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SEE Dollar to Naira Exchange Rate at Black Market July 31, 2024: USD to NGN
By Kayode Sanni-Arewa
For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira exchange rate. The black market rate for dollars to naira, parallel or Aboki FX as some know it will most of the time give different rates from the official CBN rates. At this point, the exchange rate was still moving up and down. The current dollar to naira exchange rate today, July 31, 2024, what drives the rate, and how all these affect the economy of Nigeria are discussed in this article.
*Dollar to Naira Today Black Market.*
*Current Black Market Dollar to Naira exchange rate.*
Buying Rate: N1595
Selling Rate: N1600
*Official CBN Rates*
Buying Rate: N1684
Selling Rate: N1685
*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 Dollar to Naira 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 on Dollar to Naira Exchange Rate.*
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 29, 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 represents an interaction of intricate components: economic factors, regulatory frameworks, and market dynamics. It’s a reality for quite a good number of Nigerians who need forex, and this also highlights the depth and scope of the challenges and opportunities Nigeria has encountered in its economic landscape. Knowledge of these rates and the underpinning determinants is also quite instrumental in making decisions related to finance.
*Kerosene Sold To Nigerians At ₦1,555 Per Liter In June – NBS*
The National Bureau of Statistics has said that Nigerians paid an average of ₦1,555 per liter for kerosene in June as against what it sold for in June 2023.
The NBS, in its National Household Kerosene Price Watch Report on Tuesday, said the current price of kerosene increased from ₦1,450 in May by 7.22 percent.
On the report, a litre of kerosene sold at ₦1,236 per liter in June 2023. It increased by 25.73 percent at that price.
“The average retail price paid by consumers for a liter of Household Kerosene, HHK, in June 2024 was ₦1,555.11, showing an increase of 7.22% over ₦1,450.35 recorded in May 2024. Year-on-year, average retail price per liter of the product increased by 25.73% from ₦1,236.91 in June 2023,” it read.
Further analysis showed that in some Nigerian families, the price of cooking product varied from state to state. While, Kaduna, Benue and Zamfara states showed the highest increase in price; Kebbi, Taraba and Sokoto states showed the lowest price increase.
News
Japa on reverse lane as US releases names, photos of 112 Nigerians on deportation list
Japa on reverse lane as the United States Department of Homeland Security, DHS, has updated its list of Nigerians facing removal from the country, reducing the number to 112 and publishing their names and photographs online.
The latest list features Nigerians from different parts of the country and was published through the DHS official website.
Among those listed are Cletus Onyali, Olaolu Alabi, Marcus Unigwe, Mkpouto Etukudoh, Blessing Uchanma, Olaniyi Ojikutu, Richard Ugbah, Oluwamuyiwa Olawoye, Anthony Asanya and Ebele Agbasiele
Others identified on the list include Izuchukwu Okoye, Olufemi Olufisayo Olutiola, Abiemwense Obanor, Chibuzo Nwaonu, Oluchi Jennifer Chimdimma Chime, Ifeanyi Okoro, Oluwaseun Kassim, Quazeem Adeyinka and Talatu Dada.
The complete list contains 112 names, with the photographs and details of the other individuals available through the DHS online portal.
The publication comes amid stepped-up immigration enforcement by the US government, particularly involving undocumented immigrants and individuals with outstanding removal orders.
It also comes against the backdrop of efforts by US authorities to obtain increased cooperation from foreign governments in receiving their nationals who have been ordered to leave the United States.
Nigeria has previously faced pressure from the US over the repatriation of its nationals subject to deportation.
The updated publication provides public access to the identities and photographs of the Nigerians currently identified by DHS for removal from the United States.
News
Oyo kidnap: Five defendants plead not guilty to seven count charges
The Department of State Services, DSS, on Thursday re-arraigned five men accused of complicity in the May 15 kidnap of pupils and teachers in Oriire Local Government Area of Oyo State and the subsequent killing of two of the victims.
They were arraigned on a seven-count amended charge marked FHC/ABJ/CR/438/2026, filed by the DSS on behalf of the Federal Government.
The defendants, accused of being members of the Jama’atu Ansarul Muslimina fi-Biladis Sudan (ANSARU) terrorist group, are Mahmud Muhammad (aka Abu Bara’a, Abbas Mukhtar); Abubakar Abbas (aka Isah Adam, Mallam Mahmuda Al-Nigeri); Abdulrazak Umar (aka Abu Khalifa/Abu Khalid); Yunusa Musa (aka Abu Yunusa Bin Musa); and Shamsu Adamu Sani (aka Abu Itisar).
