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Dollar to Naira Today Black Market June 19, 2024: USD to NGN CBN Rate

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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

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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:

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EUR (€): Buying at ₦1,690.03,

Selling at ₦1,695.55

GBP (£): Buying at ₦1,950,

Selling at ₦1,965 USD

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($): Buying at ₦1,500,

Selling at ₦1,550

Grey Rates:

EUR (€): Buying at ₦1,640.03,

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Selling at ₦1,719 GBP

(£): Buying at ₦1,902,

Selling at ₦2,015 USD

($): Buying at ₦1,460,

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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:

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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

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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):

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Buying Rate: ₦1,890

Selling Rate: ₦1,905

Euro to Naira (Black Market Rates):

Buying Rate: ₦1,615

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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:

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*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

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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

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*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

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*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.

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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?*

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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?*

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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.

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Security Alert: Police alert officers ahead of nationwide protest over living costs, free speech

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The planned demonstrations have attracted widespread attention from civil society organisations and rights activists, who accuse the administration of President Bola Tinubu of using the Cybercrime Act to suppress press freedom and silence dissenting voices including journalists, social media users, and government critics.

The Police Command in Lagos state has placed all its commanders and officers on security alert ahead of a planned nationwide protest slated for April 7, 2025.

In a circular signed by Deputy Commissioner of Police, Tijani O. Fatai, the Command warned of coordinated efforts to stage protests focused on rising living costs and alleged government clampdowns on free speech.

This directive follows intelligence reports indicating that certain groups, reportedly operating under the banner of civil society organisations, CSOs, are mobilising citizens for demonstrations across the country.

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The circular reads: “Intelligence report at the Command disposal reveals a plan by some subversive groups parading themselves as Civil Society Organisations, CSOs, and other misguided anti-government forces, to incite nationwide protest on 7th April 2025 aimed at drawing the attention of the Government to their perceived prevailing high cost of living and free speech suppression.

“Furthermore, the groups have flooded the social media platforms with narrations geared towards winning public sympathy, discrediting the government and galvanising support for the protest. Experience has shown that criminals may want to seize the opportunity of the protest to cause mayhem, particularly to launch attacks on government facilities and opposition leaders to disrupt socio-economic activities in the State, amongst others.

“Consequently, the Commissioner of Police has ordered security measures to be beefed up around critical installations and other strategic locations across the State in order to forestall any untoward development before, during and after the proposed protest.

MISSION: This operation order is aimed at achieving the following; To ensure that the protest is carry out without any security hitch;

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“To prevent criminals/hoodlums/miscreants from hijacking the protest and/or perpetrating any evil act before, during and after protest; to ensure notable points of convergence for such protest in the State, particularly, Gani Fawehinmi Park; National Stadium; Labour House, Yaba; Ikorodu Roundabout; Ikeja Underbridge; Obalende Underbridge; Ikotun Roundabout; Allen Roundabout; Iyana-Iba; Chevron Roundabout: Ajah; Oshodi; Iyana-Ipaja; Abule Egba; Trade-Fair; Cele Express/Oke-Afa/Ejigbo; Apple Junction, Ajao Estate, I jora-Olopa Underbridge; Ojuelegba; Falomo; Marina/Broad Street; Otedola Underbridge; Iponri/Breweries; Igando; LASU/Ojo; Mushin, Idi-Oro; Ketu/Mile 12 Underbridge.

“Berger Bridge; Pen-Cinema; Lekki Toll-Gate; Lekki/Ikoyi Link Bridge By Admiralty Way are well dominated by Policemen to forestall breakdown of law and order; to ensure adequate security around all critical infrastructures/installations, particularly, Eqbin Terminal, Ijede; INEC Offices; Print and Electronic Media Houses; Police facilities; State House Alausa/Marina; Secretariat Alausa; Filling Stations; National Theatre, Iganmu; Rice Mill, Imota; Food Hubs/Warehouses; Major Markets/Parks/Hospitals/Malls; Train Stations; LASWA Ferry Terminal at Bariga/Langbasa/Ikorodu; Cowrie, Victoria Island; LAMATA Bus Terminals at Abule-Egba/Iyana-Oworo/Ikotun/Igando/Ojodu/Oshodi/ Berger; Sangotedo; Fela Shrine; Federal/State High Court/Court of Appeal and other government facilities across the State; etc

“To ensure all Law abiding citizens go about their normal business throughout the period unhindered; to ensure free flow of traffic in the State throughout the period of the protest; to ensure security of lives and property in the state before, during and after the protest.

