News

SEE Dollar to Naira Today Black Market June 17, 2024: USD to NGN CBN Rate

Published

3 months ago

June 17, 2024

By Kayode Sanni-Arewa

Navigating the Currency Exchange Landscape in Nigeria Navigating the currency exchange landscape in Nigeria requires up-to-date knowledge of the dollar to naira rates. As of June 17, 2024, this comprehensive guide provides the latest exchange rates from both the black market and official windows, including insights from platforms like Geegpay and Grey. Additionally, we’ll explore the factors influencing these rates and answer frequently asked questions.

Understanding the intricacies of the dollar to naira exchange rate is crucial for anyone involved in financial transactions in Nigeria. Whether you are a business owner, traveler, or investor, staying informed about the current rates can help you make better financial decisions. This guide aims to provide you with the latest information on the exchange rates, both in the black market and through official channels, and offer insights into the factors that influence these rates.

Dollar to Naira Black Market Exchange Rate The black market, also known as the parallel market, offers more attractive rates compared to official channels. However, these transactions come with inherent risks, such as the potential for fraud and legal complications. Currently, the black market rates for dollar to naira are as follows:

Buying Rate: ₦1,483

Selling Rate: ₦1,484 – ₦1,489

These rates fluctuate frequently, influenced by demand and supply dynamics, geopolitical factors, and economic conditions.

Geegpay and Grey Dollar to Naira Exchange Rates Geegpay provides competitive exchange rates for various currencies, facilitating digital transactions for ease and convenience. As of today:

EUR (€): Buying at ₦1,690.03,

Selling at ₦1,695.55

GBP (£): Buying at ₦1,950,

Selling at ₦1,965 USD ($):

Buying at ₦1,500,

Selling at ₦1,550

Both platforms have become popular for their ease of use, transparency, and competitive rates, making them viable alternatives to traditional exchange methods.

Latest Dollar to Naira CB

The Central Bank of Nigeria (CBN) sets the official exchange rates, which are typically lower than black market rates but come with the stability of regulation:

Buying Rate: ₦1,467

Selling Rate: ₦1,470

CBN rates reflect government policies aimed at stabilizing the naira and managing the country’s foreign exchange reserves.

Comparing Official and Black Market Rates

There is a significant disparity between official and black market rates. While the black market offers higher rates, the associated risks are substantial. The CBN advises using official channels to avoid fraud and legal issues. Official rates, regulated by the government, are more stable and reliable, providing a safer option for transactions.

Pounds and Euro to Naira Exchange Rates For those dealing in other currencies, here are the latest rates:

Pounds to Naira (CBN Rates)

Buying Rate: ₦1,890

Selling Rate: ₦1,905

Euro to Naira (Black Market Rates)

Buying Rate: ₦1,615

Selling Rate: ₦1,625

These rates are also subject to fluctuations based on market conditions and economic policies.

Understanding Exchange Rate Fluctuations

Exchange rates between the dollar and naira fluctuate due to several factors. Key influences include:

*Economic Policies:* Government decisions on interest rates, inflation control, and monetary policies play a significant role.

*Supply and Demand* : The availability of foreign currency versus local currency demand.

*Political Stability* : Geopolitical events can create uncertainty, affecting investor confidence.

*Global Economic
Conditions: Changes
in global markets, such as oil prices and economic growth rates, impact the naira.

How to Safely Navigate the Currency Exchange Market

Given the risks associated with the black market, it is advisable to use official channels or reputable online platforms like Geegpay and Grey for currency exchanges. These platforms offer transparency, security, and competitive rates, reducing the likelihood of fraud and legal issues.

Practical Tips for Currency Exchange

*Research Rates Regularly* : Stay updated on the latest rates to make informed decisions.

*Use Reliable Platforms* : Opt for trusted online services or official banking channels.

*Monitor Economic News* : Keep an eye on news that could affect currency values.

*Plan Ahead* : If possible, plan currency exchanges in advance to take advantage of favorable rates.

