Dollar to Naira Exchange Rate Today, December 10, 2024: Black Market, CBN Rates
Dollar to Naira Exchange Rate Today: Black Market and CBN Rates — Tuesday, December 10, 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 Monday, December 9, 2024, closed at ₦1,585 per US dollar.
Dollar to Naira Black Market Rate for Today, December 10, 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: ₦1,625
- Selling Rate: ₦1,630
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: ₦1,567
- Selling Rate: ₦1,568
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 10, 2024)
Forex Turnover in NAFEM Rises 61% to $43 Billion
The volume of dollar traded in the Nigerian Foreign Exchange Market (NAFEM) rose Year-on-Year (YoY) by 61.9% to $43.09 billion in the first eleven months of 2024, compared to $26.6 billion in the corresponding period of 2023. The market saw a significant increase in turnover, with $12.64 billion traded in Q1 2024, followed by a decline to $10.24 billion in Q2 2024. However, turnover picked up again in Q3 2024 with $10.15 billion, and further increased to $5.4 billion in October and $6.13 billion in November.
Naira Records Mixed Performance
In November, the naira appreciated by N2.8 or 0.16% to N1,672.69 per dollar in the NAFEM, but depreciated by N10 or 0.5% in the parallel market, where it traded at N1,745 per dollar. The margin between the parallel market rate and NAFEM rate widened to N72.31 per dollar in November from N54.61 in October.
Central Bank of Nigeria (CBN) Urged to Boost Market Liquidity
Members of the CBN Monetary Policy Committee expressed concern over the continuous pressure on the exchange rate and urged the CBN to explore measures to boost market liquidity.
IATA Removes Nigeria from Countries with Blocked Funds
The International Air Transport Association (IATA) has removed Nigeria from the list of countries with blocked airline funds, following the federal government’s clearance of all revenue backlogs due to foreign airlines earlier in the year.
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.
