Connect with us

News

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

Published

on

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:

Advertisement

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:

Advertisement

EUR (€): Buying at ₦1,690.03,

Selling at ₦1,695.55

GBP (£): Buying at ₦1,950,

Selling at ₦1,965 USD ($):

Advertisement

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

Advertisement

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.

Advertisement

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)

Advertisement

Buying Rate: ₦1,890

Selling Rate: ₦1,905

Euro to Naira (Black Market Rates)

Buying Rate: ₦1,615

Advertisement

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:

Advertisement

*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.

Advertisement

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.

Advertisement

*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

Advertisement

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.

Advertisement

*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.

Advertisement

*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.

Advertisement

*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.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

SEE 20 billionaires supporting Trump and Kamala in the race for The White House

Published

on

By Mario Deepromoter

The race for the United States Presidency has reached a fever pitch. As the US presidential election draws close, the financial backing of billionaires has become a defining factor in the campaigns of leading candidates.

Donald Trump, the Republican party candidate and Kamala Harris, who took the baton from President Biden for the Democratic party, continue to rally the support of some of America’s wealthiest, drawing powerful endorsements from influential figures in the country seeking to shape its future.

Elections are run with money, and political parties and their candidates require a lot of it to run successful campaigns. This process is supported by the high and mighty who donate good money towards the government they wish to see in power. These funds cover a range of expenses, including advertising, staffing, travel, and organising events.

Advertisement

From business partners to friends, acquaintances and wealthy individuals who want to see the tide turn in their favour, here are 20 billionaires supporting Trump and Kamala as the next US President.

Billionaires supporting Donald Trump
1. Elon Musk
Perhaps being Donald Trump’s biggest fan on X, which he now owns, the world’s richest man Elon Musk could also be Trump’s loudest supporter. In July, the founder worth, $250.8 billion announced plans to commit around $45 million a month to a new super political-action committee, called America PAC, backing former President Donald Trump’s presidential run.

2. Linda McMahon
Linda McMahon is the wife of Vince McMahon, the former CEO of WWE. McMahon, who is currently worth $3.1 billion had made up to $16 million in donations to Trump groups to support his election campaign. She chairs the pro-Trump nonprofit America First Policy Institute, serving on the board of Truth Social’s parent company, Trump Media and Technology Group.

3. Diane Hendricks
“I know how hard it is to build a company from nothing,” she said. “And we need a president who understands that too,” Diane Hendricks, called America’s richest self-made woman, said on stage at the Republican National Convention in her home state of Wisconsin last month. Forbes says that the $20.9 billion-worth entrepreneur has already pumped $6 million into groups that support him.

Advertisement

4. Andrew Beal
American banker and businessman, Andrew Beal gave more than $4 million to Trump committees and other GOP groups in 2020. The $12.2 billion- valued investor is now betting on Trump again, putting $1.8 million behind Trump’s 2024 ticket.

5. Kelcy Warren
Kelcy Warren, the billionaire in energy has been fond of Trump. Warren had given $100,000 to help elect him in 2016, then dropped more than $11 million in 2020. This time around, he has given about $6 million to support Trump’s campaign. Warren’s Energy Transfer is best known for the Dakota Access Pipeline, which Trump helped expedite in one of his first acts in office.

6. Elizabeth Uihlein & Richard Uihlein
Liz and Dick Uihlein are among the Republican party’s most generous donors, giving tens of millions per cycle. The couple have donated $5 million to trump groups according to Forbes. In 2021, the duo celebrated Trump’s “America First” trade policies and called out publicly-held companies for being “too concerned about their stock share price.”

7. Phil Ruffin
Ruffin is a significant Donald Trump donor, as well as his business partner and close friend. His donations to Trump’s PACs and committees have reached $3.3 million so far this cycle, surpassing his combined donations from the last two elections.

Advertisement

8. Geoffrey Palmer
Geoffrey Palmer is one of the largest apartment developers in Los Angeles, with nearly 13,000 units in the greater L.A. metro area. Palmer is a major financial backer of former president Donald Trump, donating some $16 million to his campaigns and PACs from 2016 to 2022. This year, he’s up to $3 million. The developer is worth $3.1 billion.

9. J.Joe.Ricketts
Ricketts, whose family owns the Chicago Cubs, poured $3 million into a Republican anti-Trump group back in 2016 with his wife. They have given a combined $2 million to Trump groups so far this time around, betting against Kamala.

10. Jimmy John Liautaud
Since Jimmy John sold the majority of his business to a private equity firm, he has gotten more involved in politics, as has his wife Leslie. She backed Trump in 2016 and 2020 and John joined her this year, giving $2.8 million to Trump groups so far.

Billionaires supporting Kamala Harris
1. Mark Cuban
The billionaire Shark Tank star and former principal owner of the Dallas Mavericks is one of the Democrats’ most valuable supporters. Valued at US$5.4 billion according to Forbes, Cuban, who is known to have attended a Joe Biden fundraiser, has retweeted various posts about Harris’ campaign, and signed the “VCs for Kamala” pledge.

Advertisement

2. Reid Hoffman
LinkedIn co-founder, Reid Hoffman has been a long-time Democratic donor and wasted no time backing Harris after Biden dropped. In January, he poured $2 million into a super political action committee (PAC) for Biden’s campaign. The former CEO, worth $2.5 billion plans to open a fundraiser for Harris and has been reported to push Netflix chairman Reed Hastings to donate US$7 million to a PAC supporting the current Vice President.

