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Dollar to Naira Today Black Market June 19, 2024: USD to NGN CBN Rate
By Kayode Sanni-Arewa
Navigating the currency exchange landscape in Nigeria demands keen awareness of the latest dollar to naira rates. For individuals and businesses, understanding these rates is crucial for making informed financial decisions. Whether dealing with the black market, official channels, or digital platforms like Geegpay and Grey, having a comprehensive guide can significantly ease this complex process. This article provides a detailed overview of current exchange rates, factors influencing these rates, and practical tips for safely navigating the currency exchange market in Nigeria. Dollar to Naira Black Market Exchange Rate The black market, often referred to as the parallel market, typically offers more attractive exchange rates compared to official channels. However, these transactions come with inherent risks, including potential fraud and legal complications. As of June 19, 2024, the black market rates for the dollar to naira are
Buying Rate: ₦1,480
Selling Rate: ₦1,483 – ₦1,490
These rates are subject to frequent fluctuations driven by various factors such as demand and supply dynamics, geopolitical influences, and prevailing economic conditions.
Geegpay and Grey Dollar to Naira Exchange Rates
Digital platforms like Geegpay and Grey have emerged as convenient options for currency exchanges, providing competitive rates and secure transactions.
Geegpay Rates:
EUR (€): Buying at ₦1,690.03,
Selling at ₦1,695.55
GBP (£): Buying at ₦1,950,
Selling at ₦1,965 USD
($): Buying at ₦1,500,
Selling at ₦1,550
Grey Rates:
EUR (€): Buying at ₦1,640.03,
Selling at ₦1,719 GBP
(£): Buying at ₦1,902,
Selling at ₦2,015 USD
($): Buying at ₦1,460,
Selling at ₦1,500
Both platforms have gained popularity due to their ease of use, transparency, and competitive rates, making them viable alternatives to traditional methods of currency exchange.
Latest Dollar to Naira CBN Exchange Rate
The Central Bank of Nigeria (CBN) sets the official exchange rates, which are generally lower than black market rates but provide the stability of government regulation:
Buying Rate: ₦1,514
Selling Rate: ₦1,515
CBN rates reflect government policies aimed at stabilizing the naira and managing the country’s foreign exchange reserves. These rates are crucial for businesses and individuals who prefer the security and predictability of regulated transactions.
Comparing Official and Black Market Rates
A significant disparity exists between official and black market rates. While the black market offers higher rates, the associated risks, including fraud and legal issues, are considerable. The CBN advises using official channels to avoid these risks. Official rates, regulated by the government, provide more stability and reliability, making them a safer option for most transactions.
Pounds and Euro to Naira Exchange Rates
For those dealing in currencies other than the US dollar, 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:
*Economic Policies:* Government decisions on interest rates, inflation control, and monetary policies significantly impact exchange rates.
*Supply and Demand:* The availability of foreign currency versus the local currency demand influences rate movements.
*Political Stability:* Geopolitical events can create uncertainty, affecting investor confidence and, consequently, exchange rates.
**Global Economic Conditions* : Changes in global markets, such as oil prices and economic growth rates, also affect 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:* Staying updated on the latest rates is essential for making informed decisions. Use
*Reliable Platforms:* Opt for trusted online services or official banking channels to ensure secure transactions.
*Monitor Economic News:* Keep an eye on news that could affect currency values, as this can provide insights into potential rate changes.
*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
BREAKING: FG declares Wednesday, Thursday public holidays for Christmas, New Year
The President Bola Tinubu has declared Wednesday 25th, Thursday 26th December 2024, and Wednesday 1st January, 2025 as Public Holidays to celebrate Christmas celebrations, Boxing Day and New Year respectively.
Dr, Magdalene Ajani, the Permanent Secretary in the Ministry of Interior, on behalf of Dr. Olubunmi Tunji-Ojo, the Minister of Interior, made the announcement in a statement on Monday in Abuja
According to her, the minister extended greetings to all Nigerians, encouraging them to use the festive period to reflect on the values of love, peace, and unity that the season signifies.
The minister who emphasized the importance of the season, which according to him, is a time to foster harmony and strengthen bonds called on Nigerians to remain committed to the peace, unity and progress of the nation for national development.
“The Christmas season is a good moment for both spiritual reflection and national renewal. As we celebrate the birth of Jesus, the Prince of Peace, let us demonstrate kindness and extend goodwill to one another, irrespective of our differences,” said Dr. Tunji-Ojo.
He assured citizens of the Federal Government’s continued commitment to ensuring peace, security, and prosperity across the nation.
“While wishing Nigerians a merry Christmas and a prosperous 2025, the Minister expressed his confidence in the Renewed Hope Agenda of President Tinubu’s Administration ushering in the new year, a better and prosperous economy that will be the envy of the world”, the statement added.
