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SEE Black Market Dollar To Naira Black Exchange Rate Today 12th August 2024
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By Kayode Sanni-Arewa
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 remember that the rate can shift (either upwards or downwards) within hours.
What is the Dollar to Naira Exchange rate at the black market?
The local currency (abokiFx) opened at ₦1,610.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 12 August 2024, in Lagos Nigeria, after it closed at ₦1,600.00 per $1 on Sunday, 11 August 2024.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,600
Selling Rate ₦1,610
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, 12 August 2024, is ₦ 1,560 per US dollar.
1 USD = 1560.2985 NGN
1 Dollars = 1560.2985 Nigerian Naira
The USDNGN rate as of 12 Aug 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 confidence level in the naira and the CBN’s policies.
NOTE: We do not set or determine forex rates. The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may differ from what is captured in this article.
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Ganduje to Kwankwaso: Negotiating with bandits’ll enrich them, not good strategy
Former National Chairman of the All Progressives Congress, APC, Abdullahi Ganduje, has declared that sitting with bandits to negotiate is not a good strategy.
He cautioned that negotiating with bandits would further enrich the terrorists, thereby worsening insecurity in the country.
He made the remark at a press conference on Tuesday in response to claims by the vice-presidential candidate of the Nigeria Democratic Congress, NDC, Rabiu Kwankwaso, that he and the party’s presidential candidate, Peter Obi, would hold talks with terrorists if elected into office in 2027.
According to Ganduje:, the role of the security agencies depends on the strategies that have been adopted. The Air Force helps to do its own due diligence, alongside the Army, Navy, the police, and the DSS. So, the issue of sitting with bandits to negotiate with them personally, I don’t appreciate that.
“Because, in Nigeria, having a gun without approval is illegal. How do you expect hundreds of bandits to come from the forests with their guns to sit down with local chiefs, chairmen of local governments, traditional rulers, or even the police and start negotiating? I think that system has failed, and it will continue to fail.
“This is because we are giving room to the bandits; we are arming them because the negotiation is that they should be allowed to operate here and there, they should be given money, transportation, motorcycles, and money for logistics. So, in a way, we are giving them an enabling environment to operate.
“And by so doing, they would enrich themselves through kidnapping, as that would give them more financial power to purchase weapons, which would be used against us to cause panic and then call them for negotiation. I don’t think that is a good strategy.”
News
Angry Defence Minister, Musa threatens to sue whoever said he resigned
Enraged Minister of Defence, General Christopher Musa, rtd, has said that he would take a legal action against whoever said he resigned from his position.
General Musa said this on Tuesday shortly after meeting with President Bola Tinubu at the Presidential Villa in Abuja.
Recall that there were rumours suggesting that the former Chief of Defense Staff had resigned.
He had earlier denied the rumour in a statement through his media aide, Leah Katung-Babatunde.
“I was shocked when I heard and saw that. I don’t know where that came from. But expect that there’ll be people that will not be happy when things are going on well.
“Security situation has improved, things are getting better. And so for them, it’s a sad point, and they will always want to make it look as if it’s not so.
“I’m not going anywhere. I have never discussed that with anybody. I don’t even know the person who brought that information. But whoever he is, we will take a legal action against him when we get him to come and who gave him such information.
“But I assure Nigerians that we are free. You can see I just came back from briefing the President on the current security situation, and he’s very happy with us.
“And now we’re going to continue doing well, and I want to seize this opportunity to appreciate Nigerians for all the support. The support has been massive, and you can see the changes.
“That’s where we say that to defeat terrorists and bandits is a whole of societal approach. And now Nigerians are keying into it, and things are getting better, and they will continue to improve,” he said.
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Nigerian National Petroleum Company Limited, NNPCL, retail outlets have increased the pump price of Premium Motor Spirit, PMS, also known as petrol.
A market survey revealed on Tuesday indicated that the state-owned filling stations raised their petrol price to N1,270 per litre from N1,155 per litre in Abuja and environs.
This means that NNPCL has increased its fuel pump price by N115 per litre.
NNPCL and MRS filling stations in Abuja had closed, while other retail outlets raised their petrol prices on Monday amid heightened uncertainty in the country’s downstream oil sector.
In less than a week, depot owners and marketers have already increased their petrol prices twice.
Recall that last week, Dangote Refinery resumed the sale of refined petroleum products in dollars.
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