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SEE Dollar To Naira Exchange Rate Today August 22, 2024: Black Market And CBN Official Rates
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By Kayode Sanni-Arewa
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.
Dollar to Naira Exchange rate DOLLAR TO NAIRA EXCHANGE RATE 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. Advertisement 5 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 22, 2024, what drives the rate, and how all these affect the economy of Nigeria.
*Dollar to Naira Today Black Market.*
Buying Rate: N1600
Selling Rate: N1610
*Official CBN Rates*
Buying Rate: N1590
Selling Rate: N1595
*Understanding the Dollar to Naira 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: ₦2,073
Selling Rate: ₦2,074
*Euro to Naira (Black Market Rates)*
Buying Rate: ₦1,768
Selling Rate: ₦1,780
*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 N1601, and the selling rate is N1602 as of August 22, 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?* Among these risks are fluctuating rates, possible frauds, and illegality of such transactions.
*Can the CBN influence black market rates?* The CBN can only influence these rates through monetary policy, forex interventions, and regulatory measures; no direct control exists over such.
*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.
This is real life to so many Nigerians; it also underlines the depth and scope of challenges and opportunities encountered within the Nigerian economic landscape.
The rates, coupled with their underpinning determinants, are quite instrumental in making decisions related to finance.
*Nigeria to Raise N190 Billion from Bond Market in August.*
The Federal Government of Nigeria, through the Debt Management Office (DMO), has announced its intention to raise N190 billion from the bond market in August 2024. This figure represents a notable 37% decrease from the N300 billion secured during the last bond offer earlier this year.
The bond auction is scheduled for August 22, 2024, and will include three re-openings, each with distinct maturity dates and interest rates. These options aim to attract a wide range of investors, offering them various investment choices. This initiative is part of the government’s broader strategy to manage its debt obligations and finance its budgetary needs effectively.
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More financial trouble for Nigerians as DStv, Gotv set to increase subscription fee
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By Kayode Sanni-Arewa
More financial trouble for Nigerians as DStv, Gotv set to increase subscription fee
MultiChoice, the company behind DStv, is preparing to raise the subscription fees for its Compact bouquet from ₦15,700 to ₦19,000.
This adjustment is expected to take effect soon, according to industry insiders
The increase comes nearly a year after the last price review.
The devaluation of the naira and rising energy costs have been identified as key reasons behind this change.
Many businesses in telecommunications, transport, and consumer goods have also raised prices in response to Nigeria’s economic conditions.
Other DStv packages will also be affected.
The Family and Access bouquets are expected to move from ₦9,300 to ₦11,000 and ₦5,100 to ₦6,000, respectively. Premium and Compact+ subscribers will also see new rates, though specific figures have yet to be confirmed.
Similarly, GOtv users will experience price changes.
GOtv Value subscribers will pay ₦3,900 instead of ₦3,600, while GOtv Plus customers will see an increase from ₦4,850 to ₦5,800.
Since 2023, economic policies such as fuel subsidy removal, currency devaluation, and electricity tariff hikes have caused the cost of goods and services to rise sharply.
Inflation in Nigeria reached 34.8% in December 2024, forcing many companies to adjust their prices multiple times last year.
Businesses across various sectors have reported heavy losses due to currency fluctuations, making price hikes a necessary measure for survival.
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Just in: Tinubu, Party Leaders Reach Accord On Lagos Assembly Crisis
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By Kayode Sanni-Arewa
After weeks of back and forth and in spite of a subsisting court case over the removal of Mudashiru Obasa as Speaker of the Lagos State House of Assembly, President Bola Tinubu and some leaders of All Progressives Congress (APC), weekend, reached a political solution considered a win-win for all parties.
Sources at the villa hinted that Tinubu had received many prominent party leaders, including former APC national chairman, Chief Bisi Akande; former governor of Ogun State, Olusegun Osoba; Minister of Solid Minerals, Mr. Dele Alake; and a former commissioner in Lagos State, whose name the source refused to disclose for political reasons.
Ahead of the meeting between the president and the party leaders, the source added that another prominent Nigerian and nonagenarian from the South-west (name withheld) had also met the president over the Assembly matter and other national concerns, during which he pleaded with the president to consider his request on Lagos as his birthday gift.
THISDAY gathered that the president met with different people on the Lagos Assembly matter, with each analysing the implications of letting the situation escalate beyond the point it was at the moment, even though some damage had been done. It was against this backdrop, the source said, that the meeting agreed that Obasa’s removal had come to stay and there was no going back on his speakership, especially as the laws guiding the Assembly were clear about the election and removal of a speaker.
