Economy
SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 9th May 2024
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 8th May, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1435 and sell at N1445 on Wednesday 8th May 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1435
Selling Rate N1445
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1412
Selling Rate N1413
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Economy
Imported food inflation hits 42% as FG’s duty waiver delays
Nigeria’s imported food inflation surged to 42.29 per cent in November 2024, according to the Consumer Price Index report released by the National Bureau of Statistics.
This represents a significant rise from 23.74 per cent recorded in November 2023, marking an 18.55 percentage point year-on-year increase.
On a month-on-month basis, the inflation rate increased from 40.96 per cent in October 2024, a 1.33 percentage point rise in just one month.
The data highlights the relentless upward trajectory of imported food inflation throughout 2024, which began at 26.29 per cent in January.
By October, the inflation rate had crossed the 40 per cent threshold, and November’s figure of 42.29 per cent is the highest recorded in the past two years.
This sharp rise has been attributed to multiple factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policies.
The Federal Government’s attempt to address the situation through a duty waiver on imported food has been fraught with delays.
In July 2024, the Federal Government announced a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising inflation, which had impoverished many Nigerians.
The commodities include maize, husked brown rice, wheat and cowpeas. Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price.
It was designed to reduce import costs and make staple foods more affordable. However, the implementation has stalled due to bureaucratic delays.
The PUNCH earlier reported that the average price of imported high-quality rice has surged by 144.77 per cent year-on-year as the Federal Government delays implementing its duty-free food policy.
Since the announcement of the policy, the price of one kilogramme of imported rice has risen by 3.21 per cent, climbing from N2,329.05 in July to N2,403.86 in September.
Economy
Aviation authority decries flight cancellations
The acting Director General of the Nigeria Civil Aviation Authority, Chris Najomo, has expressed concern over the increasing rate of flight cancellations, saying not less than 190 flights were canceled within two months.
Najomo stated this while delivering his speech at the Airlines-NCAA engagement over the spate of flight disruptions in the country on Friday.
He disclosed that out of 5,291 flights operated in September 2024; 2,434 were delayed while 79 were cancelled.
The acting DG added that out of 5,513 flights operated in October 2024, 2791 were delayed while 111 flights were also cancelled.
He said, “Delays and cancellations are sometimes inevitable, but poor management of these disruptions is not. It is the responsibility of airlines to ensure that every disruption, whether due to operational, technical, or weather-related challenges, is handled with the utmost professionalism and regard for passengers’ rights.
“Our flight operations data record indicates that in September 2024, five thousand two hundred and ninety-one domestic flights were operated with 2,434 delays and 79 cancellations.
In October 2024 5513 flights were operated with 2,791 delays and 111 cancellations recorded.
“We must remind all operators of the NCAA Regulations on Passenger Rights during disruptions, as outlined in the Nigeria Civil Aviation (Consumer Protection) Regulations, 2023. These regulations are not optional; they are mandatory obligations.”
Speaking at the sideline of the event, Najomo also stated that he had been receiving phone calls from the presidency and members of the National Assembly over the unruly behaviours of passengers at the airport, mostly occasioned by flight disruptions/ cancellations, describing such as an embarrassment to Nigeria.
This was as the NCAA boss insisted that no stone would be left unturned in tackling the menace and restoring the sanctity of the Nigerian airports.
While asking the airlines to tidy their end of the air transport bargains, Najomo promised to meet with the Federal Airport Authority of Nigeria after which a fresh decisive decision on how to better tackle the development would be made.
He said, “The unruly behaviour of some passengers is fast becoming very disturbing, I am getting calls from the presidency and even the National Assembly. This unruly behavior is not good for our image as a country and we are resolute in putting a stop to it.
The aviation regulator who understood that flight cancellations and disruptions were mainly responsible for the unruly behaviours of passengers at the airports insisted that violence should, however, not be the next resolution.
Also expressing her dissatisfaction with the trend of unruly behaviours, the Managing Director of the FAAN, Olubunmi Kuku, said the agency was disturbed about the development at the airports.
Kuku said, “I have continued to harp on communication and engagement with the NCAA, FAAN, and the Airline Operators of Nigeria. I have also enjoined operators to ensure that they provide us with the right information.
“We have continued to tell the passengers to ensure that they provide their email addresses to the airlines so they can get information but if you do act like a criminal within the terminal building, you would be treated as one. We understand the plight of passengers but to start behaving in a manner that is demeaning to airline staff or the airport, we would prosecute or even put you on a no-flight list.”
Economy
NCC Approves MTN’s Spectrum Renewal Deal
The Nigerian Communications Commission (NCC) has granted approval for the renewal of MTN Nigeria’s spectrum lease agreement with Natcom Development and Investment Limited (NTEL).
This renewal will allow MTN to enhance its network services and expand coverage across multiple states in Nigeria.
According to MTN’s Company Secretary, the agreement covers NTEL’s 5MHz frequency division duplex (FDD) in the 900MHz spectrum band and 10MHz FDD in the 1800MHz spectrum band. This lease spans 19 states and has been renewed for an additional two years, effective May 1, 2025.
Additionally, the NCC approved a one-year lease expansion of the spectrums to cover the remaining 17 states and the Federal Capital Territory (FCT). This extension will take effect on January 1, 2025.
MTN Nigeria’s Chief Executive Officer, Karl Toriola, expressed satisfaction with the agreement. He stated, “We are pleased with the renewal of the spectrum lease agreement with NTEL, which now includes coverage for all states, including the FCT.
“The lease enables us to enhance our 3G and 4G user experience as we improve coverage and capacity by utilizing the spectrums. This positions us to capitalize on the growing demand for data and improve the delivery of services to our customers,” he added.
The renewed agreement is expected to further improve MTN’s ability to provide reliable and high-quality connectivity services, meeting the increasing demand for data and digital services nationwide.
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