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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.
The Edo State Controller of the Nigeria Immigration Service, Martins Moye, has raised the alarm over the increasing number of irregular migrants entering Nigeria.
Moye raised the alarm at the 2024 Nigeria Immigration Service, NIS, enlightenment campaign against irregular migration in Benin, Edo State capital.
He underscored the need for public awareness to curb irregular migration.
A facilitator from NIS headquarters in Abuja, David Amanahu, highlighted Edo State’s historical role in irregular migration.
According to him, due to recent efforts by the Edo State Command, the state has improved in the national ranking on irregular migration.
“The positive news is that Edo State is no longer ranked number one in irregular migration.
“Credit goes to the dedicated team in Edo who worked tirelessly to improve the situation,” Amanahu stated.
Amanahu, while delivering a message from the Controller-General of Immigration, Kemi Nandap, noted that the NIS is now more focused than ever on border management and migration issues.
Delta State Governor, Sheriff Oborevwori of Delta has said that boundary disputes were also responsible for the rising spate of insecurity, deaths, violence and retarded progress in the country.
The governor stated this while addressing an audience at a one-day workshop for the creation of a platform for Nigeria’s coastal states and local government areas, held at the Government House, Asaba.
The workshop has the theme, “Towards a Secure, Peaceful and Prosperous Borders,” the News Agency of Nigeria reports.
There are many crises in the country over border issues, with Delta State having its fair share.
The boundary crisis between the Okuama community in the Ughelli South Local Government Area and the Okoloba community in the Bomadi Local Government Area, which had claimed many lives, is being resolved by the government.
Speaking at the workshop, the governor said so many lives had been lost to boundary disputes as he called on the National Boundary Commission and other stakeholders to work assiduously in resolving such disputes in the country.
He described the theme as apt, adding that boundary dispute was an ancient and modern disease of humanity.
He said right from the colonial days, Nigeria had been plagued by boundary disputes, which had disastrous and destabilising consequences for the people.
“There is scarcely any state in Nigeria that has not been involved in a boundary dispute with its neighbours, which often results in displacement, death, and destruction.
“Reports indicate that between January 2018 and August 2022; 676 people were killed in various communal and boundary clashes in Nigeria.
“The causes of these disputes are traceable to land ownership, community pride, ancient or colonial boundaries, and socio-cultural factors.
“In Delta State, it is safe to say that at least 80 per cent of boundary disputes revolve around land use, either for farming, mining, and other purposes of economic significance.
“The resultant clashes often leave in their trail a chunk of internally displaced persons with the implication this has for their safety and wellbeing.
“As we all know, the living conditions in IDP camps are unsanitary and inevitably constitute environmental hazards,” he said.
Oborevwori charged the National Boundary Commission to work harder in resolving boundary disputes across the country.
“As the body responsible for resolving boundary disputes in Nigeria, the National Boundary Commission is critical to the peace, security, and prosperity of our communities.
“It is incumbent on it to embark on enlightenment and sensitisation programmes to educate the people on the importance of respecting boundaries.
“It must also properly investigate cases of boundary disputes. In discharging this vital responsibility, officials of the Commission must demonstrate the highest levels of objectivity, neutrality, and integrity to instil confidence and elicit the goodwill of the people.
“Conversations break down fast once there is a perception of favouritism or nepotism on the part of those who are supposed to be impartial arbiters,” he said.
He added, “It goes without saying that an effective conflict resolution mechanism is critical for maintaining national security.
“Hence, there is a need for strong political will on the part of the government to implement recommendations that will resolve disputes amicably, and prevent future border disputes.
“With enhanced peace and security at the core of our MORE agenda, we are committed to partnering with the Commission to discharge its functions effectively for a secure, peaceful, and prosperous Nigeria.”
In his welcome remarks, the Deputy Governor, Monday Onyeme, expressed delight that the African Union Border Governance Strategy would look into good border governance and the attainment of sustainable development.
Onyeme, who doubles as the Chairman of the State Boundary Commission, urged the African Union to sustain the tempo to ensure the harmonisation of all grey areas along the boundary communities.
He observed that the European colonisers arbitrarily, without due regard to the ethnic homogeneity of many African groups, forced Africans to belong to different nations, while diverse heterogeneous communities were hurriedly bundled into a single nation with distinct boundaries.
On their part, the deputy governors of Bayelsa and Rivers states, Lawrence Egwhrudjakpor and Prof Ngozi Odu, respectively, called on relevant authorities to discuss boundary issues often, to enthrone peace in the country.
Earlier, the Director-General of the National Boundaries Commission, Mr Adamu Adaji, said the workshop was primarily designed to engage Nigeria’s coastal states, local government areas and traditional rulers on effective border governance in Nigeria.
The NAN reports that stakeholders, including some traditional rulers from the South-West and South-South states, attended the event.
The immediate-past governor of Edo State, Godwin Obaseki, has proceeded on vacation.
This is for him to rest and undergo a medical check-up, after a successful two-term as governor of the state.
This was disclosed in a statement by his media adviser, Crusoe Osagie, on Wednesday.
The former governor completed his two-term administration on November 11, 2024, and a new governor, Monday Okpebholo, was sworn in on Tuesday, November 12, 2024.
Osagie said, “Following the completion of his second term, a former Governor of Edo State, Godwin Obaseki, has proceeded on vacation to rest and undergo a medical check-up.
“Obaseki, once again, expressed his appreciation to God Almighty, the people of Edo State and Nigeria for the opportunity to serve.
“He urged all Edo people both at home and in the diaspora to continue to be hopeful and pray for the peace, progress and prosperity of our state and Nigeria.”
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Obaseki embarks on post-tenure medical vacation
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