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SEE Dollar to Naira Exchange at Black market July 25, 2024

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The dollar to naira exchange rate is a significant concern for many Nigerians, especially those involved in foreign trade, travel, and investments. The Dollar to Naira black market, also known as the parallel market or Aboki FX, often presents different rates compared to the official Central Bank of Nigeria (CBN) rates.

This article delves into the current Dollar to Naira exchange rates for today July 25, 2024, factors influencing these rates, and the implications for Nigeria’s economy.

Dollar to Naira Today Black Market. Current Black Market Dollar to Naira exchange rate. Buying Rate: N1590 Selling Rate: N1595 Official CBN Rates Buying Rate: N1638 Selling Rate: N1639 Understanding the Black Market for Forex

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What is the Black Market? The black market refers to unofficial exchange channels where currencies are traded without government regulation. This market often provides more competitive rates due to the high demand and limited supply of foreign currencies. Why Do People Use the Black Market? People turn to the black market due to: Favorable Rates: Often higher than official rates. Accessibility: Easier to obtain foreign currency without stringent regulatory requirements. Factors Influencing Black Market Rates.

Economic Policies Government decisions on interest rates, inflation control, and forex regulations by the CBN directly affect the naira’s value. Policy adjustments aimed at stabilizing the naira impact the exchange rates. Advertisement Supply and Demand The availability of foreign currency versus its demand significantly influences exchange rates. A shortage of foreign currency or high demand leads to naira depreciation.

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Soludo pardons jailed native doctor, appoints him youth ambassador

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The Anambra State Governor, Prof. Chukwuma Soludo, has granted a pardon to a popular native doctor, Chidozie Nwangwu, popularly known as “Akwa Okuko Tiwara Aki”.

Soludo signed an order for his immediate release on Friday and pledged to work with him for the betterment of Anambra State.

Nwangwu was convicted in February and sentenced to 11 months in prison following a plea bargain at the Awka High Court after pleading guilty to charges related to the practice of “Okeite” and other related matters.

The court had also ordered the destruction of his shrine in Oba, Idemili South Local Government Area of the state.

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He was among eight native doctors arrested in 2025 following the passage of the Anambra State Homeland Security Law 2025.

He was charged with involvement in the promotion of money rituals, quick wealth and the use of human parts for rituals.

He was later handed an 11-month prison sentence and incarcerated at the Nigeria Correctional Service facility in Amawbia, Anambra State. He was also given the condition of renouncing his fetish practice and promising to become an ambassador for youth reformation.

Nwangwu accepted the conditions and had been serving his prison term until Soludo pardoned him under the prerogative of mercy, making him Ambassador for Youth Reformation in Anambra State.

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The Special Adviser to the governor on Youth Reformation, Dr Nelson Omenugha, disclosed this in a statement on Friday, saying the governor had visited the prison in fulfilment of his duties when he made the announcement.

Omenugha said, “Thank you, Mr Governor, Prof. Chukwuma Soludo, CFR, for graciously extending your hand of mercy to Chidozie Nwangwu (Akwa Okuko Tiwara Aki) and giving him a new responsibility as Ambassador for Youth Reformation.

“This is the heart of Youth Reformation: not just punishment, but correction, restoration, a new purpose and a new Onye Anambra.”

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Tinubu Won’t Attend 81st UN General Assembly In New York –Presidency Source

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President Bola Ahmed Tinubu will not attend the 81st session of the United Nations General Assembly (UNGA) in New York, SaharaReporters has exclusively learnt.

A top source close to the Presidency revealed on Friday that Tinubu would not be attending the annual gathering of world leaders, which begins next week.

“Tinubu will not be attending the UN General Assembly,” the source said, without disclosing the reason for the President’s decision.

The development comes after weeks of reports and official statements indicating that Tinubu was scheduled to attend the UNGA and deliver Nigeria’s national statement during the General Debate.

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A provisional list of speakers obtained by the News Agency of Nigeria (NAN) had indicated that Tinubu was scheduled to be the 10th speaker during the morning session on the second day of the high-level General Debate on Wednesday, September 23.

He was expected to address the assembly between about 11:30 a.m. and noon New York time, or between 4:30 p.m. and 5 p.m. Nigerian time.

The 81st session of the UN General Assembly opened on September 8, while the high-level General Debate is scheduled to hold from September 22 to 28 at the UN headquarters in New York.

