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Black Market Dollar To Naira Exchange Rate Today Sunday 16 June 2024

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By Kayode Sanni-Arewa

SEE Black Market Dollar To Naira Exchange Rate Today Sunday 16 June 2024 Can Be Accessed Below.

NOTE PL: The exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.

The official naira black market exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC), and CBN rates.

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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 exchange rate today?

The local currency (abokiFx) opened at ₦1,550 per $1 at the parallel market otherwise known as the black market, today, Sunday, 16 June 2024, in Lagos Nigeria, after it closed at ₦1,530.00 per $1 on Saturday, 15 June 2024.

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Dollar to Naira (USD to NGN)

Black Market

Exchange Rate Today

Buying Rate of $1 ₦1500

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Selling Rate of $1 ₦1,550

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, 16 June 2024, is N1500 per US dollar.

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.

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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.

Disclaimer: 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 be different from what is captured in this article.

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IGP Egbetokun orders his men to resume issuance of tinted glass permits

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The Inspector-General of Police, Kayode Egbetokun, the Nigeria Police Force has directed his men to resume the issuance of tinted glass permits across the country.

This development was announced in a statement released on Wednesday by the Force Public Relations Officer, Olumuyiwa Adejobi.

According to the Force spokesperson, the move comes in response to rising concerns and complaints from the public over the harassment of vehicle owners by law enforcement agents for using factory-fitted tinted windows.

“The Nigeria Police Force, under the directive of the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, Ph.D., NPM, has reactivated the issuance of Tinted Glass Permits (TGP) nationwide through a secure and user-friendly digital platform.

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“This initiative comes in response to widespread public complaints about the harassment of motorists over the use of tinted windows and reflects the need for a clear, transparent, and accountable process for regularising factory-fitted tinted glass on vehicles”, the statement partly read.

Highlighting the prevalence of modern vehicles designed with tinted windows for comfort and aesthetics, the police emphasised the importance of having a formal system to regulate usage.

“With modern automobiles increasingly manufactured with tinted windows, it has become essential to provide a standardised system that accommodates legitimate use while ensuring public safety.

“Tinted vehicles have often been exploited for criminal purposes, including kidnapping, armed robbery, ‘one-chance’ scams, and other forms of banditry”, Adejobi explained.

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According to the statement, the abuse of tinted windows by criminals creates operational challenges for law enforcement and compromises national security.

In addition, he explained that law enforcement will begin active implementation after the grace period, and the police warn that officers who misuse the enforcement process will be sanctioned.

“Enforcement will commence at the end of this period. Officers found engaging in unprofessional conduct, such as extortion or harassment, in the course of enforcement will be decisively dealt with in accordance with extant disciplinary procedures”, he said.

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Spokesperson Warns Nigerians Against Fake Ministry Of Foreign Affairs Recruitment Scam

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By Gloria Ikibah

The Ministry of Foreign Affairs has raised alarm over a fake recruitment scam circulatingonline, falsely claiming to be from the ministry and offering jobs in Nigeria’s diplomatic missions abroad.
Speaking at a press briefing in Abuja, the spokesperson of the Ministry, Kimiebi Imomotimi Ebienfa, said the public should disregard any such messages, stressing that the ministry does not recruit directly.
“We want to put on record that the ministry don’t recruit officers directly, not at all,” Ebienfa said. “Recruitment of foreign service officers is done by the Federal Civil Service Commission and not by the Ministry of Foreign Affairs.”
According to him, the scam started with online advertisements falsely signed by the Honourable Minister of Foreign Affairs, and in the last 24 hours, scammers have moved further by sending fake employment letters to unsuspecting Nigerians.
“One of the fake messages reads: ‘We are pleased to inform you that your application has been considered for diplomatic services at the Embassy of Nigeria in Juba, South Sudan to take effect 12 May 2025.
“It even directs candidates to pay N165,800 for a diplomatic passport”, he said.
Ebienfa described the offer as entirely fake. “This did not emanate from the Ministry of Foreign Affairs,.
“There is no way you will be recruited into the Nigerian Diplomatic Service and without going through the process of training, which is the Foreign Service Academy”, he said
He clarified that all recruits into the Foreign Service go through a clear and formal process: recruitment by the Federal Civil Service Commission, training at the Foreign Service Academy, then eventual deployment abroad.
“The first deployment is one year of attachment. Subsequent postings last three years,” he said.
He therefore warned that no Nigerian should believe any job offer claiming to be directly from the ministry, or pay for a diplomatic passport.
“Diplomatic passports are free. “Even official passports for civil servants are free. So nobody should fall victim”, he said.
Ebienfa noted that the scammers are using the names of top officials of the ministry, including his own. “They are sending out emails with my name as the signatory,” he said.
In response to questions from journalists about efforts to stop the scammers, Ebienfa said the ministry would involve security agencies. “What the ministry intends to do is to write officially to the relevant security agencies to track the persons behind this website and the emails,” he said. “If someone is paying money, definitely there will be an account that will be provided for the payment.”
He warned that if the scam continues unchecked, it could damage Nigeria’s image abroad. “Tomorrow you will see unsuspecting Nigerians arriving in different countries with fake documents. When real officers show up, there could be confusion.”
He promised that more disclaimers would be issued via the ministry’s social media platforms, and that action would be taken to protect both Nigerians and the integrity of the foreign service.
“This is not just about fake news. It is about protecting Nigerians from losing their hard-earned money and protecting the name of the Ministry of Foreign Affairs”, the spokesperson stated.
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CBN announces revised documentation requirements for PAPSS transactions

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The Central Bank of Nigeria (CBN) has announced a revised documentation requirement for transactions conducted through the Pan-African Payment and Settlement System (PAPSS) in Nigeria.

This was disclosed in a statement issued by the apex bank’s acting Director, Corporate Communications, Mrs. Hakama Sidi Ali

The CBN said the new initiative is part of its ongoing commitment to foster seamless intra-African trade, financial inclusion, and operational efficiency for Nigerians engaging in cross-border payments within Africa.

Launched by Afreximbank in partnership with the African Union and the African Continental Free Trade Area (AfCFTA) secretariat in January 2022, PAPSS serves as a centralized payment and settlement platform that enables instant, secure, and efficient cross-border transactions throughout Africa.

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By facilitating payments in local currencies, PAPSS minimizes reliance on third-party currencies, reduces transaction costs, and supports the rapid expansion of trade under the AfCFTA.

In a recent circular referenced TED/FEM/PUB/FPC/001/006 issued on April 28, 2025, CBN outlined the key changes to the documentation requirements associated with PAPSS transactions.

The key changes it added take effect immediately and include simplified documentation for low-value transactions, which allows customers to now use basic KYC and AML documents provided to their authorized dealer banks for low-value transactions of up to $2,000 and $5,000 equivalent in naira for individuals and corporate bodies, respectively.

“For transactions above the thresholds, all documentation as stipulated in the CBN foreign exchange manual and related circulars remains mandatory,” the bank said.

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Also, the CBN added that applicants are responsible for ensuring all regulatory documents are available to facilitate the clearance of goods, as required by relevant government agencies.

“Authorized dealer banks may now source foreign exchange for PAPSS settlements through the Nigerian foreign exchange market, without recourse to the CBN.

“All export proceeds repatriated via PAPSS shall be certified by the relevant processing banks.

“The Central Bank of Nigeria urges all banks to adopt PAPSS and commence originating transactions in line with this new policy.

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“In addition, CBN encourages exporters, importers, and individuals to familiarize themselves with the new requirements and leverage PAPSS for cross-border transactions within Africa,” the statement said.

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