Dollar to Naira Black Market Exchange Rate – October 8, 2024 Latest Update

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Dollar to naira today black market exchange rates

Dollar to Naira Exchange Rate Today Tuesday, October 8, 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.

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Current Exchange 1 US Dollar to Naira Today.

Dollar to Naira Black Market Exchange Rate (Parallel Market):

  • Buying Rate: ₦1,670
  • Selling Rate: ₦1,675

1 US dollar to naira today CBN Official Rates:

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  • Buying Rate: ₦1,634
  • 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:

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  • 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?

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  • 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 8, 2024:

Here are some of the latest Forex news highlights in Nigeria for today, October 8, 2024:

US Dollar Sentiment: The sentiment remains hawkish on the US Dollar following stronger-than-expected US jobs and average earnings data released last Friday. Analysts expect the US Federal Reserve to cut rates by only 0.50% before the start of 2025.

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Currency Movements: The British Pound has been the strongest major currency since the Tokyo open today, while the Australian Dollar has been the weakest.

Treasury Yields: Both the 2-Year and the 10-Year US Treasury Yields are trading above 4%, indicating a strong performance.

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Market Outlook: It is expected to be a quiet day in the markets due to the absence of any scheduled high-impact data releases.

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Nigerian Banks’ Performance: Despite macroeconomic challenges, Guaranty Trust Holding Company Plc (GTCO) and 11 other financial institutions listed on the Nigerian Exchange Limited (NGX) generated an estimated N3.81 trillion profit before tax in the first half of 2024.

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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.

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