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SEE Dollar To Naira Exchange Rate Today August 22, 2024: Black Market And CBN Official Rates
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.
The second edition of Your Family Lawyer will hit the airwaves tomorrow (Saturday) precisely by 9.am.
Join Barrister Chinye Chuma, a veteran lawyer marshall out issues laced with court verdicts and how victims can resolve such knotty legal matters.
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FemyWalsh Limited Makes History: Appoints Chief Julie Coker as Africa’s Oldest Female Journalist (Photos)
In a groundbreaking move that underscores its commitment to inclusivity and excellence, FemyWalsh Limited has proudly announced the appointment of Chief Julie Coker, an 85-year-old trailblazer in African journalism, as part of its esteemed team.
This historic milestone cements FemyWalsh Limited’s position as a leader in championing diversity and recognising the value of experience across generations.
Chief Julie Coker, a celebrated icon in the media world, brings decades of experience, insight, and unparalleled expertise to the organisation. With a career spanning over six decades, she has been instrumental in shaping the narrative of African journalism, inspiring generations of journalists with her dedication, resilience, and pioneering spirit.
“Chief Julie Coker is not just a journalist; she is a living legend,” said Victor Walsh Oluwafemi, Chief Executive Director of FemyWalsh Limited. “Her contributions to journalism and storytelling have left an indelible mark on the industry. By welcoming her to our team, we are reaffirming our belief that greatness knows no age. This appointment is a testament to our commitment to inclusivity, diversity, and celebrating talent in all its forms.”
This is not the first time FemyWalsh Limited has demonstrated its dedication to inclusivity. Over a year ago, the organisation made headlines by employing a 74-year-old veteran journalist, setting a precedent for valuing experience and diversity. Chief Julie Coker’s appointment further elevates this legacy, marking a significant achievement not only for FemyWalsh Limited but also for Africa’s media landscape.
Chief Julie Coker will now join FemyWalsh Media, which operates Souq News Television, The Isle 104.9 FM Lagos, and the soon-to-launch Kasuwa Radio 99.7 FM, based in the ancient city of Kano. The addition of Kasuwa Radio reflects FemyWalsh Limited’s commitment to expanding its reach and promoting quality broadcasting across Nigeria.
Speaking on her appointment, Chief Julie Coker expressed her gratitude and excitement:
“I am deeply honoured to join FemyWalsh Limited, a company that values experience and continues to break barriers. I look forward to contributing my wealth of knowledge and being part of an organisation that is paving the way for inclusivity and innovation in the media industry.”
Chief Julie Coker’s role at FemyWalsh Limited will focus on mentoring the next generation of journalists, enhancing storytelling strategies, and promoting initiatives that celebrate Africa’s rich media heritage.
FemyWalsh Media’s growing portfolio of outlets underscores its dedication to reshaping the media landscape in Africa by combining innovation with inclusivity. This historic appointment serves as a beacon of inspiration for organisations worldwide, proving that experience and age are invaluable assets in fostering progress and creativity.
About FemyWalsh Limited
FemyWalsh Limited is a leading media organisation committed to driving inclusivity, innovation, and excellence in the media industry. With ownership of Souq News Television, The Isle 104.9 FM Lagos, and the soon-to-launch Kasuwa Radio 99.7 FM Kano, the company continues to inspire through its groundbreaking initiatives and unwavering commitment to diversity.
For media inquiries, please contact:
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The pan-Yoruba socio-cultural organisation, Afenifere, on Thursday, called on South West Governors to take the security of their areas more seriously in view of the latest revelation concerning the new influx of bandits into the region.
Afenifere disclosed this in a statement by its National Publicity Secretary, Jare Ajayi, in Ibadan, the Oyo State capital,
PUNCH Online reports that the Oyo State Governor, Seyi Makinde while speaking at the 2025 annual inter-faith service for workers held at the Secretariat, Agodi, Ibadan, on Monday, disclosed that bandits being dislodged from the North-West of Nigeria are infiltrating his state.
The Governor had said, “During a security briefing this morning, I learned that some bad elements from the North-West are relocating here due to military heat in their zones.
“To underscore the seriousness of the issue, the governor related his own personal experience when he observed his quiet birthday ceremony at Fashola near Oyo Alaafin towards the end of last month.
“During my birthday retreat in Fashola, bandits had camped less than two kilometres from where I was staying. This underscores the seriousness of the situation.”
Howeve, Afenifere stated that a disclosure of this nature coming from the Chief Security Officer of a state is not something to be treated with levity.
It, therefore, called on all the governors of the South-Western States to “as a matter of urgency, hold a meeting to map out strategies to expel the bandits from the region and to ensure that such elements do not infiltrate Yorubaland at any time again.
“For these objectives to be achieved, there is the need to carry certain groups along. These are the security agencies that will implement whatever security decisions are reached, traditional rulers and heads of local vigilantes known as ‘Ode’.”
Ajayi added that whatever strategies were devised should include functional, up-to-date equipment for those who would be on the fields, attractive incentives and the deployment of modern technologies to assist in identifying the bandits and their hideouts.
While urging security agencies and citizens not to take the issue of security lightly, Ajayi concluded by saying that traditional rulers and community leaders in different parts of Yorubaland should not keep quiet whenever they notice any indication suggestive of security threat.
It added, “For example, until the governor made the revelation on Monday, such grave security danger was unknown to members of the public, yet there are people living in Fashola area where the bandits were reported to have established a camp. It is not unlikely that similar camps could be found in some other parts of the South West, hence the need for urgent and effective action.”
WATCH Your Family Lawyer Podcast on YouTube tomorrow
FemyWalsh Limited Makes History: Appoints Chief Julie Coker as Africa’s Oldest Female Journalist (Photos)
Afenifere demands concrete action from S’West governors on banditry
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