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SEE Dollar To Naira Exchange Rate Today August 22, 2024: Black Market And CBN Official Rates
By Kayode Sanni-Arewa
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market exchange rate.
Dollar to Naira Exchange rate DOLLAR TO NAIRA EXCHANGE RATE Dollar To Naira Exchange Rate Today Black Market and CBN official Exchange Markets: What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market exchange rate. Advertisement 5 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. The dollar to naira exchange rate at this point was still wiggling up and down. We will discuss in this article how the rate has moved up to this current dollar to naira exchange rate today, August 22, 2024, what drives the rate, and how all these affect the economy of Nigeria.
*Dollar to Naira Today Black Market.*
Buying Rate: N1600
Selling Rate: N1610
*Official CBN Rates*
Buying Rate: N1590
Selling Rate: N1595
*Understanding the Dollar to Naira 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: ₦2,073
Selling Rate: ₦2,074
*Euro to Naira (Black Market Rates)*
Buying Rate: ₦1,768
Selling Rate: ₦1,780
*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 N1601, and the selling rate is N1602 as of August 22, 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?* Among these risks are fluctuating rates, possible frauds, and illegality of such transactions.
*Can the CBN influence black market rates?* The CBN can only influence these rates through monetary policy, forex interventions, and regulatory measures; no direct control exists over such.
*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.
This is real life to so many Nigerians; it also underlines the depth and scope of challenges and opportunities encountered within the Nigerian economic landscape.
The rates, coupled with their underpinning determinants, are quite instrumental in making decisions related to finance.
*Nigeria to Raise N190 Billion from Bond Market in August.*
The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced its intention to raise N190 billion from the bond market in August 2024. This figure represents a notable 37% decrease from the N300 billion secured during the last bond offer earlier this year.
The bond auction is scheduled for August 22, 2024, and will include three re-openings, each with distinct maturity dates and interest rates. These options aim to attract a wide range of investors, offering them various investment choices. This initiative is part of the government’s broader strategy to manage its debt obligations and finance its budgetary needs effectively.
By Francesca Hangeior
The National Agency for Food and Drug Administration and Control has launched innovative mobile technologies aimed at combating counterfeit drugs in Nigeria’s North-East region.
The a two-day sensitisation workshop in Gombe, stakeholders from various healthcare sectors were introduced to the “Scan 2 Verify” and “Green Book App” tools designed to authenticate medicines and ensure public safety.
Speaking on Wednesday, NAFDAC’s Director-General, Professor Mojisola Adeyeye, who was represented by the Director of Post-Marketing Surveillance, Bitrus Fraden, reassured participants that all drugs registered by NAFDAC are safe and available only through legitimate outlets.
Adeyeye further explained that the Green Book App serves as a digital registry listing certified medicines approved by the agency.
“Users can quickly verify a drug’s authenticity, with any product not listed being deemed counterfeit,” Adeyeye said.
The workshop, which targeted key stakeholders, including pharmaceutical vendors, medical doctors, and healthcare professionals, harped on the need to adopt the technologies to ensure only genuine medicines reach consumers.
Participants such as patent medicine dealers and shop owners praised NAFDAC for the timely initiative.
Yakubu Yusuf and Hauwa Musa, participants at the workshop, described the training as a significant step toward resolving the challenges of counterfeit drugs.
NAFDAC also emphasised its ongoing efforts to shut down counterfeit drug markets in Lagos, Onitsha, and other parts of the country, reaffirming its commitment to public health and safety.
The agency highlighted the importance of public awareness in the fight against fake drugs, urging individuals to verify medicines before use and make informed health choices.
By Francesca Hangeior
President Bola Ahmed Tinubu has congratulated industrialist, Aliko Dangote, on his appointment to the World Bank’s prestigious Private Sector Investment Lab, describing it as a fitting recognition of his transformative contributions to Africa’s private sector.
In a statement by his Special Adviser on Information and Strategy, Mr. Bayo Onanuga, Tinubu commended the billionaire businessman and President of the Dangote Group, stating that his inclusion in the global economic initiative is well-deserved.
“The President describes the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group,” the statement said.
The World Bank announced Dangote’s appointment on Wednesday as part of a broader effort to expand the reach and impact of its Private Sector Investment Lab.
The Lab, established to harness private capital and scale up investment in developing economies, is entering a new phase that emphasizes job creation as a key development strategy.
Dangote joins other global business leaders on the panel, including Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
The Bank said the newly expanded membership reflects its strategic focus on leveraging proven private sector leaders to drive employment growth and innovation across emerging markets.
Tinubu urged Dangote to bring his signature blend of vision and innovation to the World Bank role, expressing confidence that he would make a lasting global impact.
“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully,” the statement said.
Dangote, Africa’s richest man, leads one of the continent’s most diversified industrial groups. The Dangote Group spans sectors such as cement, fertilizer, salt, sugar, and oil and gas.
Its $20 billion petroleum refinery and petrochemical complex, recently inaugurated in Nigeria, is considered the continent’s most ambitious private sector investment and a game-changer for regional energy security.
With his new role at the World Bank, Dangote is expected to help guide efforts to channel private investments into sectors critical to sustainable growth and economic resilience in the developing world.
By Francesca Hangeior
Eight suspected cultists allegedly involved in several cult-related killings within Yaba College of Technology and its environs have been arrested by tactical operatives of the Lagos State Police Command.
One Beretta pistol, four 9mm cartridges, one cartridge, two battle axes, and two cutlasses were recovered, according to the police.
Spokesman for the Lagos State Police Command, CSP Benjamin Hundeyin, described the operation which took place on April 29, 2025, as intelligence-led.
He gave the identities of the arrested suspects as: Adeyemo Abdulsamad, alias Cloud, 24; Afeez Enitan, 28; Ayomide Daniel, aged 30; Olamilekan Adeagbo, alias Skinny, 26; Mayor Samson, aged 38; Basit Ishola, aged 20; Quadri Sikiru, aged 26; and Mariam Salihu, a female, 23 years old.
Hundeyin said, “Investigation is still in progress to unravel the full extent of the suspects’ involvement in cult-related activities. Members of the public are assured that the suspects will be made to face the full wrath of the law.
“The Commissioner of Police, Lagos State Command, CP Olohundare Jimoh, while commending the swift response and excellent work of the Command’s tactical teams and Eko Strike Force, who carried out the operation, urges the public to remain vigilant and report any suspicious activity to the police for appropriate action. He equally assures the public that the Command will continue to work tirelessly to ensure the safety and security of all residents and visitors to Lagos State.”
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