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SEE Dollar to Naira Exchange Rate at Black Market for July 24, 2024
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
President Tinubu Leaves Brazil After G20 Summit
President Bola Tinubu has departed Galeao Air force Basa (SBGL) Airport, Rio de Janeiro, Brazil, on Saturday, for Abuja after attending the 19th G20 Leaders Summit in Rio de Janeiro, Brazil.
The President is due to arrive at the Presidential Wing of Nnamdi Azikiwe International Airport, Abuja, at 10.00 p.m. (Nigerian time).
President Tinubu had attended the G20 Leaders summit where he endorsed the global alliance against hunger and poverty, which he said was pivotal.
The President also held bilateral talks with Kristalina Georgieva, the Managing Director of the International Monetary Fund (IMF), who commended his administration’s economic reforms and their positive indicators.
He also presided over the signing of a 2.5 billion dollar Letter of Intent between the Nigerian government and the JBS S.A., a Brazilian company and one of the top three largest meat processing companies in the World.
The president was accompanied in the trip by senior government officials including the minister of foreign affairs yusuf Tuggar, the national security adviser, Nuhu RIBADU and many others.
News
HoR to lead historic march, other Key initiatives against gender-based violence
In commemoration of this year’s International Day for the Elimination of Violence Against Women, the House of Representatives will lead a landmark march on Monday, November 25, 2024, along with other strategic activities as part of its unwavering commitment to eradicating gender-based violence (GBV) in Nigeria.
This was contained in a statement issued by the HoR spokesperson, Rotimi Akin, Jr on Saturday.
According to him the march, which starts at 8:00 AM, will bring together over 1,000 participants – including Representatives and members of the public – on a symbolic walk from the National Assembly to the Headquarters of the Nigeria Police Force.
This demonstration of solidarity will culminate in the submission of a petition to the Inspector General of Police, demanding decisive action to safeguard vulnerable populations and ensure accountability for perpetrators of GBV.
“This march and the associated activities are not just symbolic gestures, they reflect our resolve and call to action against gender-based violence head-on,” said Hon. Abbas Tajudeen,, Speaker of the House of Representatives.
“We stand united in the fight to protect the rights and dignity of all Nigerians, especially the most vulnerable. Together, through collective action and legislative reforms, we can build a society where safety, justice, and equality prevail.”
Beyond the march, the 10th House of Representatives in alignment with its Legislative Agenda (2023 – 2027) has outlined *key activities to sustain awareness and action throughout the 16 Days of Activism:*
1. *Sash Demonstration Ceremony* – Tuesday, November 26, 2024
Members of the House will don orange sashes, symbolising solidarity with the fight against GBV, during plenary sessions throughout the campaign period.
2. *Convergence of State Assembly Speakers* – Monday, December 9, 2024
A strategic meeting at the Transcorp Hilton, Abuja, will bring together Speakers of State Houses of Assembly to discuss legislative strategies for combating GBV nationwide.
3. *National Citizens’ Summit and GBV Conference 2024 -* Tuesday, December 10, 2024
This summit will conclude the 16 Days of Activism with discussions on constitutional reforms and securing endorsements for gender equality initiatives championed by the House.
The House of Representatives invites all Nigerians to *participate in this historic march on Monday, November 25, 2024.* Participants will receive orange T-shirts—the official colour of the United Nations campaign to end violence against women—symbolising hope for a future free of violence.
*Details of the March:*
• *Date:* Monday, November 25, 2024
• *Time:* 8:00 AM
• *Starting Point:* Speaker’s Car Park, National Assembly
• *End Point:* Nigeria Police Force (NPF) Headquarters
Gender-based violence continues to devastate families and communities across Nigeria. The 10th House of Representatives however, remains steadfast in driving systemic reforms, fostering collaboration, and championing accountability to address this pervasive issue.
Together, let us take a decisive stand for justice, equality, and the protection of human rights, paving the way for a safer, more equitable Nigeria.
News
Police rescue abducted Emirates Airlines Airport Services Manager
The Ghana Police Service has announced that Sylvia Patience Baah, the Airport Services Manager of Emirate Airlines in Accra, who was kidnapped has been rescued.
The Police said the victim is currently reunited with her family.
“The Ghana Police Service would like to state that the victim of the alleged kidnapping, Sylvia Patience Baah, the Airport Services Manager of Emirate, Airlines in Accra, has been rescued and reunited with her family.” The Police said in a statement.
According to the Police, a team of Police medical officers and clinical psychologists have been assigned to assist the family to ensure that everything is in a perfect condition and assured the family and the general public that the suspect will be arrested and face the law
“Meanwhile, the Inspector-General of Police (IGP) Dr. George Akuffo Dampare, has spoken to the victim and her family and they are in good spirits. A team of Police medical officers and clinical psychologists have been assigned to assist the family during this critical time.” Part of the statement read.
Transparent, Rewarding!
The victim was allegedly kidnapped by an unknown men on Thursday ,November 21, 2024 night.
Below is the full statement:
KIDNAPPED VICTIM, SYLVIA PATIENCE BAAH RESCUED
The Ghana Police Service would like to state that the victim of the alleged kidnapping, Sylvia Patience Baah, the Airport Services Manager of Emirate Airlines in Accra, has been rescued and reunited with her family.
The Police are currently continuing the search for the suspects behind this incident and we want to assure the public that we will surely bring them to face justice.
We would like to take the opportunity to thank all those who gave us pieces of information in the course of our rescue operations in particular and the public in general for their support and cooperation.
Meanwhile, the Inspector-General of Police (IGP) Dr. George Akuffo Dampare, has spoken to the victim and her family and they are in good spirits. A team of Police medical officers and clinical psychologists have been assigned to assist the family during this critical time.
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