Dollar to Naira Black Market Exchange Rate – October 10, 2024 Latest Update
Dollar to Naira Exchange Rate Today Thursday, October 10, 2024 – Black Market and CBN USD to NGN Exchange Rate can be accessed here on Ejes Gist News.
What is 1 US Dollar to Naira Today Black Market & CBN?
As Many Nigerians continues to navigate economic challenges, the dollar-to-naira exchange rate remains a focal point for those engaged in foreign trade, investments, and travel.
The black market, also known as the parallel market or Aboki FX, often reflects rates different from the official Central Bank of Nigeria (CBN) rates. Today, the exchange rates offer insight into the fluctuating value of the naira.
Current Exchange 1 US Dollar to Naira Today.
Dollar to Naira Black Market Exchange Rate (Parallel Market):
- Buying Rate: ₦1,690
- Selling Rate: ₦1,695
1 US dollar to naira today CBN Official Rates:
- Buying Rate: ₦1,632
- Selling Rate: ₦1,635
Pounds and Euro to Naira Exchange Rates
Pounds to Naira (CBN Rates):
- Buying Rate: ₦2,180
- Selling Rate: ₦2,185
Euro to Naira (Black Market Rates):
- Buying Rate: ₦1,850
- Selling Rate: ₦1,856
1 US dollar to naira today for Online Exchange Platforms: Geegpay and Grey
Geegpay Rates:
- EUR (€): Buying at ₦1,798.03, Selling at ₦1,800.55
- GBP (£): Buying at ₦2,120, Selling at ₦2,127
- USD ($): Buying at ₦1,675, Selling at ₦1,680
Dollar to Naira Black Market Exchange Rate – October 11, 2024 Latest Update
For Grey, the USD to NGN Exchange Rates are:
- EUR (€): Buying at ₦1,845.03, Selling at ₦1,850
- GBP (£): Buying at ₦2,102, Selling at ₦2,205
- USD ($): Buying at ₦1,670, Selling at ₦1,675
Understanding Dollar to Naira Black Market Exchange Rate.
What is the Black Market?
The black market is an unofficial exchange channel where currencies are traded without government regulation. Due to high demand and limited supply, this market often offers more competitive rates.
Why Do People Use the Black MarketUSD to NGN Exchange Rate?
- Favorable Rates: Higher than official rates.
- Accessibility: Easier to obtain foreign currency without stringent regulatory requirements.
Latest Forex news highlights in Nigeria for today, October 10, 2024.
Here are some of the latest Forex news highlights in Nigeria for today, October 10, 2024:
- Net Foreign Exchange Inflow Rises: Nigeria’s net foreign exchange inflows increased by 67.8% to $27.6 billion in the first half of 2024, compared to $16.44 billion in the same period in 2023. This growth was driven by a significant rise in inflows through autonomous sources and the Central Bank of Nigeria (CBN).
- Naira Expected to Stabilize: The naira is projected to stabilize against the US dollar by the end of the fourth quarter of 2024. This expectation is based on increased policy rates, heightened FX interventions from the CBN, and the anticipated positive impact of the Dangote Refinery’s operations.
- Upcoming Forex Inflows: Nigeria is expecting an influx of $10 billion in new foreign currency inflows within the coming weeks to ease liquidity challenges in the foreign exchange market.
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