News
SEE Dollar to Naira Exchange Rate at Black Market for July 24, 2024
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/07/Screenshot_20240724-161148.png&description=SEE Dollar to Naira Exchange Rate at Black Market for July 24, 2024', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/07/Screenshot_20240724-161148.png&description=SEE Dollar to Naira Exchange Rate at Black Market for July 24, 2024', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
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
Ekiti 2026: I have no political godfather, PDP guber candidate, Oluyede admits
The Peoples Democratic Party, PDP, governorship candidate in Ekiti State, Wole Oluyede, says he has no political godfather.
Featuring in an interview on ‘Politics Today’, a programme on Channels Television on Thursday, Oluyede said people of the state are his godfather.
He was speaking ahead of Saturday’s gubernatorial election in the state.
“The truth about it, is on record. Everybody knows that the godfather I have is the people themselves.
“The people have to believe in the hope that I have a record of investment in this state. In the history of this state, I’m the only person at this time trusting the state to think that we can invest in this state.
I have invested my money, my time, and my energy to say things can be different. I am very wary and suspicious of the fairness of the present police force in Ekiti.
“In situations where your supporters are being arrested for reasons that you don’t know and they can’t explain and when you have situations, on the other hand, where we have agents of the APC in my hometown attacking people with machetes and they are not arrested, then we need to question that,” he said.
News
EFCC Grills ‘Prophet’ Over Alleged N70.3m Fraud in Enugu
The Economic and Financial Crimes Commission (EFCC) has commenced an investigation into a self-acclaimed prophet, Godwin Sunday Ajuluchukwucheya, popularly known as Prophet Sunday Koboko, over allegations that he defrauded members of his ministry of more than N70 million through various purported spiritual and investment schemes.
The anti-graft agency disclosed this in a statement posted on its official X handle on Wednesday, June 17, stating that operatives of its Enugu Zonal Directorate are probing the activities of the cleric following multiple complaints from alleged victims.
According to the EFCC, one of the petitioners, Okey Uwakwe, accused the suspect of exploiting the trust of church members by presenting himself as a genuine man of God with supernatural powers.
Uwakwe alleged that the cleric collected N6.23 million from him for spiritual interventions aimed at persuading his brother, who had lived abroad since 1997, to return to Nigeria.
The petitioner further claimed that the prophet received another N3.25 million on the promise of helping his sister-in-law conceive after over 15 years of childlessness.
The EFCC said Uwakwe also alleged that Ajuluchukwucheya announced to members of his congregation that he had won a N33 billion lottery jackpot and encouraged them to make financial contributions with assurances that they would receive dividends from the winnings.
Based on that representation, the petitioner reportedly contributed N3.35 million.
In another alleged scheme, church members were reportedly invited to invest in a proposed rice processing venture said to be worth N1 billion. Uwakwe claimed he contributed N500,000 to the project.
According to the commission, the petitioner said he paid a total of N13.33 million to the cleric without receiving any of the promised benefits.
The EFCC said more members of the ministry subsequently came forward with similar allegations as investigations progressed.
One of the complainants alleged that the suspect convinced members to contribute money towards securing access to his purported N33 billion lottery winnings.
The victim claimed the cleric told congregants that the money could not be released because of spiritual opposition and urged them to purchase what he described as “holy ghost thunder” to overcome the challenge.
According to the witness, each “holy ghost thunder” item was sold for N38,000, while members were encouraged to buy as many as possible.
Investigators also alleged that the suspect marketed various spiritual products, including miracle stickers, spiritual dragons and holy ghost thunder, promising prosperity and solutions to personal challenges.
Another victim told investigators that despite making payments for the spiritual items, there was no improvement in his situation.
The EFCC said the total amount allegedly collected from members of the ministry stands at N70.39 million.
The commission added that investigations are ongoing and that the suspect will be charged to court upon their conclusion.
News
Okpebholo plans special court for kidnappers, vows to sign death warrant
Edo State Governor, Senator Monday Okpebholo, yesterday, issued a stern warning to kidnappers, cultists, and criminal elements operating within the state, declaring that anyone involved in kidnapping will face the full weight of the law, including possible execution by hanging once a new legislation is enacted to set up special court to carry out speedy trial of suspects.
The governor gave the warning while inspecting some of the suspected kidnappers being paraded, including those that abducted a housewife at the Vegetable Market, off airport Road in Benin City by the Edo State Commissioner of Police, Monday Agbonika at the Police Command Headquarters in Benin.
