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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.
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Alleged N110bn fraud: Court arraigns Yahaya Bello Nov 27
Justice Maryann Anenih of the Federal Capital Territory High Court in Maitama, Abuja, on Thursday, adjourned till November 27, 2024, the arraignment of the immediate-past governor of Kogi State, Yahaya Bello.
He is facing trial in the fresh 16 charges preferred against him by the Economic and Financial Crimes Commission.
Bello, and two others – Shuabu Oricha and Abdulsalami Hudu, are facing prosecution bordering on criminal breach of trust, and conspiracy to commit an offence to the tune of N110.4bn.
EFCC counsel, Jamiu Agoro, at the resumed hearing, asked the court for an adjournment to enable Bello to be present in court for his arraignment, since the order of the court given on October 3 had not elapsed.
According to the prosecution, the 30-day window issued by the court was still running for the summons earlier issued.
Recall that the court had issued a public summon for Bello to appear before it to answer the 16 new charges pending against him.
Justice Anenih issued the summons after the EFCC filed an application claiming inability to serve Bello with the charge filed on September 24.
Justice Anenih, in a ruling, ordered the EFCC to publish the public summons in a widely circulating newspaper.
She also ordered the EFCC to paste copies of the public summons on Bello’s last known address and in conspicuous places on the court premises.
While Agoro prayed to the court for an extension of time for Bello to appear in court for his scheduled arraignment, he also craved the indulgence of the court to grant an order to paste a hearing notice at his residence.
Agoro said “I will humbly pray to your lordship for the extension of time for the first defendant who is supposed to appear before your lordship to be in court.
“We feel it will not be appropriate for us to take proceedings while the 30 days is still running.
“My Lord, I also want to pray that in the event that your lordship is magnanimous to grant this request the court approves the same to paste a hearing order at the last known address of the first defendant.
“The last known address of the first defendant is No 9, Benghazi Street, Wuse Zone 4. My Lord, that is our humble application.”
Meanwhile, Bello’s co-defendants (Oricha and Hudu) were granted administrative bail by the anti-graft agency.
Counsel for the second defendant, Aliyu Saiki (SAN), who confirmed that his client had been granted administrative bail by the prosecution, said he had no objection to the application for adjournment.
The third defendant’s counsel, Z. E. Abass, was in compliance with Saiki’s submission.
They also prayed the court to continue to allow their clients to enjoy the administrative bail granted them.
The prosecution counsel afterwards, prayed the court for an adjournment.
He informed the court that a discussion had been had with the defence team and they had agreed to come back on the 27th day of November 2024.
He also said the 20th of November date earlier given was not convenient for him.
After listening to all the parties, the judge granted EFCC’s application for adjournment.
She also granted the request to paste the hearing notice at his residence.
The trial judge adjourned the case to November 27 for arraignment.
She said “I have considered the application for adjournment by the complainant and issuance of hearing notice and the submission by the second and third defendants. The application is granted.”
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Okpebholo freezes bank accounts, orders CP to end cult clashes
Edo State Governor, Monday Okpebholo, on Thursday, ordered the freezing of all state bank accounts with immediate effect, until further notice.
The governor warned commercial banks, heads of ministries, departments and agencies to comply with the order freezing the account immediately without delay.
The governor also asked the Commissioner of Police to halt the violent cult clashes in the state in 48 hours.
These were disclosed in statements by the Chief Press Secretary to the Governor, Fred Itua, on Thursday.
In one of the statements, the governor warned that anyone, including heads of MDAs and civil servants who flouted the order on the accounts would be severely punished.
He said, “All bank accounts in all the commercial banks have been frozen. Commercial banks must comply with the order and ensure that not a dime is taken out of the confers of government until there is further notice.
“Heads of ministries, departments and agencies must comply with this order and ensure that there is a full compliance without any further delays.
“After the necessary investigations and reconciliations, the governor will do the needful and decide on the way forward. For now, this order stands.”
The governor asked the relevant government agencies to reverse the Ministry of Roads and Bridges to the Ministry of Works.
