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SEE Dollar to Naira Exchange Rate at Black Market ( July 3, 2024: USD to NGN CBN Rate
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx) Today July 3, 2024?
Many Nigerians, especially those engaged in foreign trade, travel, and investment, have always been very interested in and concerned about the exchange rate between the US dollar and the Nigerian naira.
The parallel market, also known as the black market or Aboki FX, often offers a different rate from the official Central Bank of Nigeria (CBN) rates.
For many, this is a critical source of foreign exchange. See the black market Dollar to Naira exchange rate for July 3, 2024, below. At these rates, you can exchange your dollar for Naira.
How much is a dollar to naira today in the black market? Dollar to naira exchange rate at black market Yesterday (Aboki dollar rate): The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market), yesterday, July 2, 2024, players buy a dollar for N1500 and sell at N1505 according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks. Dollar to Naira Black Market Rate Today July 3, 2024 Dollar to Naira (USD to NGN) Black Market Exchange Rate Today Buying Rate N1510 Selling Rate N1515 Dollar to Naira CBN Exchange Rate The Central Bank of Nigeria sets the official exchange rates, providing stability through government regulation. As of now, the rates are: Dollar to Naira CBN Rate Today Dollar to Naira (USD to NGN) CBN Rate Today Buying Rate N1548 Selling Rate N1549
These rates reflect government policies aimed at stabilizing the naira and managing foreign exchange reserves. Businesses and individuals that prefer regulated transactions frequently rely on these rates. Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary. Dollar to Naira Exchange Rate at Black Market (Aboki FX) July 2, 2024: USD to NGN CBN Rate
Pounds and Euro to Naira Exchange Rates For those dealing with currencies other than the US dollar, here are the latest rates: Pounds to Naira (CBN Rates) Buying Rate: ₦1,963 Selling Rate: ₦1,963 Euro to Naira (Black Market Rates) Buying Rate: ₦1,662 Selling Rate: ₦1,665 These rates are also subject to market conditions and economic policies. Geegpay and Grey: online Exchange Platforms
Digital platforms like Geegpay and Grey offer convenient and secure options for currency exchange, providing competitive rates. Geegpay Dollar to Naira Rates EUR (€): Buying at ₦1,690.03, Selling at ₦1,695.55 GBP (£): Buying at ₦1,950, Selling at ₦1,965 USD ($): Buying at ₦1,480, Selling at ₦1,550 Grey Dollar to Naira Rates EUR (€): Buying at ₦1,640.03, Selling at ₦1,719 GBP (£): Buying at ₦1,902, Selling at ₦2,015 USD ($): Buying at ₦1,460, Selling at ₦1,500 These platforms have gained popularity due to their ease of use, transparency, and security, making them viable alternatives to traditional methods. Factors Influencing Black Market Rates Understanding the factors that influence the dollar to naira exchange rate in the black market can help anticipate changes and make better financial decisions.
Economic Policies Government policies significantly impact exchange rates. Decisions on interest rates, inflation control, and foreign exchange regulations by the Central Bank of Nigeria (CBN) directly affect the naira’s value. For instance, when the CBN adjusts policies to manage inflation or stabilize the naira, it impacts the exchange rate. Supply and Demand The availability of foreign currency versus the demand for it plays a crucial role. When foreign currency is scarce or demand is high, the naira depreciates, leading to higher exchange rates. Conversely, an abundant supply of dollars can lead to lower rates.
Political Stability Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate as investors move towards safer assets. Stability and positive political developments, on the other hand, can strengthen the naira. Global Economic Conditions Global market conditions, such as shifts in oil prices (a major export for Nigeria), international economic trends, and global inflation rates, influence the naira’s value. For example, a significant drop in oil prices can negatively impact Nigeria’s economy and the naira. Comparing Official and Black Market Rates There is a significant disparity between official and black market rates. The black market offers higher rates, but with substantial risks such as fraud and legal issues. The CBN advises using official channels to avoid these risks. Official rates are stable and reliable, making them suitable for the majority of transactions.
