Dollar to Naira Exchange Rate Today: Black Market and CBN Rates | October 23, 2024

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Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Wednesday, October 23, 2024. 

How much is the Dollar to Naira black market rate today?

Looking for today’s Dollar to Naira exchange rate? Whether for business, investments, or travel, having the latest exchange rate information is vital. This article highlights the Dollar to Naira exchange rate today in both the black market (parallel market) and the CBN official rates.

What is 1 US Dollar to Naira Today in the Black Market and CBN?

As the Naira continues to face challenges, Dollar to Naira exchange rates have become critical for Nigerians. This article covers both the black market Dollar to Naira rate today and the CBN exchange rate for USD to NGN. These rates impact foreign exchange transactions, import-export businesses, and even travel plans.

Current Dollar to Naira exchange rate in Nigeria (October 23, 2024)

Black Market (Parallel Market) Dollar to Naira Exchange Rate

  • Buying Rate: ₦1,750
  • Selling Rate: ₦1,755

CBN Official Dollar to Naira Exchange Rate

  • Buying Rate: ₦1,658
  • Selling Rate: ₦1,660

Other Exchange Rates Today: Pounds and Euro to Naira

CBN Pounds to Naira Rate

  • Buying Rate: ₦2,195
  • Selling Rate: ₦2,205

Black Market Euro to Naira Rate

  • Buying Rate: ₦1,875
  • Selling Rate: ₦1,885

Online Platforms for Dollar to Naira Exchange Rate Today

In addition to the black market and CBN rates, online platforms like Geegpay and Grey offer competitive exchange rates.

Geegpay Rates

  • USD ($): Buying at ₦1,675, Selling at ₦1,680
  • 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 ₦1,670, Selling at ₦1,675
  • GBP (£): Buying at ₦2,102, Selling at ₦2,205
  • EUR (€): Buying at ₦1,845.03, Selling at ₦1,850

Dollar to Naira exchange rate history.

In October 2023, the black market rate was ₦900 per Dollar, reflecting a significant increase in 2024

Understanding the Black Market Exchange Rate for Dollar to Naira

The black market—also known as the parallel market—operates outside of government regulation. Due to limited foreign currency supply, the Dollar to Naira black market rate is typically higher than the CBN exchange rate. This difference is driven by actual demand for dollars and naira in the market.

Why Do People Use the Black Market for USD to NGN?

  1. Favorable Rates: The black market offers higher rates, allowing individuals to get more naira for each dollar.
  2. Accessibility: It’s easier to access foreign currency in the black market without government restrictions.

FAQs on Dollar to Naira Exchange Rate Today

  1. Why is there a difference between CBN and black market rates? The CBN exchange rate is regulated, while the black market rate fluctuates based on demand and supply.
  2. Can I exchange dollars at the CBN rate? Only specific transactions like government-approved imports qualify for the CBN rate. Most people rely on the black market for easier access.
  3. Why is the black market exchange rate higher? Due to scarcity and high demand, the black market offers higher rates compared to the official CBN rates.
  4. Are online platforms like Geegpay and Grey safe to use? Yes, these platforms offer regulated services and are trusted for currency exchange, providing an alternative to both the black market and CBN rates.
  5. Will the Naira continue to fall against the Dollar? Factors such as government policy, global economic conditions, and oil prices will determine the future of the Naira.
  6. How often do exchange rates change? Rates fluctuate daily, depending on market conditions.

 

Latest Forex news for today, October 23, 2024:

Here are some of the latest Forex news highlights for today, October 23, 2024:

Nigeria Loses N13tn to Forex Subsidy: The World Bank reported that Nigeria lost N13.2 trillion in revenue due to its foreign exchange subsidy policy between 2021 and 2023. This policy, aimed at stabilizing the naira, resulted in significant revenue losses for the government.

$10 Billion Forex Inflows Expected: Nigeria is anticipating an influx of $10 billion in foreign currency within the coming weeks to address liquidity challenges in the foreign exchange market.

Market-Determined Forex Rates: The Central Bank of Nigeria has authorized commercial banks and forex market dealers to sell foreign exchange at market-determined rates, marking a significant step towards currency reforms.

CBN’s New Directive on Forex: The Central Bank of Nigeria has introduced new prudential requirements for banks to manage their foreign currency positions, aiming to reduce speculative risks.

 

Conclusion

Staying updated on the Dollar to Naira exchange rate today—whether in the black market or via CBN—is crucial for anyone dealing with foreign currency in Nigeria. Whether you’re using platforms like Geegpay, Grey, or relying on the black market, understanding these rates can help you make informed decisions.

For the latest updates, bookmark this page for real-time information on Dollar to Naira exchange rates.

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