The expected attendance of Tinubu had also been confirmed publicly by Nigeria’s Permanent Representative to the United Nations, Ambassador Jimoh Ibrahim.

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“The president was able to give us his word. Now, he will come to UNGA this September,” Ibrahim had said recently.

The envoy had said Tinubu’s participation would provide an opportunity for Nigeria to showcase reforms being implemented by his administration to the international community.

Ibrahim also said the President was expected to use the UN platform to engage international stakeholders on border policing in West Africa, describing the region’s porous borders as a major security challenge.

“So, border policing will be fine. These are the kind of things that the UN is established for,” the ambassador said.

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He said the Federal Government was collaborating with the UN on a regional border-policing initiative and planned to seek broader international support for the effort during the assembly.

Ibrahim had also disclosed that there could be a meeting between Tinubu and U.S. President Donald Trump on the sidelines of the UNGA.

Tinubu’s reported decision not to attend the gathering means Nigeria’s representation at the General Assembly will now have to be determined by the Presidency. Tinubu will likely be represented by Vice President Kashim Shettima.

The President attended the 78th UN General Assembly in person in 2023, while Vice-President Shettima represented him at the 79th and 80th sessions in 2024 and 2025 respectively.

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Shettima delivered Nigeria’s national statement at both sessions.

The latest development also follows Tinubu’s recent overseas engagements.

On August 30, SaharaReporters reported that Tinubu departed Abuja for Europe to begin a three-week annual leave, with London as his first destination.

According to a statement by Bayo Onanuga, Special Adviser to the President on Information and Strategy, the trip was described by the Presidency as a working vacation.

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Tinubu subsequently travelled to France, where French President Emmanuel Macron hosted him to a private dinner at the Élysée Palace.

Tinubu said after the meeting that his conversation with Macron reaffirmed the strong friendship between Nigeria and France and their commitment to deepening bilateral cooperation.

“Our conversation reaffirmed the strong friendship between Nigeria and France, as well as our shared commitment to deepening cooperation and building a mutually beneficial partnership between our two nations,” Tinubu said in a post on his official X account on Friday.

“I thank President Macron for his warm hospitality and friendship,” he added.

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Meanwhile, Singapore has invited Tinubu to visit the country as it seeks to strengthen its relationship and deepen cooperation with Nigeria.

Nigeria’s Permanent Representative to the UN, Ambassador Jimoh Ibrahim, disclosed this in a statement by the Nigerian Mission House at the United Nations in New York.

According to Ibrahim, Singapore’s Permanent Representative to the UN, Ambassador Burhan Gafoor, visited the Nigerian Permanent Mission House and delivered a letter from Singaporean President Tharman Shanmugaratnam inviting Tinubu to visit Singapore.

The UNGA 81 is being held under the theme, “Restoring trust, managing transformation: A United Nations that delivers for all.”

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The annual high-level gathering brings together heads of state and government, ministers and senior officials from around the world to deliberate on global issues, including international peace and security, climate change and sustainable development.

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IBB Condemns Deaths of 37 Miners in NSCDC Custody, Urges Calm

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Former Military President, General Ibrahim Badamasi Babangida, has condemned the deaths of 37 miners who died while in the custody of the Nigeria Security and Civil Defence Corps (NSCDC) in Minna, Niger State.

Babangida described the incident as tragic and deeply disturbing, while expressing condolences to the families of the deceased and the people and government of Niger State.

In a statement issued in Minna through his media department and signed by Dr. Danladi Umar Abdulhameed, Babangida commiserated with the bereaved families and prayed for the repose of the souls of the deceased.
He also prayed for God to grant the families the strength to bear the loss.

The former military president commended the Niger State Government for its immediate response to the incident, particularly the constitution of a committee of inquiry and the commencement of medical and forensic examinations to establish the circumstances and actual causes of the deaths.

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According to the statement, the state government has confirmed the deaths and declared a three-day mourning period, while cancelling a planned political rally in Minna.

Babangida appealed to residents, particularly youths and families of the deceased, to remain calm while investigations continue.

He said the ongoing probe was necessary to establish the facts surrounding the deaths and ensure that appropriate action was taken based on its findings.

The former military president also urged all parties to avoid actions capable of escalating tensions or disrupting peace and security in the state.

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He expressed hope that the investigation would be conducted transparently and provide answers to the bereaved families and the people of Niger State.

Babangida said establishing the truth about the incident was important to restoring confidence and ensuring that lessons were drawn from the tragedy.

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