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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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Kuje-Gwagwalada Road Was a Death Trap for Decades, Tinubu Declares as He Commissions Phase I Dual Carriageway (Photos)

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By Ojomah Austin.

 

President Bola Ahmed Tinubu on Wednesday, said the newly completed Phase I of the Kuje-Gwagwalada Dual Carriageway has brought an end to decades of hardship, insecurity and economic losses suffered by residents and commuters along the corridor.

Speaking through Vice President Kashim Shettima at the commissioning of the 7-kilometre dual carriageway in Kuje Area Council of the Federal Capital Territory, (FCT) Tinubu described the road as a critical economic and security infrastructure that would transform the lives of residents in Kuje, Gwagwalada, Kwali and adjoining communities.

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“For decades, this road was a death trap. Traders from Kuje, Gwagwalada, Kwali and beyond lost time, goods and sometimes lives while plying this road. Criminals thrived in the darkness. Students wasted hours in traffic. Farmers could not get their produce to market on time.

“But that story ends today,” the President said.

Tinubu noted that the road, equipped with solar-powered streetlights, pedestrian walkways and modern drainage facilities, represents more than physical infrastructure.

“This 7-kilometre dual carriageway with solar-powered streetlights, pedestrian walkways and proper drainage is more than a road. It is security. It is commerce. It is dignity.

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“It is the economic corridor linking Abuja to three area councils and an opening and exit route to Southern Nigeria. With the construction of this road, we have unlocked the agricultural potential of this area, opened new residential layouts and made it safer for mothers, students and workers to move at any hour,” he stated.

The President said the project was a practical demonstration of the Renewed Hope Agenda and reaffirmed his administration’s commitment to extending development beyond Abuja city centre to satellite communities.

“My people of Kuje, Gwagwalada, Kwali and all the area councils and satellite towns, hear me clearly: this government sees you. You are not forgotten.

“For too long, Abuja’s development stopped at the city centre. Under the Renewed Hope Agenda, every area council matters. Every community counts. We will keep bringing roads, water, schools and hospitals to you,” he said.

Tinubu also urged residents to safeguard public infrastructure and support government efforts through civic responsibility.

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“Do not build on the median. Do not vandalise the solar lights. Pay your taxes and ground rents. When government works and citizens cooperate, development moves faster,” he added.

The President commended the Minister of the Federal Capital Territory, Nyesom Wike, for expanding development to underserved communities across the territory.

“I gave you an instruction when I appointed you: make Abuja work for all Nigerians, not just for those in Maitama and Asokoro.

“You have taken Renewed Hope to the grassroots. From judicial quarters in Katampe to roads in Kuje and Gwagwalada, you are proving that development must not be selective. You heard the cries of satellite communities and responded. That is leadership. Well done, Honourable Minister,” Tinubu said.

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Earlier, FCT Minister, Barr. Nyesom Wike, said the road project was a direct response to demands made by residents, traditional rulers and stakeholders during consultations held across the six area councils shortly after the administration assumed office in 2023.

According to him, insecurity and poor road infrastructure featured prominently among the concerns raised by residents of Kuje.

Wike recalled that the administration revived the abandoned Airport Road-Kuje road project before approving the Kuje-Gwagwalada road after personally inspecting its deplorable condition.

“So, one day, while returning from Kwali after inspecting projects, I said let us pass through the road the traditional ruler had been talking about.

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“As we travelled, it took us almost two hours. I asked where we were heading to and they said Kuje. I said, ‘Are we in America?’ This is within the FCT and it took us almost two hours. The road was terrible. In fact, saying it was bad is an understatement; there was practically no road,” he said.

The minister explained that the Federal Executive Council approved the project in early 2025 and that it was awarded to Gilmor Engineering Nigeria Limited.

He expressed satisfaction that the first phase had been completed within schedule and disclosed that the contractor had assured the administration that the second phase would be delivered by December 2026.

“What this means is that the people of Gwagwalada and Kuje can now interact more easily, businesses can thrive and farmers can move their produce to markets without stress. That is governance. That is bringing hope to the people,” Wike said.

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Also speaking, Minister of State for FCT, Dr Mariya Mahmoud, described the project as a visible demonstration of the Renewed Hope Agenda and a testament to the Federal Government’s commitment to improving lives through strategic infrastructure investments.

She commended Wike for what she described as his exceptional leadership and determination in delivering critical infrastructure across the FCT.

Earlier, Coordinator of the Satellite Towns Development Department (STDD) Abdulkadir Zulkiflu, said the project was awarded on February 28, 2025, and consists of a 7-kilometre dual carriageway with two lanes in each direction, a three-span bridge, drainage systems and solar-powered streetlights.