News
Nigerian Govt promises support for stampede victims’ families
Vice-President Kashim Shettima has said the Federal Government will support families of victims of recent stampedes across the country.
Shettima made this known in a condolence message on Sunday in Abuja.
He expressed sorrow over the losses and offered prayers and condolences to the affected families.
Recall that on Saturday in Okija, Anambra, a Christmas palliative distribution event turned tragic with 22 persons losing their lives in an early morning stampede.
The same day in Abuja, another tragedy struck when ten persons died during an annual Christmas food-sharing event at Holy Trinity Catholic Church, Maitama.
There was also a stampede on Wednesday at the Islamic High School, Bashorun, Ibadan, Oyo State, where about 35 children lost their lives and others sustained injuries during a holiday fun fair.
The vice-president, who described the incidents as a national tragedy, revealed that the Federal Government had directed relevant agencies to provide immediate support to affected families.
“I am extremely saddened by these tragic incidents that have claimed innocent lives.
“My prayers and thoughts are with the grieving families of all victims, including those who sustained injuries and are undergoing treatment.
“I am particularly distraught by the fact that so many lives of Nigerians, particularly children, have been lost in stampedes that ought to have been avoided through proper planning and organisation,” he said.
He prayed the Almighty God to grant eternal rest to the souls of the departed.
“We stand ready to support the bereaved families through this difficult period, and no effort will be spared in providing the necessary assistance they need.”
News
Umahi rules out compensation for bare land owners
The Minister of Works, David Umahi, has reiterated that the Federal Government does not compensate for bare lands, adding that all lands belong to the government.
He disclosed this at the inspection of the Lagos-Calabar Coastal Highway, Section 1 at kilometre 18, Okun Ajah axis, recently.
He said, “Go and read the law; there is no compensation for bare land. All land belongs to the government. Hence, if you are taking what belongs to you, you do not pay compensation; it is the president that directed that anywhere we see a shanty on our corridor, we should pay compensation; it is a kind of human meekness from the president towards the people. We broke no law.
“So, where there is no infrastructure on land, they have to write to Mr. President for a direction on that.”
In an interview with The Punch, the General Secretary, Nigerian Institute of Quantity Surveyors, Lagos Chapter, Folusho Ogunrinde, said land was undeniably an asset whether owned by individuals, businesses, or the government.
He said, “Governments recognise the value of land as an asset and manage it as such. For instance, you cannot encroach on government-owned land for development because it is considered part of their assets.
Similarly, individuals and private entities acquire land either through inheritance, purchase, or investment. When such land is taken away, the argument that compensation should only be for developments and not the land itself is fundamentally flawed. It disregards the asset’s intrinsic value and how it was acquired.
“The 99-year lease system in Nigeria further underscores the value of land as an asset, as this lease is renewable. If governments require compensation for the renewal of a lease or when public use necessitates land acquisition, individuals and private owners deserve similar recognition and compensation for their land when expropriated.
“The law, as it stands, needs urgent redress. The idea that landowners should not be compensated for their land is, frankly, unjust and tantamount to fraud. Land is more than a physical space; it is an economic and generational asset. To deny compensation for it is to undermine the principles of equity and justice. Hence, there is a need for a review of the Land Use Act and constitutional provisions to align with the realities of land as a critical and valuable asset.”
In a similar vein, the Team Lead, Arbitration, Maritime, and Real Estate Practice Group, Stren & Blan Partners, Joseph Siyaidon, posited that non-payment of compensation on bare land was unconstitutional.
He said, “The Land Use Act is merely an existing Act and not part of the Constitution. We humbly submit that the provisions of the Land Use Act, which limit the payment of compensation for private properties compulsorily acquired by the government to only unexhausted improvements on the land, are unconstitutional in that they violate the provisions of Sections 43 & 44 of the Constitution of the Federal Republic of Nigeria (as amended), which extends the right of compensation to all immovable properties, bare lands included.”
Umahi disclosed that the first phase of the coastal highway will be completed by May 29, 2025.
He said, “By May 29 we are facing the commissioning, and we have directed all the comptrollers of works that, by the end of April, every comptroller of works in all the states must give us a minimum of three projects that Mr. President is going to commission.
“From Channel 0, we are going to be commissioning the first 20 kilometres; however, another 10 kilometres would be ready at the end of the project within this period, but we are not commissioning that one, it is going to be phase 2 of section 1 for commissioning. Generally, across the country, we are going to be commissioning projects in phases.”
Meanwhile, the Acting Director of Road Design, Engr. Musa Saidi, assured that the highway construction adheres to approved specifications and includes additional measures for durability. Any realignment is for public interest, safety, and economic reasons,” he said.
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