Dollar to Naira Exchange Rate Today, December 11, 2024: Black Market, CBN Rates
Dollar to Naira Exchange Rate Today: Black Market and CBN Rates — Wednesday, December 11, 2024
For Nigerians involved in trade, travel, or investment, staying informed about the latest Dollar to Naira exchange rate in the black market is crucial. This article provides the current rates for the Dollar to Naira exchange in the black market and the official Central Bank of Nigeria (CBN) channels. Additionally, it offers insights into rate fluctuations and alternative platforms for currency exchange.
Dollar to Naira Black Market Exchange Rate Yesterday
According to data from Bureau De Change Operators (BDCs), the black market Dollar to Naira rate on Tuesday, December 10, 2024, closed at ₦1,585 per US dollar.
Dollar to Naira Black Market Rate for Today, December 11, 2024
In the black market, the Dollar to Naira exchange rate often reflects real-time demand and supply, making it an essential metric for those outside formal banking channels. As of today:
- Buying Rate: ₦1,710
- Selling Rate: ₦1,713
CBN Official Dollar to Naira Exchange Rate
The official rate from the CBN is typically lower than the black market rate but is limited to specific types of transactions, such as government-approved imports and formal business operations. Today’s official exchange rate is:
- Buying Rate: ₦1,563
- Selling Rate: ₦1,565
Alternative Platforms for Dollar to Naira Exchange Rates
Several online platforms, including Geegpay and Grey, offer competitive exchange rates and serve as trusted alternatives to the traditional black market:
- Geegpay Rates:
- USD: Buying at ₦1,501, Selling at ₦1,640
- GBP: Buying at ₦2,120, Selling at ₦2,127
- EUR: Buying at ₦1,798.03, Selling at ₦1,800.55
- Grey Exchange Rates:
- USD: Buying at ₦1,504, Selling at ₦1,574
- GBP: Buying at ₦1,950, Selling at ₦2,003
- EUR: Buying at ₦1,845.03, Selling at ₦1,852
These platforms are regulated and widely used in Nigeria, providing reliable access to foreign exchange without the volatility often seen in the black market.
Latest Forex News in Nigeria (December 11, 2024)
Here are the latest forex news updates in Nigeria as of December 11, 2024:
Forex Crisis and Operational Hours: The Association of Bureau De Change Operators of Nigeria (ABCON) has directed its members to operate strictly between 8 am and 6 pm following a directive from the Central Bank of Nigeria (CBN) and the National Security Agency (NSA). This move aims to address malpractices and create a transparent, well-regulated system.
Parallel Market Rate: The naira depreciated further at the parallel market to N1630/$1 due to activities of speculators. Despite showing steady gains at the Nigerian Autonomous Foreign Exchange Market (NAFEM), the naira weakened at the parallel market.
Turnover in NAFEM: The volume of dollar traded in the Nigerian Foreign Exchange Market (NAFEM) rose by 61.9% to $43.09 billion in the first eleven months of 2024 compared to the same period in 2023. The naira appreciated slightly in NAFEM but depreciated in the parallel market.
The Difference Between Black Market and CBN Rates
The black market Dollar to Naira rate generally runs higher than the CBN rate due to limited official access to dollars, which drives up demand in the parallel market. The CBN rate is regulated, targeting approved business transactions and some personal remittances.
Conclusion on Dollar to Naira Exchange Rate Today
Staying updated on the Dollar to Naira exchange rate in the black market is essential for business, travel, and investment decisions. Regularly checking both black market and CBN rates, as well as online exchange platforms like Geegpay and Grey, can help you make informed decisions in Nigeria’s dynamic forex environment.
