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Dollar To Naira Black Market Today 25th March 2024
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By Kayode Sanni-Arewa
What is the dollar to naira black market today? See the black market dollar to naira exchange rate today below. You can swap your dollar for naira at these rates.
The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates. Please note that the exchange rate is subject to hourly fluctuations influenced by the supply and demand of dollars in the market. As of now, you can purchase 1 dollar at a certain rate now, however, it’s important to keep in mind that the rate can shift (either upwards or downwards) within hours
What is the dollar to naira black market today?
The local currency (abokiFx) opened at ₦1,480.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 25 March 2024, in Lagos Nigeria, after it closed at ₦1,460.00 per $1 on Sunday, 24 March 2024.
This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.
The difference between the black market rate and the official rate is called the parallel market premium. The parallel market premium indicates the degree of divergence between the official and unofficial markets, and reflects the level of confidence in the naira and the CBN’s policies.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar-to-naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
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Atiku’s camp angry as El-Rufai spends 200 days in prison
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The former Kaduna governor has spent 200 days in detention since he was taken into the custody of the Independent Corrupt Practices and Other Related Offences Commission, ICPC.
A statement by Atiku’s media aide, Paul Ibe, said El-Rufai is entitled to justice, due process and equal treatment under the law.
He described the former governor as a political prisoner, alleging that he is being detained simply because he decided to chart a different political path, as provided for in Nigeria’s Constitution.
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2027: Christian, Muslim youths sign peace accord in Abuja
The Youth Wing of the Christian Association of Nigeria (YOWICAN) and the National Council of Muslim Youth Organisations (NACOMYO) have signed a peace accord ahead of the 2027 general elections.
The historic signing took place at the National Christian Centre on Friday in Abuja during the 2026 National Christian Youth Security Summit and Thanksgiving Service, held under the theme: “Empowered for Leadership, Service and Nation Building.”
The News Agency of Nigeria (NAN) reports that the peace accord aimed at fostering religious tolerance, rejecting political violence, and promoting peaceful coexistence ahead of the 2027 elections.
The three-day summit, brought together security officials, government representatives, Church leaders, and youth delegates from across the 36 states, the Federal Capital Territory (FCT), five CAN blocs, and six geopolitical zones.
Delivering his welcome address, the National Chairman of YOWICAN, Ven. Evang. Ademola Arowolo, described the peace accord as a “covenant of hope and a declaration of unity” designed to curb electoral violence and interfaith friction from the national level down to the grassroots.
”Today marks a defining moment in the history of youth engagement, faith-based leadership, national security advocacy, and interfaith collaboration in Nigeria.
“This Peace Accord represents more than a document. It is a covenant of hope, a declaration of unity, and a collective commitment by Christian and Muslim youths to work together in promoting peace, justice, dialogue, tolerance, and national development.”
Addressing newsmen during an interview, Arowolo emphasised the sanctity of human life and urged young people to resist political thuggery and vote-buying as the country prepares for the next electoral cycle.
”The key objective of today’s gathering is for the Christian youth of this country to sit down and see that security is very important, because every life whether of a Muslim, a Christian, or any other faith is sacred.
“God Himself does not divide us; it is human beings that divide us in their own mindsets.
“An idle man is the devil’s workshop, but as elections approach, if somebody meets you for any violence, tell them your children should not come. We cannot destroy our own land,” he said.
Corroborating the commitment, the National President of NACOMYO, Sani Sulaiman-Maigoro, stressed that interfaith solidarity remained the most viable tool to defeat security threats and political manipulation.
”First and foremost is for us to accept the reality that we are first Nigerians, and Nigeria is our country. Together we live and prosper, and when we are divided, we all suffer.
“When we work together, we are able to defeat the negative narrative and those few people who choose to be evil and divide us along religious, ethnic, or sectional lines.
“Nigerian Muslim youths are here in solidarity with Christian youths to say we are together towards securing and making Nigeria a better place for all,” he said.
Representing President Bola Tinubu, and First Lady, Sen. Oluremi Tinubu, the Executive Secretary, Nigerian Christian Pilgrim Commission (NCPC), Bishop Stephen Adegbite, cautioned young people against allowing politicians to use them as instruments of destruction.
”We are meeting at a very crucial time in the history of our great nation a period when we are moving towards another election
“It should be a period that none of you will be used as a sacrificial lamb. We don’t want any politician to use you and waste your life.
“The Muslim and the Christian in Nigeria must work together; we are brothers and sisters, and it is only when you have peace that you can talk of progress.”
The President of CAN, Most Rev. Daniel Okoh, urged Christian youths to rise as nation-builders and moral exemplars.
Okoh, represented by Rev. Simon Dolly-KIF, the Secretary-General of Northern Christian Religious Leaders Assembly (NOCRELA), urged youths to rise beyond the limitations of yesterday.
“The time has come for Nigerian Christian youths to rise beyond the limitations of yesterday and embrace the responsibility of building the Nigeria we desire to see tomorrow.
“Let no Christian youth become an instrument of violence, hatred, manipulation, or destruction.
“We must refuse to be recruited into anything that destroys the lives and future of our fellow Nigerians. Nigeria is bigger than our ethnicity, denomination, and political differences.”
Highlighting the security perspective, the Minister of Defence, Gen. Christopher Musa (rtd), noted that peace was essential for youth productivity.
Muse, represented by Mr Musa Likita, Special Adviser on Security and Intelligence to the Minister of Defence, recognised the important role of the youth in national development under a whole-of-society approach.
“The youth are full of energy, creativity, and innovation, so they will thrive better when the environment is peaceful.
“Youths are implored to hold values where they will not allow themselves to be exploited by extremist forces or criminal elements.”
(NAN)
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Rep Ugochinyere Takes ‘Operation Light Up Ideato’ to Seven Communities
By Gloria Ikibah
Member representing Ideato Federal Constituency of Imo State, in the House of Representatives, Rep. Ikenga Ugochinyere, has expanded his electricity intervention programme to seven communities with the installation of 500KVA transformers and other power infrastructure.
The latest phase of the Operation Light Up Ideato initiative covers Ogwume, Dikenafai and Akpulu, where transformers, electricity cables and other essential components are being installed to improve power supply.
The intervention cuts across Ideato North and Ideato South, with the latest installations building on earlier projects in Umuopia, Obodoukwu, Abukwa and Umukegwu.
The completion of the transformer installation in Akpulu, alongside ongoing work in Ogwume and Dikenafai, brings the number of communities reached by the initiative to seven.
According to the lawmaker, “the expansion underscored his “commitment to addressing critical infrastructure needs at the grassroots and ensuring that communities that have long experienced inadequate electricity infrastructure are not left behind.
“Unlike a one-off intervention, Operation Light Up Ideato is being implemented as a continuing community focused programme, with more transformers expected to be supplied and installed in additional communities identified as being in need.”
The programme is aimed at improving electricity infrastructure in communities that have faced inadequate power supply, while supporting economic and social activities at the grassroots.
Speaking on the continued expansion of the initiative, Ugochinyere, who is also Chairman, House Committee on Downstream Petroleum, reaffirmed his determination to ensure that every community in Ideato requiring electricity infrastructure is eventually covered.
He stressed that the objective was to progressively close the gap in power availability across the federal constituency.
The latest intervention adds to ongoing constituency projects by the lawmaker aimed at addressing basic infrastructure needs across Ideato North and South.
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