Dollar to Naira Exchange Rate Today: Black Market and CBN Rates | October 17, 2024
Dollar to Naira Exchange Rate Today: Black Market and CBN Rates – Thursday, October 17, 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 17, 2024)
Black Market (Parallel Market) Dollar to Naira Exchange Rate
- Buying Rate: ₦1,702
- Selling Rate: ₦1,705
CBN Official Dollar to Naira Exchange Rate
- Buying Rate: ₦1,695
- Selling Rate: ₦1,700
Other Exchange Rates Today: Pounds and Euro to Naira
CBN Pounds to Naira Rate
- Buying Rate: ₦2,190
- Selling Rate: ₦2,195
Black Market Euro to Naira Rate
- Buying Rate: ₦1,860
- Selling Rate: ₦1,865
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?
- Favorable Rates: The black market offers higher rates, allowing individuals to get more naira for each dollar.
- Accessibility: It’s easier to access foreign currency in the black market without government restrictions.
FAQs on Dollar to Naira Exchange Rate Today
- 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.
- 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.
- 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.
- 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.
- 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.
- How often do exchange rates change? Rates fluctuate daily, depending on market conditions.
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.
latest Forex news for today, October 17, 2024:
Here are some of the latest Forex news highlights in Nigeria for today, October 17, 2024:
- Naira Performance: The naira remains one of the worst-performing currencies in sub-Saharan Africa in 2024, despite interventions by the Central Bank of Nigeria (CBN) to stabilize it. The currency has depreciated significantly due to high demand for U.S. dollars and limited dollar inflows.
- Market Volatility: The naira appreciated by 5.69% against the dollar on October 14, moving from N1,641.27/$1 to N1,552.92/$1. However, foreign exchange turnover dropped by 44.27% during this period, indicating continued volatility.
- Economic Outlook: The World Bank projects Nigeria’s economy to grow by 3.3% in 2024, with expectations of 3.6% growth in 2025-2026 as reforms start to take effect. However, inflation remains a challenge, spiking at 34.2% in mid-2024 before easing slightly in the following months.
- Government Measures: The Nigerian government has been working on various measures to stabilize the naira, including liberalizing the official exchange rate in June 2023. Despite these efforts, the currency continues to face significant pressure.
- Check out our Naira to Euro exchange rate today.
- “Learn more about the Dollar to Naira Exchange Rate History: A Comprehensive Overview
2. External Links
For the latest updates, bookmark this page for real-time information on Dollar to Naira exchange rates.
