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SEE Black-Market Dollar To Naira Exchange-Rate On June 2, 2024

By Kayode Sanni-Arewa
Current Exchange Rates
As of June 1, 2024, the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) is as follows:
Buying Rate: N1475 per USD
Selling Rate: N1481 per USD
These rates have been sourced from Bureau De Change (BDC) operators.
Official Central Bank of Nigeria (CBN) Rates
The Central Bank of Nigeria (CBN) rates for the same day are slightly lower:
Buying Rate: N1474 per USD
Selling Rate: N1475 per USD
It’s important to note that the CBN does not recognize the parallel market (black market). Individuals looking to engage in foreign exchange transactions are advised to approach their respective banks.
Market Implications and Recommendations
Nigerians are closely watching the potential implementation of a new exchange rate recommendation for customs import duties. The Presidential Committee on Fiscal Policy and Tax Reforms has suggested that the federal government adopt an exchange rate of ₦800 per dollar for customs import duties. This move aims to stabilize the volatile import costs, which have been a significant challenge for businesses due to fluctuating foreign exchange rates.
Benefits of a Fixed Exchange Rate for Customs Duties
Stabilized Import Costs: A fixed rate could provide predictability for businesses, aiding in effective financial planning and budgeting.
Lower Commodity Prices: By stabilizing import duty rates, the cost of imported goods could decrease, making essential items more affordable for consumers.
Economic Planning: The measure is expected to mitigate the impacts of inflation and rising prices, offering some relief to Nigerian consumers who have been grappling with economic challenges.
The recommendation was discussed by the committee chairman, Taiwo Oyedele, who emphasized the detrimental effects of current FX market unpredictability on businesses and consumers alike. If adopted, this fixed exchange rate could significantly alleviate some of the financial burdens currently faced by importers and the broader Nigerian populace.
Conclusion
While the parallel market continues to operate at higher rates, the official stance and potential policy changes suggest efforts to stabilize and possibly reduce the financial strain on Nigerians. As the situation evolves, it is crucial for businesses and consumers to stay informed about both official and parallel market rates to make well-informed financial decisions.
News
Easter: Senator Manu felicitates with Christians, calls for peaceful coexistence

The Senator representing Taraba Central Senatorial District, Senator Haruna Manu celebrates Easter with Christians in Taraba and Nigeria in general calling on them to coexist peacefully.
Manu in his message said, the festivity which is actually after the Lenten period calls for sober reflection and prayers.
“As we celebrate Easter may the Almighty God yield to our prayer requests and bless the works of our hands.
“I congratulate our christian brothers and sisters as we celebrate Easter and coexist peacefully in our beloved country.
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Stop hunting in southern states, lawmaker begs Northerners

A member of the House of Representatives, Kabiru Alhassan Rirum, has appealed to hunters from the Northern states to desist from moving to the South for hunting purposes.
Kabiru, who represents Rano/Bunkure/ Kibya Federal Constituency reasoned that such movement for hunting purposes was no longer feasible in the present- day Nigeria.
Speaking during a condolence visit to the families of the Uromi hunters in Torankawa town in Bunkure LGA of Kano State on Thursday, Rirum, stressed that the present day Nigeria requires people doing businesses that would not create suspicion that might result or lead to uncertaintie.
“Carrying dangerous weapons and moving around with them from one end to another in this sensitive period of insecurity in the land will surely send a bad signal and results in chaos,” he said.
He recalled that recently over 30 hunters from Rano were apprehended in Ondo State, adding that he had to personally reach out to the Ondo State governor, including showing clear evidence that they were not criminals, before they were released. Rirum, who condoled the victims’ families with the sum of N5 million, pledged to build an Islamic school in the area to cater for the orphans of the deceased hunters.
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Enugu airport shut down for emergency repairs

The Federal Airport Authority of Nigeria (FAAN) has said that the Akanu Ibiam International Airport in Enugu, Enugu State, will be temporarily shut down for emergency runway repairs.
The Director, Public Affairs and Consumer Protection, Obiageli Orah, said in a statement in the early hours of Saturday that this measure measure became necessary due to a sudden and significant rupture in the asphalt surface at a critical section of the runway.
FAAN said that while the repairs are ongoing, all flights would be redirected to nearby airports.
She said: “There is a sudden and significant rupture in the asphalt surface at a critical section of the runway. Hence, emergency repairs will be conducted on that portion of the runway from April 22nd to May 6th, 2025.
“In compliance with Nigerian civil aviation regulations, the Federal Airports Authority of Nigeria (FAAN) has, therefore, closed the runway during this period. As part of FAAN’s commitment to passenger safety and the modernisation of airport facilities, the runway will not be open for landings or takeoffs during the rehabilitation period.
“FAAN appeals to all airport users and stakeholders for their understanding and cooperation during this time. All flights to this airport will be diverted to nearby airports. We sincerely apologise for the late and unexpected notice regarding this closure.”
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