FAQs

What is the current dollar to naira exchange rate in the black market?

The current black market rate for the dollar to naira is around ₦1,485 for buying and between ₦1,485 and ₦1,487 for selling.

How does the CBN exchange rate compare to the black market rate?

The CBN exchange rate is slightly lower, with the buying rate at ₦1,467 and the selling rate at ₦1,470. The black market rates are typically higher due to demand and supply factors.

*Are online platforms like Geegpay and Grey reliable for currency exchange?*

Yes, platforms like Geegpay and Grey are reliable and offer competitive rates. They are convenient for individuals and businesses engaged in international transactions.

*Why does the dollar to naira exchange rate fluctuate?*

The exchange rate fluctuates due to various factors, including economic policies, inflation, global economic conditions, and market speculation.

*Is it safe to use the black market for currency exchange?*

While the black market may offer better rates, it carries risks such as fraud and legal issues. It’s advisable to use official channels for safer transactions.

*How can businesses manage exchange rate risks?*

Businesses can manage exchange rate risks through hedging strategies, diversifying income sources, and regularly monitoring market trends.

*Conclusion on Black Market Dollar to Naira Exchange Rate*

Staying informed about the dollar to naira exchange rate is essential for navigating Nigeria’s economic landscape. While the black market offers attractive rates, the risks involved often outweigh the benefits. Therefore, using official channels and reliable online platforms is recommended for safer and more transparent transactions.

News

Ecoparl: Speaker Ibrahima Reaffirms Parliament’s Dedication to Regional Unity

Published

4 hours ago

September 18, 2024

Gloria Ikibah

By Gloria Ikibah

The Speaker of the Economic Community of West African States (ECOWAS) Parliament, Rt. Honourable Memounatou Ibrahima, restated that the parliament remains committed to ensuring the unity and integration of the people within the subregion.

According to Speaker Ibrahima, the Parliament will continue to use parliamentary diplomacy to engage countries that are considering leaving the bloc due to political challenges, such as Burkina Faso, Mali, and Niger, as a result of military coups they experienced.

The Speaker stated this when she led a delegation of the ECOWAS Parliament on a working visit to the President of the Nigerian Senate, Senator Godswill Akpabio, on Wednesday in Abuja.

She highlighted that while countries may break formal cooperation, the people of the region remain interconnected, adding that the Parliament, as representatives of these people, will work to maintain the unity.

Ibrahima expressed gratitude to the Nigerian Senate for supporting ECOWAS by providing necessary facilities for their plenary sessions, even as she discussed the socio-political challenges facing the region, as well as how parliamentarians can contribute more to address these issues.

She said: “We strengthen parliamentary diplomacy, because we know that the countries might break cooperation but we cannot separate the population. The population always live together and we as representatives of the people, we are doing our best so that this living together will continue to be reality and even made better.

“We came to thank him for all the facilities that the senate has been providing to the ECOWAS Parliament to facilitate the holding of our sessions here in Abuja. We also discussed on the socio-political situation in the community. We also discussed on the ways parliamentarians can make more contributions on the various issues and the challenges that we are experiencing in ECOWAS”.

The President of the Senate,

Senator Akpabio, who was represented by his Deputy, Senator Barau Jubril, commended Ibrahima’s leadership and her efforts in using parliamentary diplomacy to foster cooperation within ECOWAS, especially in light of the challenges posed by countries considering an exit from the bloc.

He noted that since Speaker Meimounatou assumed office, she has deployed enormous parliamentary diplomacy to bear not only on the level of cooperation with institutions in the region but also on those that have expressed the wish to quit the regional block.

Naijablitznews.com reports that Senator Jubril is the First Deputy Speaker of the ECOWAS Parliament.

He said: “Since she was elected the Speaker of the ECOWAS Parliament, she has been up and doing in terms of giving leadership to the parliament. It is in that regard that she is here trying to chart a better course for the parliament to make sure that she brings parliamentary diplomacy to bear in terms of our cooperation not only with those who are within the community as we speak but also even those who are attempting to leave the community.