All five defendants, however, pleaded not guilty to the charges when they were read to them by the Registrar of the court.
The Director of Public Prosecutions of the Federation (DPPF), Mr Rotimi Oyedepo, SAN, who led the DSS legal team, applied for the immediate trial of the defendants in line with the provisions of the Administration of Criminal Justice Act, 2015.
He also applied for the names of witnesses lined up to testify in the trial to be shielded and for them to be permitted to wear masks to ensure their protection.
Following no objection from counsel to the defendants, Bala Dakum, Justice Salim Ibrahim granted the request of the DSS counsel.
At the time of filing this report, arrangements for the full-scale trial were being put in place.
News
Autopsy Confirms #EndSARS Journalist Pelumi Onifade Died From Gunshot Wound
LAGOS — A post-mortem examination conducted by the Department of Pathology and Forensic Medicine at the Lagos State University Teaching Hospital (LASUTH) has confirmed that 20-year-old journalist Pelumi Onifade died from a penetrating firearm injury to the abdomen.
The finding is contained in a six-page autopsy report dated July 30, 2026, and submitted to the Lagos State Coroner’s Court investigating the circumstances surrounding the young journalist’s death during the October 2020 #EndSARS protests.
According to the report, Onifade died from massive haemoperitoneum, a severe accumulation of blood in the abdominal cavity, caused by a high-velocity projectile that penetrated his abdomen.
The forensic finding provides medical evidence establishing a gunshot injury as the cause of death, while the circumstances surrounding who fired the shot and the events that followed remain matters before the coroner’s proceedings.
How Onifade Died
Onifade was a 200-level History student of Tai Solarin University of Education (TASUED) and worked as an intern reporter with Gboah TV, a Lagos-based online news platform.
On October 24, 2020, during the nationwide #EndSARS protests against police brutality, he was assigned to cover an attempted looting at a government palliative storage facility in the Abattoir area of Oko-Oba, Agege, Lagos.
According to accounts presented by his family and colleagues, Onifade was wearing a press jacket and carrying reporting equipment when officers attached to the Lagos State Task Force opened fire while attempting to disperse the crowd.
He was reportedly struck by a bullet and subsequently taken away in a police van, commonly referred to as a Black Maria.
A colleague who was with him at the scene reportedly attempted to identify him as a journalist and explain that he was carrying camera equipment, but those efforts were unsuccessful.
Onifade was not seen alive again after that incident.
Family Searched Police Stations, Hospitals
Following his disappearance, his family and colleagues searched police stations, detention facilities and hospitals across Lagos in an attempt to establish his whereabouts.
According to the family, police authorities denied having him in custody.
Six days later, on October 30, 2020, the family located his body at the mortuary of Ikorodu General Hospital, where it had been registered as a “brought-in-dead” case under body number 1385.
The discovery triggered years of demands for an independent investigation into how the young journalist died and how his remains ended up in the mortuary.
DNA Test Identified the Body
The identity of the body was subsequently confirmed through forensic DNA testing.
Results from the Lagos State DNA and Forensic Centre established a match between the unidentified body bearing tag number 1385 and reference samples obtained from Onifade’s parents.
The DNA confirmation provided a crucial breakthrough after years of uncertainty surrounding the whereabouts and identity of the missing journalist.
Court Ordered Coroner’s Inquest
The search for accountability later moved into the courts.
In July 2024, Justice Ayokunle Olayinka Faji of the Federal High Court in Lagos ordered the Lagos State Government and the police to conduct a coroner’s inquest into Onifade’s death.
The objective of the inquest is to establish the circumstances surrounding his death and determine the facts surrounding the actions of the security personnel involved.
The ongoing proceedings before the Lagos State Coroner’s Court are being presided over by Magistrate Temitope Oladele.
Following the submission of the post-mortem report, the court has directed key witnesses, including police personnel who were on duty in the Oko-Oba area on October 24, 2020, to appear and testify.
Rights Groups Demand Accountability
Media Rights Agenda (MRA), which has supported the Onifade family in its legal efforts, has described the post-mortem findings as significant evidence in the case.
Rights activists, journalist unions, and the deceased’s family continue to demand the public prosecution of the police officers who fired the shot and those who supervised the deployment during the Lagos #EndSARS demonstrations.
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