He added that the project would improve access to farming communities, facilitate movement of agricultural produce, reduce travel time and stimulate economic growth in Kuje, Gwagwalada and neighbouring communities.

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Zulkiflu disclosed that the second phase of the project, covering the remaining six kilometres of dual carriageway, is expected to be completed by December 2026, completing the full upgrade of the Kuje-Gwagwalada road corridor.

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ScienceOpen Names Nigerian Scholar-Journalist Max Amuchie Expert Member

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By Gloria Ikibah

In a major milestone for indigenous African and scholarship and media leadership, the global open-science discovery network ScienceOpen has officially appointed Dr. Max Nwabueze Amuchie as an Expert Member and Peer Reviewer in Social and Behavioural Sciences.

In an email conveying the appointment on Tuesday, ScienceOpen stated that the decision was based on Dr. Amuchie’s extensive publication history verified through his Open Researcher and Contributor ID (ORCID) profile.
Dr. Amuchie, the CEO and Theorist-In-Chief of Sundiata Post Media Ltd and Lead Researcher for the Sundiata Post Intelligence Unit (SPIU), joins an elite global cohort of international scholars tasked with evaluating, validating, and shaping scientific, governance, and policy literature on the world stage.

This international elevation comes on the heels of Dr. Amuchie’s extensive work in developing groundbreaking, macro-theoretical frameworks designed to analyse complex geopolitical realities in the Global South. He is the architect of The Insecurity Triad framework for African security analysis, The Trinity of State Decay (TSD) theory, and the Decoupling Sovereignty Index (DSI)—original, quantitative, and analytical instruments used for understanding, categorising, and measuring conflict, structural degradation, and functional sovereignty.

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To anchor these frameworks in global academia, Dr. Amuchie’s research works have already been widely published and archived across premier scholarly platforms. His papers and data indices are preserved in world-class open-science repositories including Harvard Dataverse and Zenodo. Furthermore, his output is accessible on the Social Science Research Network (SSRN) and Mendeley—the latter owned by Elsevier, the world’s largest corporate academic publishing house. His research footprints also extend to the Social Science Open Access Repository (SSOAR), operated by GESIS – Leibniz Institute for the Social Sciences in Germany, as well as Figshare. In addition, his papers are available on major global scholarly networks such as ResearchGate and Academia.edu, and are actively indexed on Google Scholar.

Commenting on his appointment by ScienceOpen, Amuchie emphasised that the recognition represents a significant step forward for the Global South intellectual sovereignty.
“For too long, the Global South has been treated primarily as a subject of external geopolitical analysis rather than a creator of macro-theoretical blueprints,” Amuchie said. “This elevation on a premier open-science platform like ScienceOpen provides an unassailable global platform to validate indigenous African and Global South research. It ensures that our original frameworks—born out of rigorous field observations and deep academic inquiry—are recognised as primary tools for understanding state structures worldwide.”

Amuchie is a seasoned professional in the Nigerian media landscape, having served as a Member of the Editorial Board and later Abuja Bureau Chief at BusinessDay; held senior editorial positions at ThisDay, and served as Managing Editor at Leadership newspapers. He was also the CEO and Editor-in-Chief at Truetales Publications Ltd. He is an alumnus of the University of Calabar and the University of Lagos. He also maintains The Sunday Stew, a highly regarded weekly syndicated column exploring faith, character, and the structural forces shaping contemporary society.

As an official Peer Reviewer on ScienceOpen, Amuchie’s vetting powers will bridge the gap between high-velocity media dissemination and rigorous, citable academic indexing. This appointment establishes a formidable foundation for the Sundiata Post Intelligence Unit (SPIU) as it continues to pioneer data-driven, sovereign policy analysis across Africa and the wider Global South.

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Headquartered in Berlin, Germany, with its primary technical and editorial operations hub in Boston, Massachusetts, USA, ScienceOpen is a leading independent open-science discovery network and research platform. Founded on the principles of Open Access, the platform democratises knowledge by breaking down academic paywalls so that researchers, policymakers, and journalists can freely share and critique global research.

ScienceOpen operates an innovative, transparent post-publication peer review system. It aggregates a massive, interconnected global database of over 85 million research records and articles. To maintain absolute academic integrity, only scholars who meet strict criteria—including a verified track record of published, peer-reviewed scientific literature linked to their international ORCID ID—are appointed as Expert Members and Peer Reviewers. These experts possess the formal authority to critique manuscripts, evaluate new analytical theories, and curate specialised research collections that shape validated scientific and policy data on the world stage.

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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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