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SEE Dollar to Naira Exchange Rate at Black Market July 31, 2024: USD to NGN
By Kayode Sanni-Arewa
For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira exchange rate. The black market rate for dollars to naira, parallel or Aboki FX as some know it will most of the time give different rates from the official CBN rates. At this point, the exchange rate was still moving up and down. The current dollar to naira exchange rate today, July 31, 2024, what drives the rate, and how all these affect the economy of Nigeria are discussed in this article.
*Dollar to Naira Today Black Market.*
*Current Black Market Dollar to Naira exchange rate.*
Buying Rate: N1595
Selling Rate: N1600
*Official CBN Rates*
Buying Rate: N1684
Selling Rate: N1685
*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 Dollar to Naira 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 on Dollar to Naira Exchange Rate.*
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 29, 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 represents an interaction of intricate components: economic factors, regulatory frameworks, and market dynamics. It’s a reality for quite a good number of Nigerians who need forex, and this also highlights the depth and scope of the challenges and opportunities Nigeria has encountered in its economic landscape. Knowledge of these rates and the underpinning determinants is also quite instrumental in making decisions related to finance.
*Kerosene Sold To Nigerians At ₦1,555 Per Liter In June – NBS*
The National Bureau of Statistics has said that Nigerians paid an average of ₦1,555 per liter for kerosene in June as against what it sold for in June 2023.
The NBS, in its National Household Kerosene Price Watch Report on Tuesday, said the current price of kerosene increased from ₦1,450 in May by 7.22 percent.
On the report, a litre of kerosene sold at ₦1,236 per liter in June 2023. It increased by 25.73 percent at that price.
“The average retail price paid by consumers for a liter of Household Kerosene, HHK, in June 2024 was ₦1,555.11, showing an increase of 7.22% over ₦1,450.35 recorded in May 2024. Year-on-year, average retail price per liter of the product increased by 25.73% from ₦1,236.91 in June 2023,” it read.
Further analysis showed that in some Nigerian families, the price of cooking product varied from state to state. While, Kaduna, Benue and Zamfara states showed the highest increase in price; Kebbi, Taraba and Sokoto states showed the lowest price increase.
News
Reps Raises Alarm Over Poor Capital Budget Implementation
By Gloria Ikibah
The House of Representatives has expressed concern over the low implementation rate of the capital component of the 2024 budget.
Thr Chairman Public Accounts Committee (PAC), Rep. Bamidele Salam, during an interactive session with the Accountant General of the Federation, Dr. Shakirat Madein, on Wednesday, revealed that only 25 percent of the capital budget has been implemented.
The chairman who stated that the underperformance hinders economic growth and development, urged the AGF to expedite the submission of the 2022 Consolidated Financial Statement to the Auditor General in line with constitutional provisions.
Rep. Salam lamented Nigeria’s lag in timely audit report submissions compared to Kenya, Ghana, and Rwanda, attributing this to delays in financial statement submissions by the Accountant General’s office.
Addressing revenue leakages, the committee called for stricter measures, including process automation and regular audits of Government-Owned Enterprises. It also instructed the Accountant General, the Ministry of Foreign Affairs, and the Ministry of Interior to resolve issues delaying the automation of revenue collections from foreign missions to enhance transparency.
Rep. Salam disclosed that the 2021 Auditor General’s Report, recently submitted to the National Assembly, would be prioritized once the 2024 Appropriation Bill is passed.
In her remarks, Dr. Madein attributed delays in the consolidated financial statement to inadequate data from the Central Bank of Nigeria (CBN) but assured that efforts to resolve this are near completion. She pledged to conclude the process within two months.
The Accountant General also highlighted ongoing initiatives to enhance public expenditure management, including a review of the Financial Regulations 2009, which is awaiting Federal Executive Council approval.
News
Usman to Morka: “Peter Obi’s life now in your hands, nothing must happen to him
By Kayode Sanni-Arewa
Senator Nenadi Usman, the Chairperson of the Labour Party Caretaker Committee, has issued a stern warning to Felix Morka, the National Publicity Secretary of the All Progressives Congress (APC), stating that he will be held responsible for any harm that may come to Peter Obi or his associates.
Usman emphasized that Morka’s recent threat against Obi, the party’s former presidential candidate, would not be tolerated.
