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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.
…commend his leadership qualities, contribution to national development
By Gloria Ikibah
The Chairman House of Representatives’ Committee onthe Federal Capital Territory (FCT), Rep. Muktar Betara has congratulated Governor of Niger State, Mohammed Bago on his 51st birthday.
Rep. Betara who represents Biu/Bayo/Shani/Kwaya Kusar Federal Constituency of Borno State, in a congratulatory message admitted Governor Bago’s relentless advocacy for Nigerites as well as the meaningful contributions to legislative processes that shaped national development while serving as Member of the House of Representatives.
Thrilled by the leadership qualities of Governor Bago, he applauded various unprecedented developmental projects initiated since his assumption of office in 2023.
He said: “Your Excellency, on this special occasion of your 51st birthday, I extend my heartfelt congratulations and best wishes to you.
“This milestone is a testament to a life dedicated to public service, leadership, and unwavering commitment to the progress of Niger State and Nigeria at large.
“As the Governor of Niger State, your visionary leadership has continued to inspire hope and transformation across various sectors.
“Your dedication to infrastructural development, education, healthcare, and especially, agriculture, and security has significantly improved the lives of the people, reinforcing your reputation as a leader who prioritises the welfare of his people.
“Your efforts in fostering economic growth and good governance have set a solid foundation for sustainable development in the state.
“Before assuming office as Governor, your impactful tenure as a Member of the House of Representatives was marked by your relentless advocacy for your constituents and meaningful contributions to legislative processes that shaped national development.
“As you celebrate this new chapter of your life, may you continue to be blessed with wisdom, strength, and good health to steer Niger State toward greater heights. Happy birthday !”
…as currency swap boosting bilateral trade
By Gloria Ikibah
The Nigerian government is deepening economic collaboration with China to drive industrialisation and economic diversification.
Minister of State for Foreign Affairs, Ambassador Bianca Odumegwu-Ojukwu, made this known when she received the Chinese Ambassador to Nigeria, Yu Dunhai, in Abuja.
The Minister emphasised that Nigeria’s longstanding ties with China, spanning over five decades, align with President Bola Ahmed Tinubu’s Renewed Hope Agenda, which prioritises economic expansion and resilience.
Outlining key areas where Nigeria seeks Chinese support, including electric vehicle production, digital technology, renewable energy, and agriculture, Amb. Odumegwu-Ojukwu acknowledged China’s significant role in Nigeria’s road and rail infrastructure development and noted that the country is taking concrete steps to modernize its ports and power sector to attract more investment.
She also highlighted the importance of cultural ties, and noted the growing interest among Nigerian youths in learning the Chinese language.
The minister reaffirmed Nigeria’s commitment to strengthening its economic partnership with China, highlighting that the ongoing currency swap agreement is already enhancing trade relations between both nations.
“It’s quite interesting that a large population of Nigeria youth is inching towards Chinese Language. A lot of Nigerian Universities are desirous to offer Chinese Language. Chinese had become the language of trade in the world.
“Nigeria-China will continue to relate not just bilaterally but multilaterally.
“We expect that we will continue to get the support of China but we will always reciprocate that multilaterally.
“In line with President Tinubu’s plan to industrialise Nigeria, we expect Chinese cooperation in establishing assembly plants of electric vehicles; digital communication, renewable energy, all aspects of digital technology, agriculture because of food insecurity as the government is interested in seeing that food gets to the poorest of the poor. Government is not just talking about food but has established a separate Ministry of Livestock,” the minister stated.
She urged China to extend trade tariff exemptions to its exports, similar to the concessions already granted to 33 other African nations, emphasising that the Renewed Hope Agenda prioritizes stronger ties between citizens and deeper country-to-country partnerships.
In response, Chinese Ambassador Yu Dunhai reaffirmed China’s commitment to strengthening its relationship with Nigeria, describing the country as a key strategic partner. He noted that President Bola Ahmed Tinubu’s visit to China and participation in the Forum on China-Africa Cooperation (FOCAC) had elevated diplomatic and economic engagements between both nations.
Amb. Yu highlighted ongoing collaborations in infrastructure, including roads, railway modernization, power, industrial parks, and the Lekki Deep Sea Port. He disclosed that trade volume between the two nations exceeded $21 billion last year, with Nigeria’s exports to China accounting for over 25% of this figure.
He further underscored the role of manufacturing in industrialization, pointing to the recently renewed $2 billion currency swap agreement as a tool to enhance financial cooperation, boost bilateral trade, and attract more investment.
Expressing optimism about the future, the envoy stated that these efforts would ultimately yield tangible benefits for ordinary citizens in both countries.
He said: “We have a comprehensive strategic partnership with Nigeria. China would want Nigeria to play a big role in the international scene. We want Nigeria to become a member of G-20. These will all provide opportunity for China and Nigeria to further work together closely.
“For China, we have been very consistent. We give grant to any African countries; we don’t give any conditions.”
He further acknowledged that it was important that the two countries met to review how far they have performed in their bilateral cooperation.
By Kayode Sanni-Arewa
The ex-Director General of National Broadcasting Commission (NBC) Professor Tom Adaba is dead.
The veteran journalists died on Saturday peacefully in Abuja.
The late Adaba was born in July 2nd, 1941
According to Chief Adinoyi Joe Anivasa JP, Secretary Egbira Elders Forum Abuja on Saturday stated as follows, “I feel sad to inform you that our elder and Leader, Prof Tom A Adaba just answered the call of nature by giving up his ghost to the Lord this morning.
“Further details about his burial arrangements would be communicated later.
“We thank God for his life. May God have mercy on his shortcomings and grant his soul eternal peaceful rest in His Heavenly Kingdom, Amen.
He was the first Nigerian (between 1988 and 1992) to be honoured as president of the African Council for Communication Education.
Betara Celebrates Governor Bago @51
Nigeria Seeks Stronger Economic Ties with China
Painful! Former NBC DG ,Prof Tom Adaba is dead
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