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SEE Dollar to Naira Exchange Rate at Black Market for July 24, 2024
By Kayode Sanni-Arewa
The dollar to naira exchange rate is a significant concern for many Nigerians, especially those involved in foreign trade, travel, and investments. The Dollar to Naira black market, also known as the parallel market or Aboki FX, often presents different rates compared to the official Central Bank of Nigeria (CBN) rates. This article delves into the current Dollar to Naira exchange rates for today July 24, 2024, factors influencing these rates, and the implications for Nigeria’s economy.
*Dollar to Naira Today Black Market.*
Current Black Market Dollar to Naira exchange rate.
Buying Rate: N1588
Selling Rate: N1590
*Official CBN Rates*
Buying Rate: N1639
Selling Rate: N1640
*Understanding the Black Market for Forex*
*What is the Black Market?*
The black market refers to unofficial exchange channels where currencies are traded without government regulation. This market often provides more competitive rates due to the high demand and limited supply of foreign currencies.
*Why Do People Use the Black Market?*
People turn to the black market due to:
*Favorable Rates:* Often higher than official rates.
*Accessibility:* Easier to obtain foreign currency without stringent regulatory requirements.
*Factors Influencing Black Market Rates*
*Economic Policies*
Government decisions on interest rates,
inflation control, and forex regulations by the CBN directly affect the naira’s value. Policy adjustments aimed at stabilizing the naira impact the exchange rates.
*Supply and Demand*
* The availability of foreign currency versus its demand significantly influences exchange rates. A shortage of foreign currency or high demand leads to naira depreciation.
*Political Stability*
Geopolitical events and internal political stability affect investor confidence. Political unrest or uncertainty can cause the naira to depreciate, while stability strengthens it.
*Global Economic*
Conditions Global market conditions, such as oil prices, international economic trends, and global inflation rates, influence the naira’s value. A significant drop in oil prices, for instance, negatively impacts Nigeria’s economy.
*Comparing Official and Black Market Rates*
*Why the Disparity?*
Several factors contribute to the disparity:
*Supply and Demand:* Limited availability in the official market drives people to the black market.
*Regulatory Restrictions:* CBN imposes limits on forex availability, leading to higher black market rates.
*Economic Instability:* Fluctuations in oil prices and inflation prompt people to seek more favorable black market rates.
*Impact on the Economy*
High black market rates can:
*Inflation:* Increase costs for imported goods.
*Investment:* Deter foreign investment due to economic instability.
*Trade:* Benefit exporters while imposing higher costs on importers.
*Using the Parallel Market Safely*
*Tips for Transactions*
*Verify Rates:* Check reliable sources like Aboki FX for the latest rates. Reputable
*Dealers:* Engage with trusted Bureau De Change operators to avoid scams.
*Pounds and Euro to Naira Exchange Rates*
*Pounds to Naira (CBN Rates)*
Buying Rate: ₦2,139
Selling Rate: ₦2,140
*Euro to Naira (Black Market Rates)*
Buying Rate: ₦1,778
Selling Rate: ₦1,779
*Geegpay and Grey: Online Exchange Platforms*
*Geegpay Rates*
EUR (€): Buying at ₦1,690.03, Selling at ₦1,695.55
GBP (£): Buying at ₦1,950, Selling at ₦1,965
USD ($): Buying at ₦1,504, Selling at ₦1,570
*Grey Rates*
EUR (€): Buying at ₦1,640.03, Selling at ₦1,719
GBP (£): Buying at ₦1,902, Selling at ₦2,015
USD ($): Buying at ₦1,550, Selling at ₦1,570
*FAQs*
*How much is a dollar to naira today in the black market?* The buying rate is N1588, and the selling rate is N1590 as of July 24, 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 Dollar to Naira Black Market Rate Today*
The black market dollar-to-naira exchange rate is a complex interplay of economic factors, regulatory frameworks, and market dynamics. While it provides an alternative for many Nigerians seeking forex, it also highlights the broader challenges and opportunities in Nigeria’s economic landscape. Understanding these rates and the factors influencing them is crucial for making informed financial decisions.