Why the Disparity Between Official and Black Market Rates? The disparity between the official CBN rates and the black market rates is influenced by several factors: Supply and Demand: The availability of foreign currency in the official market is often limited, leading individuals and businesses to seek forex in the black market where demand drives up prices.
Regulatory Restrictions: The CBN imposes restrictions on the amount of forex available for personal and business use, making it difficult for many to meet their needs through official channels. Economic Instability: Fluctuations in oil prices, inflation, and economic policies can create uncertainty, prompting people to turn to the parallel market for more favorable rates. Impact of Black Market Rates on the Economy
The high exchange rates in the black market can have various implications for the Nigerian economy: Inflation: Higher costs for imported goods can drive up prices locally, contributing to inflation. Investment: Unfavorable exchange rates can deter foreign investment as investors seek more stable economic environments. Trade: Exporters may benefit from higher naira values per dollar, while importers face increased costs, potentially leading to trade imbalances. How to use the parallel market For those needing to engage in forex transactions through the black market, safety and caution are paramount. Here are some tips:
Verify Rates: Always check the latest rates from reliable sources like Aboki FX to ensure you get the best deal. Deal with Reputable Dealers: Engage with well-known and trusted Bureau De Change operators to avoid scams. Stay Informed: Keep abreast of economic news and CBN policies that could affect exchange rates. FAQs on dollar naira exchange rate black market How much is a dollar to naira today in the black market? The buying rate is N1495, and the selling rate is N1500 as of June 23rd, 2024. Why does the black market offer higher rates than the CBN? The black market rates are driven by supply and demand dynamics, regulatory restrictions, and economic instability. Is it legal to trade forex in the black market? While the CBN discourages it, many engage in the black market due to the unavailability of sufficient forex through official channels. What are the risks of trading in the black market? Risks include fluctuating rates, potential scams, and the legal gray area of such transactions. Can the CBN influence black market rates? The CBN can influence these rates through monetary policy, forex interventions, and regulatory measures, but direct control is limited. How often do black market rates change? Rates can change on a daily or even multiple times per day, depending on market conditions and economic news. Conclusion on the Dollar-Naira Exchange Rate Black Market
The dollar to naira exchange rate at the black market reflects a complex interplay of economic factors, regulatory frameworks, and market dynamics. While it offers a critical alternative for many Nigerians seeking forex, it also underscores the challenges and opportunities within Nigeria’s broader economic landscape. Staying informed and cautious can help navigate this often volatile market effectively. Non-Bank Transactions Surge Threatens West Africa’s Financial Stability – Cardoso Yemi Cardoso, Governor of the Central Bank of Nigeria, has raised alarms about the rising volume of transactions by non-bank and Other Financial Institutions (OFIs), warning that this trend threatens West Africa’s financial stability. Speaking at the 10th meeting of the College of Supervisors for Non-Bank Financial Institutions in Abuja, Cardoso emphasized the vital role of non-bank financial institutions in promoting financial growth and inclusion in the West African Monetary Zone (WAMZ). Non-bank financial institutions provide essential services to underserved populations, including SMEs, without accepting deposits like commercial banks. Cardoso praised the adoption of the Model Act for Non-Bank Financial Institutions, a legislative milestone aimed at harmonizing supervisory practices across the WAMZ. Highlighting fintech innovations, Cardoso noted the rise in fintech loans, crypto, and stablecoin assets. He stressed the importance of monitoring these trends, as their increasing volumes pose significant risks to financial stability. Cardoso urged supervisors to bolster cybersecurity frameworks and adopt risk-based supervisory approaches to mitigate these risks. Yaw Sapong, Chairman of the College, highlighted the role of non-bank financial institutions in fostering financial inclusion and economic growth, calling for coordinated policy responses to current challenges. Dr. Olorunsola Olowofeso, Director General of WAMI, emphasized the need for resilience in the financial sector against emerging risks such as cyber threats and climate-related issues
The CSNBFI meeting aims to review progress in the NBFI sector and strategize on addressing current challenges, focusing on regulatory harmonization, cybersecurity, and the impact of digital innovations on financial services.