Particularly more instructive was the revelation that virtually everyone, who had something to say on the Assembly crisis, spoke badly about the leadership of Obasa and his conduct for the period he held sway.
They argued, among other things, that if 37 out of his 39 colleagues stood against him with scathing remarks about his leadership, in addition to the position of the political leaders in the state, who also wrote him off, then returning him would be against the tide. They reckoned that would be dangerous for the politics in the state, and the democratic credentials of the president.
It was on the strength of these arguments that the president resolved at the meetings that Obasa’s removal had come to stay, but a plea was made to salvage his political future by giving him a soft-landing.
It was in the bid to give him a soft-landing, the source added, that a conclusion was reached during the meetings that Obasa’s removal should be quashed and commuted to resignation, the same way the removal of a former deputy speaker of the Assembly, Hon. Funmi Tejuosho, was converted to resignation.
Once that was settled, the fate of the current speaker, Hon. Mojisola Meranda, was next on the agenda and it was somewhat tricky for the president, the speaker being a woman.
The source explained that while the president wanted the elevation of a woman in the politics of the state, the speaker coming from the same senatorial district as the governor – Lagos Central, made it impossible for her to keep her position.
One of the reasons canvassed in support of that viewpoint was that, if the governor was elected from Lagos Central and his deputy from the East, then the largest senatorial district, Lagos West, could not be left out of the power equation on account of the leadership crisis in the Assembly.
The source disclosed that the president was so disturbed about the situation that he asked if another woman from Lagos West could be sourced and put forward, instead, so that the women folk would not allege discrimination in the power game.
Unfortunately, the only woman from that part of the state was not only a first timer, but also elected on the platform of a minority party, Labour Party, making her choice impracticable in view of the power arrangement in the state.
The meeting concluded that Meranda, too, should resign and stand down from the speakership position and allow someone from Lagos West to occupy the office, just so that none of the three senatorial districts would feel alienated.
Further explaining how the state arrived at this juncture, the source explained that contrary to insinuations in some quarters, the president did not care about Obasa’s removal, as he was not special.
The source said Tinubu’s response conveyed the impression that if Obasa was unable to manage and carry his colleagues along, to the point that he lost their trust, then the president would not do his job for him.
It added that there was also the feeling that Obasa had served as Speaker for over nine years by riding on the coattails of the president, and that was enough compensation, for now.
However, the source said the president was angry with the fact that Obasa’s removal caught him unaware. He was not just the political leader of the party in the state and at the national level, but also as the Commander-in-Chief of the armed forces. He considered being taken off guard in such situation discourteous, and having attendant political implications.
But after several interventions, the president, the source said, looked beyond the failings of the assembly members, and was now interested in moving forward. This disposition gave rise to the solutions collectively arrived at.
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Canada: Immigration orders deportation of retired Nigerian police officer, wife
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By Kayode Sanni-Arewa
Canadian immigration authorities have reportedly denied asylum to Wale Francis Akinpelu, a retired Nigerian police officer, and his wife, Ajarat Mojirola.
They were denied asylum due to concerns over his past service in the Nigerian police force.
The decision was based on allegations of human rights violations linked to the Nigerian police, which has faced accusations of corruption and misconduct.
The couple left Nigeria in 2017, claiming they were fleeing threats from a criminal gang.
Mrs. Akinpelu first traveled to the United States in May 2017, and her husband joined her in October after resigning from the police.
In 2018, they moved to Canada and applied for refugee protection, arguing that they were at risk of harm if they returned to Nigeria.
However, Canadian authorities questioned Mr. Akinpelu’s credibility due to his association with the Nigerian police.
His application was suspended, and later, a federal court upheld its rejection, ruling that his past employment disqualified him from asylum under human rights laws.
The couple’s applications were processed separately.
Mrs. Akinpelu’s request was initially denied in 2019 after authorities found inconsistencies in her claims.
She appealed the decision, leading to a new hearing, but her asylum application was rejected again in February 2023.
The court ruled that her evidence contained contradictions, and some documents appeared fraudulent.
In her legal challenge, she argued that the rejection process was unfair.
However, Justice Norris ruled against her, stating that her claims relied heavily on her husband’s statements, which lacked credibility.
The judge pointed out that she failed to provide substantial proof to support her fears of persecution.
With both asylum requests denied, Canadian authorities are set to proceed with the deportation process for the couple.
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