“It is in that respect that she is here, and what she is doing is commendable. She has come to strengthen her idea and initiative of making the parliament stronger and more effective”.

News

Air Force Begins Moving Electoral Materials For Edo Guber Election

Published

7 hours ago

September 18, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Nigerian Air Force (NAF) has began airlifting the sensitive election materials for the Independent National Electoral Commission (INEC) to Benin, Edo State, ahead of the upcoming governorship election scheduled for September 21, 2024.

This was disclosed on Wednesday by the Deputy Director, Public Relations and Information, Group Captain Kabiru Ali.

The operation is part of the NAF’s efforts to ensure the timely and secure delivery of materials necessary for a smooth electoral process.

This development reinforces the collaboration between NAF and INEC to facilitate logistics and ensure a peaceful election in Edo State.

The Chief of the Air Staff, Air Marshal Hasan Bala Abubakar, had previously reiterated NAF’s commitment to providing airlift support for the swift movement of electoral materials during a meeting with INEC Chairman, Professor Mahmood Yakubu.

This airlift operation is a crucial aspect of NAF’s constitutional responsibility to provide Military Aid to Civil Authority, underscoring the force’s dedication to supporting democratic processes in Nigeria. With the election just days away, the NAF’s timely intervention will help ensure the successful conduct of the governorship elections in Edo State.

Governor Godwin Obaseki of Edo State had earlier accused the Inspector General of Police, Kayode Egbetokun, of working with the All Progressives Congress (APC) to hunt the Peoples Democratic Party (PDP) members and supporters in the state and force them into hiding ahead of September 21 governorship election.

Obaseki, who made the allegation when a delegation led by the former Head of State, Abdusalam Abubakar, met with him to get the governor and his party to sign peace accord, said that the IGP had made nonsense of his (Obaseki’s) role as the chief security officer of the state.

The governor had said that the police chief obtained a warrant to arrest 60 members and supporters of PDP in Edo and that the IGP sent an armed “gang” of policemen who invaded the state, attacked PDP members, shot at a local government chairman and arrested 10 persons who are currently being detained in Abuja without charges.

Asked by the former head of state if his party would sign the peace accord, Obaseki said, “The person who is supposed to enforce the peace accord is now an active participant in creating a destructive environment.

“We are now in a situation where from the Inspector General’s office, there are armed gang policemen who came into Edo State, invaded, arrested and took away PDP members.

News

“Dancing gives me abundant joy and peace of mind”-Gov Adeleke

Published

7 hours ago

September 18, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Governor of Osun State, Ademola Adeleke, has given reasons why he loves dancing.

The ‘Dancing Governor’, as he is fondly called, revealed this on Wednesday while responding to a tweet on X.

An X user, @Iwogoke, while praising the governor, stated that Adeleke has been busy fulfilling his electoral promises to the people of Osun State, while his political opponents believe he is only good at dancing.

Iwogoke tweeted, “I’m not flattering you, Your Excellency, your opponents think you can only dance but while they are busy shouting and calling you ‘Dancing Governor’, you are busy fulfilling your electoral promises to the people.”

Responding to the tweet via his verified X account, Adeleke explained that he loves dancing because it brings him joy.

Speaking further on his love for dancing, Adeleke highlighted that while dancing brings him immense happiness, his greater fulfilment comes from delivering the dividends of democracy to the people of Osun.

Outlining his administration’s efforts to enhance the state’s infrastructure, he noted that primary health centre rehabilitation is underway in at least 200 out of the 332 wards across Osun State, adding that road construction projects are also progressing in every local government area.

He wrote, “Dancing gives me joy, but delivering on my electoral promises and providing the dividends of democracy to the good people of Osun gives me even greater joy. Rehabilitation of primary health centers is ongoing in at least 200 out of 332 wards, and road construction is progressing in every Local Government!”