Dollar to Naira Black Market Exchange Rate, October 13, 2024 Latest Update
Dollar to Naira Exchange Rate Today Sunday, October 13, 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 and 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: ₦1,698
- Selling Rate: ₦1,705
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 13, 2024.
Here are some of the latest Forex news highlights in Nigeria for today, October 13, 2024:
- Naira Exchange Rates: The Naira continues to face pressure against major currencies. The exchange rate on the parallel market remains volatile, with the Naira trading at around ₦950 to the US Dollar.
- Central Bank Policies: The Central Bank of Nigeria (CBN) is expected to announce new measures to stabilize the Naira. Analysts predict potential interventions in the foreign exchange market to curb the currency’s depreciation.
- Global Market Influences: Global economic events, including the recent US Consumer Price Index report and ongoing geopolitical tensions, are impacting Forex markets worldwide. These factors contribute to the fluctuations in the Naira’s value.
- Forex Trading Insights: Traders are advised to stay updated on market developments and employ effective risk management strategies. The importance of using tools like stop-loss orders and staying informed about global economic indicators is emphasized.
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