3. Vinod Khosla
Vinod Khosla, founder of Khosla Ventures, and OpenAI investor has backed Harris to win the elections in November following the withdrawal of President Biden, who he hosted a fundraiser for in May. Worth $7.2 billion per Forbes, the entrepreneur has donated to Super PACs in support of Harris.

4. Chris Sacca
Chris Sacca made early bets investing in Twitter and Uber through his venture capital firm Lowercase Capital. Now he’s making bets of Kamala Harris to be the next US president after donating to Biden’s campaign before he dropped out. Sacca noted that he and his partner Clay Dumas have “invested millions of dollars and countless hours helping build organisations and companies that we think have the best shot at giving blue candidates an edge in a game that is rigged against them.”

5. Eric Schmidt
Worth $22.5 billion per Forbes, the former CEO of Alphabet has given $1.6 million to Future Forward PAC, a Democratic super PAC, and $1.16 million to the Biden Victory Fund.

Advertisement

6. Dustin Moskovitz
Moskovitz, who helped to launch Facebook (now Meta Platforms) in 2004, gave up to $929,600 to the Biden Victory Fund before he dropped out of the race. Now, he has directed his attention to Kamala who goes against the same opponent, Trump.

Continue Reading

News

IG Orders Redeployment Of FCT, Rivers, Delta CPs

Published

on

By Mario Deepromoter

The Inspector General of Police, Kayode Egbetokun, has directed the redeployment of the Rivers State Commissioner of Police, Tunji Disu, to FCT command.

The shake-up also affects the Delta State Police Command, with CP Abaniwonda Olufemi being reassigned to the Rivers State Command.

In his place, CP Peter Opara who was recently posted to the FCT command, has been appointed as the new Commissioner of Police for Delta State.

Advertisement

The Force spokesman, Muyiwa Adejobi, in a statement on Thursday, said the redeployment was to ensure effective policing in the affected states.

He said, “The Inspector-General of Police in an effort to strategically emplace a Police Force well efficient for effective policing, has ordered the immediate redeployment of the Commissioners of Police of Rivers State Command, Delta State Command, and the Federal Capital territory.

“The order covers the redeployment of the CP Rivers State Command, CP Olatunji Disu as the new CP FCT; CP Delta State Command, CP Abaniwonda Olufemi as the new CP Rivers State Command and CP FCT, CP Peter Opara as the new CP Delta State.”

Adejobi also said the IG, in accordance with the approval of the Police Service Commission, has deployed four CPs to Lagos, Abia, Ebonyi, and Akwa-Ibom States.

Advertisement

He said, “In addition, following the approval of the Police Service Commission, the Inspector-General of Police has also deployed four CPs as Commissioners of Police for Abia, Lagos, Ebonyi, and Akwa-Ibom State Commands.

“The deployment includes the posting of CP Danladi Nda to Abia State Command, CP Olanrewaju Ishola Olawale to Lagos State Command, CP Anthonia Adaku Uche-Anya, FDC to Ebonyi State Command and CP Festus Eribo to Akwa-Ibom State Command.

“The posting of these strategic managers reflects the mission of the Inspector-General of Police to strategically reposition the Police Force and ensure maximum utilization of human resources available to the Force. “

He stated that the IG urged the CPs to be innovative and ensure personnel are diligent in their duties.

Advertisement

Adejobi said, “The IGP has, however, urged the new CPs of State Commands to ensure diligence in the discharge of their lawful duties and adopt innovations that could mitigate security challenges in their respective areas of responsibility. He further encouraged them to key into the police reform plans, which will help the progress of the Nigeria Police Force and the growth of the country in general.”

Continue Reading

News

Credible Intel Indicates Tinubu’s Defence Minister Matawalle Involved in Banditry – Zamfara Gov Alleges

Published

on

By Kayode Sanni-Arewa

Zamfara State Governor, Dauda Lawal, has made a startling disclosure, alleging Nigeria’s Defence Minister, Bello Matawalle, of involvement in banditry in the North-West region.

Speaking during an interview on TVC’s Politics Tonight on Wednesday night, Lawal cited credible information suggesting that his predecessor, Matawalle, played a significant role in the ongoing security crisis.

From all the information we’re getting, my predecessor was fully involved in some of this banditry issue,” Lawal stated. His comments come as northern Nigeria continues to grapple with relentless bandit attacks, particularly in Zamfara, Kaduna, and Katsina states. This is not the first time such allegations have been raised against Matawalle. In July, notorious bandit leader Kachallah Bello Turji had made similar accusations, claiming that the former Zamfara governor had been supporting terrorism in the region. Turji, in a video statement, maintained that Matawalle was involved in the rising wave of violence, an allegation that stirred significant controversy. However, Matawalle has consistently denied these claims. His media consultant, Deyemi Saka, labelled the accusations as unfounded and baseless, dismissing them as attempts to tarnish the minister’s reputation. Despite this, Turji and now Governor Lawal remain firm in their assertions, keeping the spotlight on Matawalle’s alleged connection to the banditry crisis.

Advertisement

The accusation against a high-ranking government official comes at a time when northern Nigeria is plagued by severe security challenges, with banditry, kidnapping, and terrorism escalating in various states. The federal government’s response to these claims and the overall situation remains to be seen.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News