FORCES AVAILABLE: Manpower for this operation will be drawn from Department of Operations, Ikeja, State Criminal and Intelligence and Investigation Department (SCIID), Yaba; Area Command Headquarters, Rapid Response Squad, Alausa; Task Force, Oshodi; PMF 2 Keffi; 20/22 PMF Ikeja: 23 Keffi; 43 Lion Building; 49 PMF Epe: 63 PMF Ikorodu, Counter Terrorism Unit Base 2, Special Protection Unit Bases 2, 16, 17 Lagos, and Anti Bomb Disposal Base 23, Lagos.”

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Recall that the Take-It-Back (TIB) movement and several allied groups had announced a nationwide protest aimed at challenging the alleged misuse of the Cybercrime Act and what they describe as the unconstitutional “state of emergency” currently unfolding in Rivers State.

In a press briefing, TIB National Coordinator, Juwon Sanyaolu, outlined the key demands of the protest, chief among them being the repeal of the Cybercrime Act and an end to what he called “military-style governance” in Rivers State. He condemned the alleged clampdown on democratic institutions and demanded the immediate reinstatement of the suspended State House of Assembly and the state’s executive structures.

Sanyaolu emphasised that the protests would not be restricted to the Federal Capital Territory but would spread across various parts of the country, with organisers planning multiple simultaneous demonstrations.

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SAD! Woman Reportedly Poisons Boyfriend To D3ath For Cheating On Her

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…conceals Body Under Bed

A young woman allegedly poisoned her boyfriend to d3ath for cheating on her in Iyo Polo community, Marine Base, Port Harcourt, Rivers State.

It was gathered that after k!lling the deceased, she hid his body under the bed inside his room for three days.

According to local reports, residents of the area became suspicious after noticing a foul odor emanating from the victim’s residence.

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Concerned neighbors attempted to reach the deceased but received no response.

Their suspicions grew when they observed the suspect acting strangely and refusing entry into the apartment.

Upon notifying law enforcement, officers arrived at the scene and forced their way into the room, where they discovered the decomposing body of the victim.

The suspect was immediately arrested and taken into police custody for further investigation.

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Authorities have yet to release an official statement regarding the motive behind the alleged m8rder.

However, preliminary findings suggest that the incident may have stemmed from a domestic dispute.

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Protesters call for suspension of FUOYE VC over alleged sexual harassment

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A group of protesters have converged on the Federal Ministry of Education in Abuja, calling for the suspension of Professor Abayomi Fasina as Vice-Chancellor of the Federal University, Oye-Ekiti (FUOYE), to allow proper investigation into sexual harassment allegation.

Protesters armed with placards-bearing slogans such as ‘Ekiti Deserves Better’ and ‘Protect Our Women,’ argued that the Vice-Chancellor cannot remain in office while facing investigation for sexual harassment allegations.

The embattled VC has been under investigations over allegations made in a leaked voice note regarding a sexual harassment case against one of his married subordinates.

Speaking to journalists after submitting a petition to the Minister of Education, Tunji Alausa, the leader of the protesters under the aegis of Coalition of Civil Society Organisations Against Corruption, Victor Adetola, said suspending the VC would give room for thorough investigations into the matter.

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Adetola said: “We have looked at the developing story that has been going on in that university as an organisation that is fronting for the welfare of Nigerian students and the community or the educational community generally.

“The issue will be festering if there is no thorough investigation, and we need that place to be sanitised. Honestly, currently there is a disciplinary action investigation that is going on that was first given a three-week ultimatum.

“After that, they requested for another three weeks ultimatum, even inclusive of the governing council. And for the past six months, nothing has been done. We see that a lot of undiagnosed, a lot of corruption has been festering.

“In fact, one of the most critical issues happening is the sexual harassment that has happened to one of the married assistant directors in that school.

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“Specifically, it’s necessary that the leader of the university steps down first, or the governing council relieves him of that position first, so that independent investigation can be carried out on all the petitions that we have written.”

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