“We are proposing a special court to try kidnappers and cultists so that in a matter of weeks, they will be done with it and I will hesitate to sign the death warrant of any convict and such person will be paraded so that the people will see them and this I will not have any regret about, please don’t take my simplicity for granted.
“And I will sign it, the execution by hanging. I will take you to the roundabout, that is Ring Road roundabout so that the whole Edo people will see you. And this, I will not have any regret about it”, Okpebholo said.
The governor praised the swift response of security agencies, revealing that the suspects were apprehended within 24 hours after he personally contacted the Commissioner of Police regarding a kidnapping incident in the state.
According to him, the Commissioner of Police, who was in Abuja at the time, immediately returned to Benin City to coordinate operations that led to the arrest of the suspects.
“Before you know it, within 24 hours, those guys had been caught,” he said while displaying money allegedly linked to the criminal operation.
Okpebholo disclosed that during the operation an exchange involving gunfire occurred, leading to the death of one suspect while another was arrested and two others are at large.
Commending the efforts of the Nigeria Police Force and the Department of State Services (DSS), he dismissed claims that the government is not doing enough to combat insecurity.
“The police are working. The DSS are working. When people say the President is not doing anything, I wonder why they say so. The President is funding these agencies, and that is why we are getting results today,” he stated.
He maintained that kidnappers would find no safe haven in Edo State, noting that security forces have recorded significant successes in arresting criminal suspects across the state.
“There will be no crime committed in this state where the offender will not be arrested. Whoever is supporting these criminals should stop because we are ready for them. We are not joking, and we are not sleeping,” he warned.
He further warned young people to stay away from cultism and kidnapping, stressing that crime ultimately destroys lives rather than improving them.
“It is cheaper for you to maintain your standard of living than to go into kidnapping. When you kidnap, whatever you had before, you will lose it, and at the same time, you may lose your life,” he said.
The governor reaffirmed his administration’s commitment to ensuring the safety of lives and property across Edo State and vowed to sustain the crackdown on criminal activities.
He later rewarded the Special Security Squad that arrested the kidnappers of the housewife with N10 million. The housewife has since been rescued.
On his part, the Commissioner of Police, Monday Agbonika, commended the officers and men of the command and other security agencies for their timely responses that have led to the successes being recorded.
“And I must also commend, finally, the executive governor of Edo State, Senator Monday Okpebholo who has been very courageous in the fight against kidnapping and the fight against courtism in the state.
“I think what we are doing here, the kind of synergy we have between the police and the military and other agencies, including the informal policing sectors, I think it’s something that is worth emulating by other commands.
“We are working here so very well that you can’t even tell one agency from the other.
“The DSS, it gives us information as I tell you, and whenever we need backup, we also get area backup with support of the Inspector General Police.
“So these are all the issues and the supports that we have been getting that has made it possible for us to record the successes of our credit”, Agbonika said.
He cautioned against the spread of fake news which led to the panic relating to the alleged invasion of schools by suspected kidnappers,saying such acts and self kidnapping which he said was becoming an issue in the state have legal implications.
“Let me use this opportunity to warn the public that we have been having very serious concerns about fake news. Just this morning, there were information that some schools were being attacked in different parts of the state and when we conducted our enquiries, we found out that they were all fake news even though before then proactively we have deployed men to those areas and that was why we were able to find out very quickly that the information was not correct. It got to a point that parents were going to withdraw their children from these schools, people must desist from this.
“The issue of self-kidnapping is also rearing its ugly head in the state and I want to warn members of the public that these are crimes that are punishable by the law, they must cross check their information before they repost because these information will not go viral if they are not reposted by others”, Agbonika stated.
-
News23 hours agoDAY 7 of Projects Commissioning in the FCT
-
News20 hours agoDAY 7 of Projects Commissioning in the FCT(VIDEO)
-
News22 hours agoFG Unveils Transition Rules for New Tax Regime Ahead of 2026 Rollout
-
Metro4 hours agoPolice bust telecom fraud syndicate, arrest suspects over N7.7bn data scam
-
News18 hours agoDAY 7 of Projects Commissioning in the FCT: Watch moment Wike arrives Tunga Madaki
-
News15 hours agoFire reportedly engulfs Polaris bank in Lagos
-
News14 hours agoTinubu: No Community Should Suffer for National Development, Commissions Airport Bypass Road in Abuja(Photos)
-
News17 hours agoDAY 7 of Projects Commissioning in the FCT: Watch moment Akpabio arrives Tunga Madaki

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login