Dollar to Naira Black Market Exchange Rate – October 3, 2024 Latest Update
Dollar to Naira Exchange Rate Today Thursday, October 3, 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?
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: ₦1,684
- Selling Rate: ₦1,686
Pounds and Euro to Naira Exchange Rates
Pounds to Naira (CBN Rates):
- Buying Rate: ₦2,179
- Selling Rate: ₦2,180
Euro to Naira (Black Market Rates):
- Buying Rate: ₦1,843
- Selling Rate: ₦1,847
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 3, 2024:
Here are the latest Forex news highlights in Nigeria for today, October 3, 2024:
1. Nigeria’s FX Crisis Fuels Crypto Usage: Cryptocurrency transactions in Nigeria have surged to $59 billion, driven by a weakening naira and high inflation. Many Nigerians are turning to stablecoins for cross-border remittances due to the inefficiencies of traditional channels.
2. CBN Directs BDC Operators on Forex Sales: The Central Bank of Nigeria (CBN) has instructed Bureau De Change (BDC) operators to sell forex at a maximum profit margin of 1.5%, aiming to correct market distortions.
3. Global Market Reactions: Emerging market currencies, including the Nigerian naira, are experiencing volatility due to global economic shifts, such as the recent rate cuts by the US Federal Reserve.
NDDC Youth Internship Scheme Portal Link: Step-by-Step Guide to Apply & Secure Your Spot
Davido Called Out For Smoking Next To His Wife, Chioma
WhatsApp Threatens to Exit Nigeria Over FCCPC Demands, $270 Million Fine
Thanks for using our platform to know the value of the 1 US Dollar to Naira Today for CBN and the black market USD to NGN Exchange Rate.
