and usage of styrofoam in the state, noting that anyone found culpable would be punished decisively.
By Kayode Sanni-Arewa
Hours to the Edo State governorship election, the guber candidate of the All Peoples Party (APP)Amb Osalumese Areloegbe on Thursday morning collapsed the structure for the governorship candidate of the Peoples Democratic Party (PDP), Dr. Asue Ighodalo and his running mate, Osarodion Ogie Esq.
Addressing journalists at the party secretariat in Benin City, Areloegbe said his decision to collapse the structure for the PDP candidate was because he believed that Ighodalo had all it would take to govern the state to greater heights.
According to him, I urged all my followers and supporters to disregard any information that I have aligned with the All Progressives Congress (APC) governorship candidate, Senator Monday Okpebholo.
“I am supporting Asue Ighodalo because he is competent, not that I am not competent but I believe Asue is on the forefront. That is my reason for supporting his candidacy.
“My party is aware because they have been having a series of negotiations for us to align with the APC, and I told them categorically that I am supporting PDP. My eighteen local government followers are in full support of my decision, I mean 100 per cent supporting the PDP candidate, Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie in this election.
“My choice for Asue Ighodalo is because, apart from myself, I see him as the next better candidate that I can support and I can put my weight on because he has the capacity, mentally, physically and otherwise to pilot the affairs of Edo State to greater heights.
“The national secretariat of my party, APP – they are in Abuja and I am in the state, and know much more of what is happening in Edo State. They are not here and don’t know what is going on here in Edo. And I am in a position to tell them what will be better for the Edo people.
“There is a parable that says, ‘You cannot shave a man’s head when he is not present’. I am here in Edo State and I know who to support and why I am supporting him. The national leadership might have taken a different tone, but this is what I and my followers have chosen.
“We had a series of other politicians who had made such decisions before. That is why I agreed with the support of my supporters to collapse my structure for the governorship candidate of the PDP Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie.”
By Kayode Sanni-Arewa
A resident of Ifetedo in Osun State, simply identified as Idowu, had reportedly died in an incident of collapse building that occurred in the town.
The collapsed structure was said to be a dilapidated building that suddenly caved in and killed the woman.
A resident of Ifetedo, simply identified as Ogunyemi, while speaking to The PUNCH on Thursday, said operatives of the Nigeria Security and Civil Defence Corps, responding to a distress call, were at the scene of the incident.
Some NSCDC operatives rushed to the scene after they were informed of the incident. They were joined by some other people in the community.
Idowu was the only person in the building when the incident happened. She was brought out dead from the rubble.
“The incident caused panic in Omiloode Area, where the building is located. The building that collapsed is a dilapidated structure,” Ogunyemi said.
Osun NSCDC Public Relations Officer, Kehind Adeleke, when contacted confirmed the incident, adding that the scene was immediately cordoned off by security men.
“An abandoned dilapidated building located along Omiloode Street, Ifetedo collapsed and killed one Mrs Idowu, who was said to be around the structure when the incident happened.
“The tragic incident occurred at about 17:30 hours on Tuesday.
“Officers and men of NSCDC Ife South Division, upon getting information rushed to the scene of the incident for rescue operation. But unfortunately, the woman had passed on. She was brought out of the rubble dead. The site was immediately cordoned off,” Adeleke said.
LASG shuts down Idera market over ‘environmental pollution
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