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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.
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Delta issues 21-day ultimatum to unapproved schools

The Delta State Government has vowed to shut down all unapproved nursery and primary schools across the state.
The measure is being taken “to sanitise the private sector participation in the primary education sector in the state.”
This was contained in a government special announcement signed by the Director of Public Communication/Functioning Permanent Secretary in the State Ministry of Information, Theresa Adiabua Oliko.
Copies were made available to journalists in Warri on Thursday.
The government, however, advised owners of all unapproved primary schools across the state to “upgrade” within the 21-day ultimatum or risk being shut down.
The public announcement partly reads, “It is hereby announced for the information of the public, particularly owners of private nursery and primary schools in Delta State, that the government, pursuance to its responsibility to sanitise the private sector participation in the primary education sector in the state, that all unapproved primary schools in the state are hereby given a 21-day ultimatum to upgrade their infrastructure and formalise their status with the ministry of primary education with immediate effect.
“Failure to comply with this directive will attract severe sanctions, including outright closure of all such schools.
“The 21-day ultimatum has become imperative as a result of the proliferation of unapproved private schools whose poor infrastructural facilities, unqualified teachers and unhealthy operational environment have become worrisome to the state government.”
News
I’m not behind Elisha Abbo’s sacking from Senate – Akpabio

The Senate President, Senator Godswill Akpabio on Thursday, berated former lawmaker representing Adamawa North Senatorial District, Elisha Abbo, saying he has no hand in his removal from the National Assembly.
The clarification was made in a statement issued in Abuja by Akpabio’s media aide, Eseme Eyiboh.
Abbo was sacked by the Court of Appeal sitting in Abuja on October 16, 2023.
The judgment delivered by a three-member panel presided over by Justice C.E. Nwosu-Iheme ordered the Independent National Electoral Commission to issue a Certificate of Return to Amos Yohanna of the Peoples Democratic Party as the duly elected lawmaker representing the area at the Senate.
The appellate court vacated the tribunal judgment which had earlier affirmed Abbo of the All Progressives Congress as the winner of the senatorial election.
But speaking on a live programme on Arise Television on Wednesday, Abbo blamed Akpabio for his predicament.
The Adamawa politician also accused the Senate President of running the Red Chamber like an emperor.
This was even as he condemned the suspension of the senator representing Kogi Central, Natasha Akpoti-Uduaghan, who is presently battling to retain her mandate.
Reacting, Akpabio said he was shocked to hear Abbo blame him again for his ouster from the Senate barely two years after apologising to him.
He said, “It is sad and regrettable that despite publicly retracting a similar allegation in 2023—after admitting that his earlier accusation was premature and based on the available information at our disposal—Mr. Abbo has once again embarked on a campaign of misinformation and blame transfer.
“Following a discussion with the Senate President last year, Mr. Abbo himself acknowledged that Senator Akpabio had ‘no involvement’ in the judicial process that led to his removal. It is puzzling that he would now return to the same baseless allegations he once renounced.”
Continuing, Akpabio emphasised that it was the court and not him that determined his fate before he was consequently removed.
The former governor asserted that he, therefore, found it illogical and irresponsible that Abbo could turn around and allege that he influenced the judgment that he accepted at the time.
“It is there in the papers (see PUNCH Newspaper of 18th October 2023). Mr Abbo has also sought to create the impression that he was unjustly denied official benefits following his ouster. He claims entitlement to salaries, allowances, and even an official vehicle, despite the court’s declaration that his tenure was null and void ab initio.
“If any of Abbo’s claims for payment did not reach the desk of the Senate President, it is because they failed to meet these lawful standards—not because of any personal or political vendetta. It is unfortunate that instead of accepting the consequences of his legal and political failings, Abbo continues to resort to media theatrics and reckless finger-pointing.
“Akpabio remains focused on the noble task of nation-building, providing purposeful leadership in the Senate, and strengthening democratic institutions—especially the independence of the judiciary. He will not be distracted by the antics of individuals who seek to rewrite history to mask personal failures.
“We urge Mr Abbo to reflect deeply, respect the rule of law, and focus on rebuilding the confidence of his constituents if he hopes to return to public life. Nigeria’s democracy can only thrive when its actors show maturity, responsibility, and an abiding respect for the truth,” the statement added.
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NCAA to sanction airlines over deportees maltreatment

The Nigeria Civil Aviation Authority has strongly cautioned international airlines against the increasing complaints from passengers who are transported partway to their destinations, only to be deported back to Nigeria.
The NCAA criticised this practice, emphasising that it has led to considerable distress for passengers and damaged the reputation of Nigeria’s aviation industry.
The NCAA’s Director of Consumer Protection and Public Affairs, Michael Achimugu, announced this in a signed statement on Thursday.
“These actions, which involve the refusal of boarding or denial of entry at intermediate or transit stops due to visa and travel restrictions, are completely unacceptable,” he said.
The NCAA stressed that airlines are responsible for informing passengers of any potential obstacles to their entry before their journey begins.
“Passengers should not be put in a position where they are denied entry or returned to Nigeria only upon arrival at transit stops,” Achimugu added.
Referring to the Nigeria Civil Aviation Regulations 2023 (Part 19.21.1.1), the NCAA reiterated that airlines and their agents are obligated to inform travellers of any potential entry restrictions before departure.
“Airlines must take appropriate measures to screen and provide passengers with accurate, up-to-date information regarding their travel documents and visa requirements before issuing tickets or allowing boarding,” the statement read.
In light of these issues, the NCAA has announced immediate enforcement measures.
“Effective immediately, any airline found engaging in such practices will face regulatory action, including fines, suspension of flight operations, or other penalties deemed appropriate,” Achimugu warned.
“The NCAA expects the cooperation of all airlines in maintaining the integrity and professionalism of the aviation industry, as well as ensuring the wellbeing of Nigerian passengers,” the statement read.
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