Dollar to Naira Black Market Exchange Rate – October 11, 2024 Latest Update
Dollar to Naira Exchange Rate Today Friday, October 11, 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: ₦1,695
- Selling Rate: ₦1,700
1 US dollar to naira today CBN Official Rates:
- Buying Rate: ₦1,635
- Selling Rate: ₦1,637
Pounds and Euro to Naira Exchange Rates
Pounds to Naira (CBN Rates):
- Buying Rate: ₦2,185
- Selling Rate: ₦2,190
Euro to Naira (Black Market Rates):
- Buying Rate: ₦1,850
- Selling Rate: ₦1,860
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 ($): Buying at ₦1,675, Selling at ₦1,680
For Grey, the USD to NGN Exchange Rates are:
- EUR (€): Buying at ₦1,845.03, Selling at ₦1,850
- GBP (£): Buying at ₦2,102, Selling at ₦2,205
- USD ($): 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 11, 2024.
Here are the latest Forex news highlights in Nigeria for today, October 11, 2024:
1. Surge in FX Inflow: Nigeria experienced a significant increase in net forex inflows, reaching $7.6 billion in the first half of 2024. This was driven by a 34.6% yearly increase in net inflows via autonomous sources and a 170% annual increase in FX inflow via the Central Bank of Nigeria (CBN).
2. Naira Appreciation: The Nigerian currency appreciated marginally in the official market, contributing to the overall positive forex inflow trend.
3. Trade Surplus: Nigeria posted a trade surplus of $8.9 billion for the fiscal year 2024, marking a 45.2% increase from the previous year’s surplus of $6.1 billion.
- IMTO Contributions: Inflows through International Money Transfer Operators (IMTOs) grew by 47% year-on-year to $2.33 billion in the first half of 2024.
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