Dollar to Naira Exchange Rate Today: Black Market and CBN Rates — Monday, December 9, 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.....Read Full Article>>
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 Thursday, December 5, 2024, closed at ₦1,710 per US dollar.
Dollar to Naira Black Market Rate for Today, December 9, 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: ₦1,585
- Selling Rate: ₦1,590
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 9, 2024)
Here are the latest updates on the forex market in Nigeria as of December 9, 2024:
- Naira Strengthens Against Dollar: The naira has seen a sharp rally against the US dollar in the parallel market, closing at ₦1,640/$1 on December 4, 2024. This represents a 5.2% gain from the previous session’s rate of ₦1,730/$1. The new Enhanced Foreign Exchange Market System (EFEMS) is believed to be influencing this positive trend.
- Forex Turnover Increases: The volume of dollars traded in the Nigerian Foreign Exchange Market (NAFEM) rose by 61.9% year-on-year to $43.09 billion in the first eleven months of 2024, compared to $26.6 billion in the same period last year.
- Dollar Supply Grows: Dollar supply in the foreign exchange market has increased by 226% as the Central Bank of Nigeria (CBN) reported that Nigeria’s FX reserves hit a three-year high of $40.88 billion.
- Exchange Rates: On December 9, 2024, the naira closed at ₦1,715/$1 on the FMDQ Security Exchange, while it traded as high as ₦1,567/$1 at the Investors and Exporters (I&E) window.
- Currency Reforms: The Central Bank of Nigeria has allowed commercial banks and forex market dealers to sell foreign exchange at market-determined rates, aligning with President Bola Tinubu’s commitment to unify multiple exchange rates.
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.
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