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SEE Dollar To Naira Exchange Rate Today August 15, 2024

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By Kayode Sanni-Arewa

Dollar to Naira Exchange Rate Today Black Market and CBN official Exchange Markets.

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)? For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market 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. The dollar to naira exchange rate at this point was still wiggling up and down. We will discuss in this article how the rate has moved up to this current dollar to naira exchange rate today, August 15, 2024, what drives the rate, and how all these affect the economy of Nigeria

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*Dollar to Naira Today Black Market.*

Current Black Market Dollar to Naira exchange rate. .

Buying Rate: N1595

Selling Rate: N1600

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*Official CBN Rates*

Buying Rate: N1619

Selling Rate: N1620

*Understanding the Dollar to Naira Black Market for Forex*

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*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

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*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.

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Bitcoin hits $90,000 for the first time as Trump backs crypto

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Bitcoin reached a record high above $90,000 on Wednesday, as the world’s largest cryptocurrency gained from President-elect Donald Trump’s pledge to ease regulation on digital assets.

Bitcoin surged to a peak of $91,000 before settling at $90,670.

The volatile asset has soared since Trump’s US presidential election victory last week, repeatedly setting new records.

Trump had pledged during his campaign to make the United States the “Bitcoin and cryptocurrency capital of the world.”

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His previous term included corporate tax cuts that boosted market liquidity, encouraging cryptocurrency investment.

In September, Trump announced he and his sons, along with entrepreneurs, would launch a digital currency platform called World Liberty Financial. However, its sales launch earlier this month was lacklustre, with only a fraction of tokens sold.

Cryptocurrencies have drawn global attention, marked by extreme volatility and the collapse of major industry players, including the FTX exchange.

In the lead-up to the election, Trump reportedly became the first former president to use Bitcoin in a transaction, buying burgers at a New York restaurant that hailed it as a “historic transaction.”

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AFP

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NYSC announces date for ‘2024 Batch C’ registration

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The management of the National Youth Service Corps, NYSC, on Wednesday, announced the date for the online registration of prospective 2024 batch C stream I corps members.

The management said the exercise will commence on Thursday, 14 November, 2024.

This was made known in a post on the official X handle of the NYSC on Wednesday.

“Online Registration for 2024 Batch ‘C’ SC Stream I commences 14th November 2024,” the statement read.

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The orientation course will commence later on a date to be announced by the NYSC management.

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More Nigerians, Others Deported By Libya Govt

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Few months after many Nigerian were deported, the Department for Combating Illegal Migration in Libya has deported seven Nigerians, three Bangladeshis, and three Ghanaians detained at the Qanfoudah Immigration Detention Centre.

The deportees were flown out of Libya via Benina International Airport in Benghazi.

in a statement on their X handle on Tuesday, confirmed that these individuals were deported for violating Libyan law.

The statement read, “DCIM deported 13 migrants (3 Bangladeshis, 3 Ghanaians, and 7 Nigerians) from the Qanfoudah Immigration Detention Centre via Benina International Airport in Benghazi. All individuals, ,,,were deported for violating laws in force in the Libyan state.”

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At the time of filing this report, total number of deported Nigerians still sketchy.

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