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SEE Black Market Dollar To Naira Exchange Rate Today 27 April 2024
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SEE Black Market Dollar To Naira Exchange Rate Today 27 April 2024
What is the dollar to naira black market exchange rate? 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 exchange rate?
The local currency (abokiFx) opened at ₦1,400.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 27 April 2024, in Lagos Nigeria, after it closed at ₦1,420.00 per $1 on Friday, 26 April 2024.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,380
Selling Rate ₦1,400
How does the black market dollar-to-naira exchange rate compare to the official rate?
The official exchange rate of the US dollar to the Nigerian naira, as of today, 27 April 2024, is ₦ 1,165 per US dollar.
Date Currency Buying(NGN) Central(NGN) Selling(NGN)
4/25/2024 US DOLLAR 1164.343 1164.843 1165.343
4/25/2024 POUNDS STERLING 1451.8193 1452.4427 1453.0662
4/25/2024 EURO 1245.9634 1246.4985 1247.0335
4/25/2024 SWISS FRANC 1272.2279 1272.7743 1273.3206
4/25/2024 YEN 7.48 7.4833 7.4865
4/25/2024 CFA 2.0612 2.0712 2.0812
4/25/2024 RIYAL 310.4335 310.5668 310.7001
4/25/2024 DANISH KRONA 167.0339 167.1056 167.1773
4/25/2024 SDR 1532.6247 1533.2828 1533.941
4/25/2024 YUAN/RENMINBI 160.6744 160.7434 160.8124
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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Angry protesters lockdown Ibadan, want immediate rescue of abducted Oyo teachers, pupils
Angry protesters lockdown Ibadan, demand urgent rescue of abducted Oyo teachers, pupils
Hundreds of teachers and civil society activists marched through Ibadan on Friday, demanding immediate action to free colleagues and pupils kidnapped in Oriire Local Government Area.
The protest, led by the Oyo State Teachers Action Group and the Nigeria Teachers Congress, NTC, followed the May 15 abduction of victims in Esiele and Yawota communities near Ogbomoso.
—“Do more to rescue them”—
NTC National President Rev. Bunmi Thomas told protesters the rally was lawful and necessary. “We are demanding pragmatic action from government to secure the release of the abducted teachers and students,” he said.
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While acknowledging ongoing rescue efforts, Thomas insisted more must be done: “If the government is trying and the result is not there, then efforts must be intensified.”
He raised alarm over the children’s condition: “We have kids as young as two and three years old in the bush, exposed to rain and harsh weather.”
Thomas also called for security in all public schools: “We cannot continue to work while living in danger. Government must attach security personnel to every government school.”
He stressed the protest was not against Governor Seyi Makinde: “No reasonable teacher in Oyo State is against Governor Makinde because he has performed excellently well.”
—Government responds–,
Executive Assistant on Security Matters, retired CP Sunday Odukoya, addressed protesters on behalf of the state government. “It is your constitutional right to protest and let government know your concerns,” he said, assuring that rescue operations were ongoing.
Odukoya also promised no teacher would be victimized for joining the protest.
Protesters said their only demand is the safe and swift return of the kidnapped teachers and pupils.
[ Channels TV]
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How NDC Senatorial primary was conducted in closed room-Aisha Yesufu
A Federal Capital Territory, FCT, senatorial aspirant under the platform of the Nigerian Democratic Congress, NDC, has revealed how the primary election was allegedly manipulated by some party leaders.
Recall that the activist-turned politician contested for the FCT Senate but pulled out over alleged misconduct by officials.
In a lengthy statement detailing how the primary election was conducted, Aisha alleged that the exercise was conducted in a closed room with “predetermined outcome dressed in procedural formalities”.
She said after the exercise was “repeatedly postponed”, the venue was also “changed at the last minute”.
Aisha alleged that the “guidelines of the party were not followed. Delegate based process was introduced to be conducted at a central location instead of the direct primaries to be conducted at Local Government headquarters.
“When the moment came, the contest was not decided by delegates in the open; it was affirmed in a closed room, away from the people whose voices it was supposed to reflect.
“The party will indeed go on to release statements upon statements about the free and fair nature of the Abuja FCT primaries.
“They are entitled to their voice, but the facts that transpired when litigated by conscience and the guidelines of the electoral act do not reflect justice and fairness”.
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CJ Reassigns Nafiu-Bala’s Case Against ADC Leadership To Justice Lifu
The Chief Judge of the Federal High Court, Justice John Tshoho, has transferred the suit challenging the leadership of the African Democratic Congress (ADC) to a new judge for an accelerated hearing.
The lawsuit, which was filed by Nafiu-Bala Gombe, a former National Deputy Chairman of the party, was moved from Justice Emeka Nwite to Justice Peter Lifu following Justice Nwite’s recent promotion to the Court of Appeal.
In the lawsuit, marked FHC/ABJ/CS/1819/2025, Gombe is seeking an order to stop the embattled National Chairman, Senator David Mark, National Secretary Ogbeni Rauf Aregbesola, and other members of the interim National Working Committee (NWC) from parading themselves as leaders of the ADC.
Gombe contends that the current leadership setup violates both the party’s internal constitution and the Electoral Act. The case names the ADC, Mark, Aregbesola, the Independent National Electoral Commission (INEC), and former party chairman Ralph Nwosu as defendants.
The reassignment follows a directives from the Supreme Court, which intervened in the internal party dispute on April 30. The apex court set aside an earlier Court of Appeal order that had caused INEC to derecognize the David Mark-led faction, and instead ordered all parties back to the Federal High Court for a swift and conclusive trial.
Before the case was transferred, it had faced a series of delays. Justice Nwite had previously halted the matter indefinitely while waiting for the Supreme Court’s decision.
When the case resumed on May 8, Gombe’s legal team, led by Luka Haruna (SAN), requested that the Chief Judge reassign the case to another courtroom.
Defense lawyers representing the ADC, Mark, Aregbesola, and Nwosu strongly opposed changing judges at the time. They argued that the court should instead wait for a certified true copy of the Supreme Court judgment to guide the lower court’s proceedings.
Consequently, the case was briefly paused again before the Chief Judge eventually made the decision to reassign the file to Justice Lifu.
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