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SEE Dollar to Naira Exchange Rate at Black Market ( July 3, 2024: USD to NGN CBN Rate

Published

5 months ago

July 3, 2024

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.

News

Oba of Benin to withdraw suit as Okpebholo restores rights

Published

31 minutes ago

November 25, 2024

Kayode Sanni-Arewa

The Oba of Benin, Oba Ewuare II, and the Benin Traditional Council may withdraw the suits they filed against the state government as Governor Monday Okpebholo, on Sunday, restored the full statutory rights of the Oba and reversed the policies of the previous administration that impacted the Benin Traditional Council.

A statement on Sunday by Okepebholo’s Chief Press Secretary, Fred Itua, said the governor abolished the new traditional councils in Edo South created by the immediate-past governor, Godwin Obaseki.

Okpebholo also backed the Federal Government’s recognition of the Oba’s palace as the custodian of repatriated Benin artefacts looted during the 1897 British colonial expedition.

Providing an insight into the governor’s gesture, the state Attorney General and Commissioner for Justice, Dr Samson Osagie, said it signaled the resolution of the crisis between the Oba of Benin and the Edo State government leading to lawsuits duringt the Obaseki’s administration.

Osagies said, “The cases in court are cases which the Oba of Benin himself and the Benin Traditional Council instituted against the state government, and they are all civil matters. And you know that in civil suit or in any suit, parties are encouraged to settle amicably.

“So, if the parties are already settling and one side is already meeting the condition of settlement, the next step you are going to hear is that the party who went to court, which is the Oba of Benin, and the Benin Traditional Council, will instruct their counsel to withdraw the cases from court and that will be the end of the matter.

“The two parties are now settling for harmony and peace to reign, so the government is doing its own side of it.

“This statement is a prelude to discontinuing all legal proceedings with respect to the twin issues of the concession of the Oba Akenzua Cultural Centre by government to the Benin Traditional Council for 30 years and the creation of additional councils.”

The statement by Okepebholo’s Chief Press Secretary outlined the administration’s commitment to restoring the dignity and authority of the Benin monarch.

“This administration also hereby abolishes the new traditional councils in Edo South, created by the last administration,” the statement noted.

Additionally, Governor Okpebhol revoked the decision of the Obaseki’s administration to convert the Oba Akenzua II Cultural Centre into a motor park.

The government announced plans to restore the cultural centre to its original purpose.

“This administration is restoring the Oba Akenzua Centre to a suitable condition for its original purpose,” the statement added.

The governor also reinstated the financial entitlements of the Benin Traditional Council, ordering that the status quo before the creation of the abolished councils be maintained.

According to the statement, Okpebholo affirmed support for the Federal Government’s official gazette, which recognizes the Oba of Benin as the rightful owner and custodian of the repatriated Benin artefacts.

He also distanced his administration from the Museum of West Africa Art, instead backing the Benin Royal Museum project to house the artefacts.

“The Federal Government has also issued a gazette for the recognition of ownership and custody of the repatriated Benin artefacts to the Oba of Benin, Oba Ewuare II,” the statement explained. “Governor Okpebholo respects the rights and privileges of the traditional ruler of Benin kingdom… and pledges the support of his administration to ensure the monarch plays his role as the custodian of the rich cultural heritage of the Benin people.”

Okpebholo reiterated his administration’s respect for traditional institutions and vowed to avoid interference in the internal affairs of the Benin Traditional Council. “The Oba of Benin, as the father of all Benin people, is the sole custodian of the customs and traditions of the Benin people, and my administration respects customs and traditions in the land,” he stated, emphasising the government’s efforts to uphold the cultural and historical integrity of the Benin Kingdom.

News

Oyedepo’s jet can’t leave private airstrip without clearance – Keyamo

Published

41 minutes ago

November 25, 2024

Kayode Sanni-Arewa

The Minister of Aviation and Aerospace Development, Festus Keyamo, on Sunday said there was no way the private plane of privileged Nigerians, including the Founder and Presiding Bishop of Living Faith Bible Church Worldwide, Bishop David Oyedepo, can leave the country directly from their airstrips without first securing clearance from relevant authorities.

Keyamo made the clarification when he was featured as a guest on Channels Television’s Politics Today.

His statement comes barely two months after members of the House of Representatives called for a revocation of airstrip licences issued to certain individuals and private organisations, citing security reasons.

The House also called for an immediate halt to new airstrip licences for individuals and organisations.

But Keyamo insisted that there was no way a plane or drone, even if it belongs to the military, can leave or come into the country without first getting a nod from the agency.

When asked if the airstrip of Oyedepo also passed through the same due process, Keyamo nodded.

He said, “Oh yes, absolutely. That’s no problem. They were only concerned about the fact that they thought that somebody can take off from a private airstrip and fly out of Nigeria or fly into Nigeria. It is not possible.

“You must land in an international airport first. Then the Customs, immigration and NDLEA will process you before you take off from there to your private airstrip. If you are also flying out, you must land at an international airport. You will go through Customs, immigration and all the normal process before flying out.

“So nobody uses an airstrip for any such purpose without seeking clearance. At every point in time, the authorities must approve.”

When quizzed on how many airstrips the country is operating at the moment, Keyamo said they are in the range of 40.

“We have a number of them, more than 40. For the federal airport, we have 23. The state airport has about eight or nine now.

“And then the airstrips are about 40 or thereabouts. I have been there myself,” he stated.

News

Abia bans unauthorised free medical outreaches

Published

1 hour ago

November 25, 2024

Kayode Sanni-Arewa

The Abia State Ministry of Health has reacted to the hospitalisation of some persons who attended a free medical outreach in Abiriba, Ohafia LGA, on Saturday, saying that the distribution of drugs to the public by uncertified persons was without the authorisation of the state government.

The Commissioner for Health, Professor Enoch Ogbonnaya Uche, who said this in a press release on Sunday, said that the organisers of the medical outreach did not obtain approval from the state government before embarking on the exercise.

He therefore announced that any medical outreach without authorisation from the Ministry of Health is illegal and can put the health of Abia people in jeopardy, warning that those who do so would be made to face the full wrath of the law.

DAILY POST recalls that many people were rushed to the hospital on Saturday at Abiriba after developing some medical emergencies on return from the medical outreach organised by a group.

According to Processor Uche, preliminary reports indicated that medications distributed during the outreach may have caused adverse drug reactions among unsuspecting recipients, even as he said that the identified victims of these untoward medical events are currently receiving medical attention at designated public health facilities within the state.

“Our dedicated healthcare personnel are working assiduously to stabilise and treat affected people. The Abia State Ministry of Health is deeply concerned by the dire consequences and high risk posed by unauthorised healthcare activities. We wish to hereby warn the public to be cautious of individuals and groups organising unapproved healthcare events,” said the health commissioner.