News

SEE Dollar To Naira Exchange Rate Today August 22, 2024: Black Market And CBN Official Rates

Published

3 months ago

August 22, 2024

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.

News

Nigerian Man Nabbed For Stabbing Fellow National To Death In France

Published

1 hour ago

November 25, 2024

Naijablitznews

A 27-year-old Nigerian man, identified only as Popori, has been arrested in Grenoble, France, for allegedly stabbing a fellow citizen, Monday, to death.

It was gathered that the incident occurred on the evening of Friday, November 22, when a fight broke out between two men during an altercation in a grocery store in Grenoble, Isère, France.

DayFR reports that, according to Grenoble Prosecutor Eric Vaillant, who confirmed information from Dauphiné Libéré, the incident occurred around 8:30pm.

The two men were inside an exotic grocery store when an argument broke out, quickly escalating into a violent altercation.

One of the individuals suddenly stabbed the other in the chest, for reasons still unclear.
Emergency services arrived on the scene but were unable to revive the victim.

On Saturday, the Grenoble public prosecutor announced that a 27-year-old Nigerian man had been taken into police custody at 12:30pm as part of an investigation initiated by the local judicial police service.

News

Longest serving monarch dies at 111

Published

2 hours ago

November 25, 2024

Naijablitznews

Alhaji Muhammadu Inuwa, the longest serving traditional ruler in Bauchi State, is dead.

Inuwa, the village Head of Beli (Sarkin Beli) in Shira Local Government Area of Bauchi, passed away at the Federal Medical Center Azare, Katagum Local Government Area of the state.

The monarch who was 111-year-old spent 91 years on the throne.

Chief Imam of Beli, Liman Musa Abubakar, confirmed the death of monarch which he described as a great loss to the entire people of Northern Nigeria.

During one of the interviews with Daily Trust in his lifetime, the late monarch had said, “Their grandfather was appointed as village head of Beli. He spent 12 years on the throne. He died and our father was appointed the village head. He spent 17 years. After that, I was appointed to the throne when I was 19 years old. This means that by my calculation, I was born around 19 12 or 1913. I was appointed to the throne around 1933 by the Emir of Katagum, AbdulQadir.”

The monarch lived and worked with four different first class Emirs of Katagum.

“We lived with the Emir of Katagum Abdulqadir who appointed me for 12 years before he left the throne and died six months later. Emir Umaru Faruqu was appointed. We spent 35 years with him.

When he died, his son, Muhammadu Kabiru was appointed. We spent 38 years with Emir Kabiru before he died, Again, after Muhammadu Kabiru, the present Emir of Katagum, Umaru Faruq II, was appointed. We lived with him for Six years.

Late Inuwa had said, “I am almost 91 years old on the throne. Alhamdulillahi, we live in peace with the people. And I gave birth to 11 people. Some of them died, but there are seven of them alive – four men and three women.

Many people interviewed said he was a peaceful ruler who [had] listening ears and worked for the peace of the land.”

News

Katsina gov presents N682bn 2025 budget to State Assembly

Published

3 hours ago

November 25, 2024

Naijablitznews

Governor Dikko Radda of Katsina State on Monday presented the State’s 2025 Budget Proposal to the state House of Assembly.

This is the second full year budget the governor is presenting to the House, which is in the sum of N682,244,449,513.87, covering Recurrent Revenue and Expenditure.

The Budget’s Recurrent Expenditure stands at the sum of N157,967,755,024.36 representing 23.15% while, Capital Expenditure stands at N524,274,694,489.51 representing 76.85%.

The Governor in his speech, announced that, the total of this budget when compared with that of the 2024, has an increase of N200,535,619,501.61, representing 40% increase.

The Governor, at the beginning of his speech, assured the House that his administration has achieved many of its goals and is on course to meet and exceed its targets.

He insisted that his administration has successfully reversed the tide of insecurity which severely threatened the peaceful co-existence of people in the State.

“Many of our local governments have been restored to normalcy while pushing the bandits to the fringes of the forests and, Insha-Allah, to the end of their existence.

“We have expended a lot of resources in fighting insecurity, and we shall continue to do all we can to protect lives and livelihoods in our dear state. I thank the Honourable Members for your support and dedication to ultimate victory,” he said.

The Governor while ranking MDAs by allocations, revealed that the Economic Sector got N302,246,140,569.76 representing 44.3%, followed by the Education Sector with 95,995,873,044.70 representing 14%.

In the same vein, the Ministry of Agriculture and Livestock Development got 81,840,275,739.70 representing 12% while the Ministry of Rural and Social Development got 58,728,146,293.72 representing 9%.

Other sectors such as the Ministry of Water Resources, 53,832,219,322.46 representing 8%, Ministry of Environment, 49,835,521,799.25 representing 7%, Ministry of Health, 43,881,752,172.75 representing 6%, Ministry of Internal Security and Home Affairs 18,938,508,746.95 representing 3%, Ministry of Works, Housing and Transport 9,684,806,758.56 representing 10%.

Other sectors he said are in the sum of 230,759,902,908.71 representing 31% of the total proposed budget