Okpebholo said since no bridges or good roads were constructed by the administration of Godwin Obaseki, it was, therefore, absurd to maintain such a name.
He ordered relevant government agencies to implement the new order and immediately reflect the new name.
“It is funny how you can call a government institution the Ministry of Roads and Bridges. Ironically, no single bridge was built by the same administration. Not even a pedestrian bridge.
“In the coming days, we will look at more actions taken by the previous administration and more decisions will be taken that will be done in the best interest of the state.”
On the cult clashes, the governor asked the police commissioner to instruct his officers and men across the various formations to immediately swing into action and halt the unnecessary bloodbath.
The statement read, “As the governor of Edo State, cultism cannot be allowed here.
We must end it very fast too.
“I have ordered the Commissioner of Police to halt the madness within 48 hours. All those involved in the killings should be stopped.
“Some associations that are causing trouble in the state, especially in Benin City, cannot be allowed to operate.
“They all remain banned, and the commissioner of police must ensure that his men carry out this instruction by giving teeth to this ban.
“Edo must be safe. That was one of my key priorities during the campaigns and I plan to ensure that we restore it at all costs. We will not fold our arms and allow them to create unnecessary tension.”
Speaking late night on Wednesday, the governor said his traducers tried hard to pull him down but God gave him victory at the September 21 governorship election.
Speaking at a thanksgiving service at the Sam Ogbemudia Stadium, Benin, he also recounted how he found a dead bat on his bed hours before he was declared the winner of the election.
He urged Nigerians to trust in God alone, irrespective of their challenges in life.
In his words, “I want to thank God. In this last election, while I was praising God, they (traducers) were busy operating from Arise. They were busy operating from Facebook. They were busy operating from Channels.
“But, I took the battle to God because I know the secret. A few days before the election, they said this guy (Okpebholo) was crazy when we gathered to praise God in this state.
“They asked, ‘What is he doing?’ They were there at Arise. But, I was listening to the voice of God and I won the battle.”
He said after the election on Sunday morning, he came to his room and met a dead bat on his bed.
“After the election on Sunday morning, I came to my room. I met a dead bat on my bed, without me shooting any arrow. But, the spirit of God was there. The arrow of God; the hand of God delivered me.
“I am grateful to the men of God that stood in the gap. I am grateful to those who believe that with God, all things are possible. And I will advise you to trust in God alone because he will do it for you,” Okpebholo said.
The governor disclosed that he did not consult any native doctor, or prophet or visit any native doctor to seek help throughout the electioneering period.
The thanksgiving worship service had in attendance prominent politicians and clergymen, among others.
News
Tinubu appoints 3 D-G’s, 1 aide on public communication
President Bola Tinubu has approved the appointment of three Directors-General of various agencies and one special adviser on Public Communications and Media.
Mr. Bayo Onanuga, Special Adviser to the President (Information & Strategy), made this known in a statement on Thursday in Abuja.
Onanuga said the new appointees are; Mr. Olawale Olopade, D-General, National Sports Commission, Dr. Abisoye Fagade, D-G, National Institute for Hospitality and Tourism and Dr. Adebowale Adedokun, D-G, Bureau of Public Procurement.
He named Daniel Bwala as Special Adviser, Media and Public Communications (State House).
According to Onanuga, Olopade, the new D-G of the National Sports Commission, is a sports administrator with many years of experience in the sector.
” He served as commissioner of youth and sports in Ogun state and was chairman of the local organizing committee of the 2024 National Sports Festival.”
Similarly, he said that the new D-G of the National Institute for Hospitality and Tourism, Fagade is a marketing communication professional.
Fagade is the founder and managing director of Sodium Brand Solutions.
Onanuga also explained that Adedokun, the new helmsman of the Bureau of Public Procurement, was the director of Research/Training and Strategic Planning at the bureau before his appointment.
He stated that the Special Adviser on Public Communications and Media, Mr. Bwala is a lawyer and notable public affairs analyst.
Onanuga said that President Tinubu enjoined the newly appointed officers to discharge their duties with dedication, patriotism, and excellence.
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