This comes after reports of Obi denying claims of his arrest at his home in Onitsha, Anambra State. Usman maintained that despite Obi’s denial, Morka’s comments on January 5, 2025, directly threatened Obi’s life and were an affront to the democratic process.
In a statement of condemnation, Usman said, “It is with great concern and a deep sense of responsibility that I condemn the inflammatory remarks made by Mr. Felix Morka during his appearance on national television. His statements not only pose a direct threat to Peter Obi’s life, reputation, and business interests, but they also undermine the fundamental principles of democracy, decency, and responsible political engagement.”
Usman continued, highlighting Obi’s dedication to public service, “Mr. Peter Obi is a man of impeccable character who has devoted his life to serving Nigeria and championing good governance. His commitment to merit, competence, and rule of law is unwavering. To attack him with baseless allegations and threats is a clear indication that the APC cannot engage constructively on the issues that truly matter to Nigerians
She further remarked that such rhetoric has no place in the country’s democracy, as it undermines national unity, discourages productive political discourse, and endangers lives. Usman reminded Morka and the APC leadership that “words have consequences,” and that the Labour Party would hold them accountable for any harm that befalls Obi or his associates.
Senator Usman also called on security agencies to investigate the alleged threat and hold Morka accountable for his remarks. “We urge the security agencies to take swift action to investigate this matter and ensure that individuals who use public platforms to incite violence or issue veiled threats are held responsible. Political leaders must rise above such petty behavior and focus on addressing the pressing challenges facing our nation, including insecurity, unemployment, and economic instability.”
Usman reaffirmed the Labour Party’s unwavering support for Obi, stating, “The Labour Party will not be intimidated by threats. Peter Obi represents hope for the Nigerian people, and we stand firmly by him in his pursuit of a better Nigeria.”
Additionally, Usman demanded a public apology from the APC and a retraction of Morka’s statements. She stressed that any failure to do so would imply tacit approval of such reckless behavior. “The APC must immediately issue a public apology to Mr. Peter Obi and retract the offensive statements made by its National Publicity Secretary. Anything less would be a tacit endorsement of such reckless and dangerous behavior.”
Concluding her statement, Usman reminded political leaders of their responsibility to promote peace, unity, and responsible political dialogue, emphasizing that true leadership is measured by how individuals treat one another, especially in times of disagreement.
News
Borno attack: Tinubu mourn slain soldiers, orders probe
President Bola Tinubu on Thursday mourned the soldiers who were killed in an attack on an army base in Sabon Gida, Damboa, Borno State.
Members of the Islamic State West Africa Province (ISWAP) launched a pre-dawn attack in trucks and on motorcycles last Saturday on the base in Sabon Gari in Damboa area of Borno State.
They set fire to the base along with army vehicles, military sources said, on condition of anonymity as they are not authorised to speak on the incident.
Fighter jets deployed from the regional capital Maiduguri 100 kilometres (62 miles) away struck the attackers as they retreated.
Tinubu in a statement by the presidential spokesman, Bayo Onanuga, expressed his profound sympathy to the military authorities following the loss of six brave soldiers during a dawn terrorist attack on January 4.
He ordered a “thorough investigation to uncover the circumstances that led to the unfortunate incident and ensure that it serves as a valuable lesson to prevent similar occurrences.”
“This resolute action by the Army demonstrates the capability and readiness of our military to confront and defeat threats to our nation’s security. Their actions testify to our resolve to eradicate terrorism and banditry, paving the way for a future where peace and security prevail for all Nigerians,” the President was quoted as saying.
I extend heartfelt gratitude and sympathy to our military and security forces on behalf of a grateful nation.
“Your sacrifices and dedication do not go unnoticed, and we stand firmly behind you in this ongoing fight to eliminate these threats.”
The Commander-in-Chief also commended the armed forces for their swift and decisive response, particularly the air component, in launching effective retaliatory strikes.
To Tinubu, the targeted air raids resulted in the significant neutralisation of numerous terrorists and the destruction of their assets as they attempted to flee.
The President wants the military to proactively take the war to the camps of bandits and terrorists.
He particularly emphasised the Northwest, where these criminals continue to threaten the lives and homes of innocent villagers.
Tinubu called on Nigerians and the media to support the military’s efforts to restore peace and security in the nation.
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