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CBN Governor Affirms 1,000 Staff Exited Voluntarily Without Pressure
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Our investigators taking bribe – EFCC Chairman admits
The Chairman, Economic and Financial Crimes Commission, Mr Ola Olukoyede, has said some of the investigators are in the habit of demanding bribes from crime suspects, thus eroding the integrity of the agency.
Olukoyode warned the erring anti-graft agency’s investigators that they would be dealt with if they failed to retrace their steps with the policy’s guidelines, which are erected on responsibility, accountability, and transparency.
The EFCC boss made this known to the Commission’s members of staff during his New Year address at the Headquarters in Abuja.
President Bola Tinubu appointed Olukoyede as the EFCC helmsman in October 2023, following the suspension of Abdulrasheed Bawa in July, over suspected infractions while in office.
He told the agency staff that the public views about their operations are not friendly, saying, “At this point, I need to strongly reiterate the issue of discipline, integrity and sense of responsibility in the way we do our work. Public opinions about the conduct of some of our investigators are adverse. The craze and quest for gratification, bribes and other compromises by some of our investigators are becoming too embarrassing and this must not continue.
“Let me sound a note of warning in this regard. I will not hesitate to wield the big stick against any form of infraction by any staff of the Commission. The Department of Internal Affairs has been directed to be more ardent in its work and monitor every staff in all their engagements. The image of the Commission is too important to be placed on the line by any corrupt officer.”
Earlier in his address, the anti-graft agency’s boss urged the staff to be up and doing, as he added that the development of the country depends on the competence of the Commission in dealing with corruption.
Olukoyede said, “As you would recall, our new policy drive is premised on a three-pronged agenda and blueprint. The first plank of the agenda is properly focusing on the mandate of the EFCC. All over the world, the major objective of the war against corruption and financial crimes is to drive economic development and create wealth and job opportunities for the populace. We need to come to these realities and operate by them. Our nation is in dire straits. We need to continue to do everything possible to stimulate the revenue profile of Nigeria.
“There is no agency of government as crucial to the nation’s quest for growth and development as the EFCC. We have all it takes to bring up the profile and developmental index of our nation. I urge all of you to be steadfast and committed to this clarion.”
He urged the staff to adhere to the rule of law, and strife to promote the image of the agency and protect the reputation of the country, in order to attract foreign investors, with the direct aim of boosting the economy of Nigeria.
“The second plank of our policy direction is putting modalities in place for running the administration and governance of the nation at various levels in a most responsible, accountable and transparent manner as well as building and promoting the international image and reputation of Nigeria in the eye of the world as a country that is worthy of attracting foreign direct investments. To achieve all these, preventive mechanisms against corruption, adherence to the rule of law and engagement of diverse publics in the nation in the fight, are imperative,” he stated.
“I equally talk about the overarching need for a transactional credit system as a potent means of keeping corruption at bay. We need to encourage this and motivate Nigerians in this area. I want to particularly harp on the preventive modality which is the centerpiece of our new engagement. We are already building strength in this area through the restructuring of the layers of the Commission. I want every staff to be in tune with the new arrangement.”
Speaking about the arrest and bail guidelines, the EFCC boss said, “Let me also talk about the review of the arrest and bail guidelines which I expect everyone to be familiar with by now. The review is informed by the need for us to conform with international best practices in law enforcement.
“We are a civilised anti-graft agency. Arrest and bail would henceforth be done in line with the rule of law. Our investigators should particularly take note of this. It is important for us to understand the dynamics of the world in the area of law enforcement. Change is the most permanent fact of life. We should not be seen to be resisting changes in our work.
“We are mindful of the increasing need for the welfare of staff and steps are being taken in this regard. I may not talk about specifics. However, the new year promises to bring smiles on the faces of staff across all the Commands. We will continue to do our best to put all of you at your best. However, to whom much is given, much is expected.
“Lastly, I have always said that we are all privileged to be staff of the EFCC. There is this Latin phrase that says, noblesse oblige, meaning, nobility demands responsibility. This is the crux of the matter. We should dignify the privilege of being EFCC staff with proportionate responsibility. It is both a duty and an obligation. I wish you all the best in the New Year.”
