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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?

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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.

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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 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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Nigerian Man Nabbed For Stabbing Fellow National To Death In France

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A 27-year-old Nigerian man, identified only as Popori, has been arrested in Grenoble, France, for allegedly stabbing a fellow citizen, Monday, to death.

It was gathered that the incident occurred on the evening of Friday, November 22, when a fight broke out between two men during an altercation in a grocery store in Grenoble, Isère, France.

DayFR reports that, according to Grenoble Prosecutor Eric Vaillant, who confirmed information from Dauphiné Libéré, the incident occurred around 8:30pm.

The two men were inside an exotic grocery store when an argument broke out, quickly escalating into a violent altercation.

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One of the individuals suddenly stabbed the other in the chest, for reasons still unclear.
Emergency services arrived on the scene but were unable to revive the victim.

On Saturday, the Grenoble public prosecutor announced that a 27-year-old Nigerian man had been taken into police custody at 12:30pm as part of an investigation initiated by the local judicial police service.

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Longest serving monarch dies at 111

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Alhaji Muhammadu Inuwa, the longest serving traditional ruler in Bauchi State, is dead.

Inuwa, the village Head of Beli (Sarkin Beli) in Shira Local Government Area of Bauchi, passed away at the Federal Medical Center Azare, Katagum Local Government Area of the state.

The monarch who was 111-year-old spent 91 years on the throne.

Chief Imam of Beli, Liman Musa Abubakar, confirmed the death of monarch which he described as a great loss to the entire people of Northern Nigeria.

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During one of the interviews with Daily Trust in his lifetime, the late monarch had said, “Their grandfather was appointed as village head of Beli. He spent 12 years on the throne. He died and our father was appointed the village head. He spent 17 years. After that, I was appointed to the throne when I was 19 years old. This means that by my calculation, I was born around 19 12 or 1913. I was appointed to the throne around 1933 by the Emir of Katagum, AbdulQadir.”

The monarch lived and worked with four different first class Emirs of Katagum.

“We lived with the Emir of Katagum Abdulqadir who appointed me for 12 years before he left the throne and died six months later. Emir Umaru Faruqu was appointed. We spent 35 years with him.

When he died, his son, Muhammadu Kabiru was appointed. We spent 38 years with Emir Kabiru before he died, Again, after Muhammadu Kabiru, the present Emir of Katagum, Umaru Faruq II, was appointed. We lived with him for Six years.

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Late Inuwa had said, “I am almost 91 years old on the throne. Alhamdulillahi, we live in peace with the people. And I gave birth to 11 people. Some of them died, but there are seven of them alive – four men and three women.

Many people interviewed said he was a peaceful ruler who [had] listening ears and worked for the peace of the land.”

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Katsina gov presents N682bn 2025 budget to State Assembly

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Governor Dikko Radda of Katsina State on Monday presented the State’s 2025 Budget Proposal to the state House of Assembly.

This is the second full year budget the governor is presenting to the House, which is in the sum of N682,244,449,513.87, covering Recurrent Revenue and Expenditure.

The Budget’s Recurrent Expenditure stands at the sum of N157,967,755,024.36 representing 23.15% while, Capital Expenditure stands at N524,274,694,489.51 representing 76.85%.

The Governor in his speech, announced that, the total of this budget when compared with that of the 2024, has an increase of N200,535,619,501.61, representing 40% increase.

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The Governor, at the beginning of his speech, assured the House that his administration has achieved many of its goals and is on course to meet and exceed its targets.

He insisted that his administration has successfully reversed the tide of insecurity which severely threatened the peaceful co-existence of people in the State.

“Many of our local governments have been restored to normalcy while pushing the bandits to the fringes of the forests and, Insha-Allah, to the end of their existence.

“We have expended a lot of resources in fighting insecurity, and we shall continue to do all we can to protect lives and livelihoods in our dear state. I thank the Honourable Members for your support and dedication to ultimate victory,” he said.

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The Governor while ranking MDAs by allocations, revealed that the Economic Sector got N302,246,140,569.76 representing 44.3%, followed by the Education Sector with 95,995,873,044.70 representing 14%.

In the same vein, the Ministry of Agriculture and Livestock Development got 81,840,275,739.70 representing 12% while the Ministry of Rural and Social Development got 58,728,146,293.72 representing 9%.

Other sectors such as the Ministry of Water Resources, 53,832,219,322.46 representing 8%, Ministry of Environment, 49,835,521,799.25 representing 7%, Ministry of Health, 43,881,752,172.75 representing 6%, Ministry of Internal Security and Home Affairs 18,938,508,746.95 representing 3%, Ministry of Works, Housing and Transport 9,684,806,758.56 representing 10%.

Other sectors he said are in the sum of 230,759,902,908.71 representing 31% of the total proposed budget

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