Nigerian billionaire and Chief Executive Officer of Dangote Refinery, Aliko Dangote, has seen his net worth double to $28 billionollowing the commencement of operations at his long-anticipated oil refinery.
As reported by the Bloomberg Billionaires Index on Thursday, the launch of Nigeria’s highly anticipated oil refinery, now fully operational, has substantially boosted the wealth of the nation’s industrial magnate.
Dangote’s refinery, situated within the Lekki Free Trade Zone in Ibeju-Lekki, Lagos, stands as the world’s largest single-train oil refinery and one of the most advanced, with the capability to process a wide range of global crude oil types.
“It has the potential to transform Nigeria’s economy by making the country self-sufficient in fuel production. And it has more than doubled his net worth to $27.8 billion,” stated Bloomberg.
Expectations are high, with reports suggesting the refinery is set to reshape Nigeria’s energy sector by producing refined petroleum products domestically, potentially ending the country’s dependence on fuel imports.
Analysts predict Dangote’s wealth could grow even further in the coming months.
As the refinery ramps up production and expands its portfolio of refined products, Dangote is poised to dominate Nigeria’s fuel market, with plans to export a portion of the output to other African nations.
At 67, Dangote has built most of his wealth through his 86 per cent stake in Dangote Cement, a company valued at over $9 billion, with operations in ten African countries.
In addition to cement, the Dangote Group has interests in sectors such as food production, fertilisers, and real estate.
The family of Abdalla Mwenda Suleiman, who was presumed dead, have been left in shock after he returned home to find a body believed to be his already buried. The incident, which occurred last Tuesday in Loire village near Mutuati market in Meru Country, has left many in disbelief.
Mwenda, a 20-year-old miraa picker, was mistakenly buried on October 4 after his family misidentified a body found in a house he once shared with his estranged wife in Mutuati market, as reported by the Nation.
“Since my work is picking miraa, I move from one place to another and I am rarely at home. I’m shocked to find that my family buried me,” said Mwenda in dismay.
Mwenda, who had separated from his wife and moved to Nthanbiro, 20 kilometers away, returned to discover his family had mistakenly buried him. Shocked, Mwenda explained his transient lifestyle as a miraa picker keeps him away from home.
Interestingly, a colleague mentioned they had passed by his home during the burial. The grave, located by Mutuati-Antubetwe Kiongo Road, is visible from the tarmac.
“We left Nthambiro in Igembe Central on Friday and travelled to another farm in Mutuati. We passed by Mwenda’s home and he wondered why there were so many people at his home but we proceeded.”
“On Sunday, as we were packaging miraa, someone broke the news that Mwenda had been buried yet he was alive. Mwenda was so shocked that he could not work. He went to sleep,” the colleague recounted.
After recovering from the shock, Mwenda went home to verify the bizarre news of his burial.
When the Nation visited on Tuesday, they found an atmosphere of grief and despair. The fresh grave, with an arrowroot plant thriving, drew locals who hoped the police had come to exhume the body.
Mwenda’s father, Meeme M’Nchebere, a resident of Voi, was found asleep after spending the night guarding the grave.
“We have been given strict instructions to ensure the body is not stolen. The police said the matter is sensitive since the deceased was murdered. I have to keep vigil throughout the night,” he said.
M’Nchebere revealed that his son had to flee the village because he couldn’t bear seeing a grave with his name. He admitted they mistakenly buried the wrong body because he was unable to view it before the burial.
“I live in Voi where I relocated more than 10 years ago. Mwenda was left behind in Meru. Recently, I received a call from neighbors who told me my son was dead. As a Muslim, I am not allowed to view a dead body. So we proceeded with the burial,” he recounted.
Mwenda’s father stated that the police informed him he needed to raise KSh 70,000 ($542) to cover the costs of obtaining a court order, a pathologist, and the exhumation of the wrongly buried body.
“I am a small trader in VOi and cannot raise the money the police want to exhume the body. I am currently surviving on well-wishes in the village. Neighbors are hesitant to help fundraise because they contributed to the botched burial,” he said.
M’Nchebere is now in a difficult situation, unable to return to his family in Voi or expedite the exhumation of the wrongly buried body. He faces the challenge of navigating both family tensions and legal hurdles.
Source: face2faceafrica.com
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