The Legal Attache of the United States’ Federal Bureau of Investigation (FBI), Jack Smith, hailed the appointment of Olukoyede as the EFCC boss, when he paid him a courtesy visit, in November last year, praising him that “the rebranding and other positive initiatives are good.”
EFCC is currently investigating the alleged N37.1 billion fraud under the former Minister of Humanitarian Affairs, Disaster Management and Social Development, Saddiya Umar Faruq.
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Read reaction of Nigerians to N30m fees in Lagos school
By Kayode Sanni-Arewa
Charterhouse, a British independent school located in the Lekki area of Lagos State, has once again sparked controversy over its fees, drawing criticism from Nigerians on social media.
According to its website, the Charterhouse Family of Schools has been a leading name in British education for over 400 years. The Lagos campus, the first African branch of Charterhouse UK, admitted its first set of students in September 2024, catering to Year 1 through Year 6 pupils.
The school previously faced criticism in April 2024 for its tuition fees, which were reportedly as high as N42 million per year, alongside a N2 million non-refundable registration fee. This sparked widespread backlash, with many questioning the affordability of the institution for the average Nigerian family.
The debate resurfaced on Thursday following a video shared on X.com by user #itzbasito, captioned, “This is what the inside of the most expensive school in Lagos looks like. It costs N42 million per year.”
The video, attributed to Charterhouse, however, claimed that tuition and accommodation cost less than N30 million. The post has since garnered over 9,200 interactions on X.com, with many Nigerians criticising the costs, stating that even N30 million is excessively high.
One user, #TheWaleOrire, tweeted on Friday, “If the government can’t regulate school fees in primary and secondary schools, how can we achieve standardised universal basic education? There’s absolutely no reason why any secondary school in Nigeria should be charging N42 million per year.”
He added, “This only widens the gap between the lower, middle, and upper classes, turning education into a luxury for the rich instead of a right for every child. We need urgent reforms to bridge this inequality.”
Other users echoed similar sentiments, arguing that the fees primarily catered to the wealthy elite.
#OAAdeniji wrote, “There is no way anyone in Nigeria, earning in Naira, will be paying N42 million per year for a secondary school student, no matter what they are being taught. This is more than outrageous.”
Another user, #toofighting, remarked, “You’d find that the students are mostly children of expatriates, and those fees are paid by the companies their parents work for. Most Nigerian parents cannot pay that sum out of pocket.”
Similarly, #rusticfunmi commented, “N42 million per annum just so some people can feel superior that their children will be taught by whites… sorry, ‘expatriates.’”
In contrast, some users defended the school, arguing that it caters to a specific segment of society.
#Arsenicscot tweeted, “They don’t have the majority as their market target. All these una complain na for una pocket. When admission commences, the school will be filled; it won’t be scanty. The owners of the school know the segment of the population they are targeting. They won’t beg for students.”
Another user, #Treazyblaq, added, “If they can afford it, why not? These schools offer more than just education; they’re valuable for networking and building connections that can benefit the future. It’s an investment, not just in education but in opportunities and overall growth.”
The video also detailed the school’s boarding arrangements, stating that students would share rooms with three others, each having their own bed and private space. This sparked additional criticism, with some questioning the value provided.
#SandraAdaeze4 commented, “N30 million a year only to share a room with four other students.” Similarly, #citiii added, “For that amount, there is no reason why each student shouldn’t have their own room or, at worst, two per room.”
Charterhouse’s website details its tiered fee structure for founding students, with tuition ranging from N16.1 million for Years 1–2 to N24 million for Year 9. Weekly boarding costs an additional N5 million, while full boarding is N7 million per year.
PUNCH reported in August 2024 that the Founding Head and Director of Education at Charterhouse, John Todd, clarified misinformation regarding the school’s fees.
He said, “In April, there was an online reaction to our school fees, which sparked a lot of discussion, with some people reacting to the figure of N42m. I want to set the record straight: our fees are currently N26m, not N42m. We’ve never charged N42m.”
The Punch
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