News
Dollar To Naira Black Market Today 25th March 2024
By Kayode Sanni-Arewa
What is the dollar to naira black market today? See the black market dollar to naira exchange rate today below. You can swap your dollar for naira at these rates.
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 black market today?
The local currency (abokiFx) opened at ₦1,480.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 25 March 2024, in Lagos Nigeria, after it closed at ₦1,460.00 per $1 on Sunday, 24 March 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.
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.
Factors Influencing Foreign Exchange Rates
Here are some of the causes of the dwindling dollar-to-naira exchange rate.
Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.
Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall
Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.
Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.
Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.
News
LASG shuts down Idera market over ‘environmental pollution
By Kayode Sanni-Arewa
The Lagos State Environmental Sanitation Corps (LAGESC) says it has sealed off the Idera market in the Oshodi metropolis.
In a statement on Thursday, Ajayi Lukman, LAGESC spokesperson, said the agency sealed the market due to unhygienic practices and indiscriminate dumping of refuse, which contravened the environmental law of the state.
He said the measure was taken to enforce adherence to environmental cleanliness across registered markets in the state.
‘‘Our operatives stationed across the Oshodi division during routine market monitoring identified the filth, unhygienic practices, and indiscriminate dumping of refuse around the Idera Market area, which prompted us to seal off the market until further notice,” the statement reads.
Lukman quoted Olaniyi Cole, the corps marshal of the agency, as decrying the level of hygiene at the market, which could lead to an outbreak of diseases.
He said Cole frowned at the inability of the market leadership to provide a valid waste collection contract, which resulted in the heaps of refuse in the facility.
He added that the display of wares for sale on road setbacks, lay-bys, medians, verges, kerbs, street trading, and hawking remained banned in the metropolis.
The LAGESC corps marshal reiterated the ban on the sales, distribution, and usage of styrofoam in the state, noting that anyone found culpable would be punished decisively.
News
Hours to Edo guber polls, major opposition candidate crumbles structure for Ighodalo
By Kayode Sanni-Arewa
Hours to the Edo State governorship election, the guber candidate of the All Peoples Party (APP)Amb Osalumese Areloegbe on Thursday morning collapsed the structure for the governorship candidate of the Peoples Democratic Party (PDP), Dr. Asue Ighodalo and his running mate, Osarodion Ogie Esq.
Addressing journalists at the party secretariat in Benin City, Areloegbe said his decision to collapse the structure for the PDP candidate was because he believed that Ighodalo had all it would take to govern the state to greater heights.
According to him, I urged all my followers and supporters to disregard any information that I have aligned with the All Progressives Congress (APC) governorship candidate, Senator Monday Okpebholo.
“I am supporting Asue Ighodalo because he is competent, not that I am not competent but I believe Asue is on the forefront. That is my reason for supporting his candidacy.
“My party is aware because they have been having a series of negotiations for us to align with the APC, and I told them categorically that I am supporting PDP. My eighteen local government followers are in full support of my decision, I mean 100 per cent supporting the PDP candidate, Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie in this election.
“My choice for Asue Ighodalo is because, apart from myself, I see him as the next better candidate that I can support and I can put my weight on because he has the capacity, mentally, physically and otherwise to pilot the affairs of Edo State to greater heights.
“The national secretariat of my party, APP – they are in Abuja and I am in the state, and know much more of what is happening in Edo State. They are not here and don’t know what is going on here in Edo. And I am in a position to tell them what will be better for the Edo people.
“There is a parable that says, ‘You cannot shave a man’s head when he is not present’. I am here in Edo State and I know who to support and why I am supporting him. The national leadership might have taken a different tone, but this is what I and my followers have chosen.
“We had a series of other politicians who had made such decisions before. That is why I agreed with the support of my supporters to collapse my structure for the governorship candidate of the PDP Barr. Asue Ighodalo and his running mate, Barr. Osarodion Ogie.”
News
SAD! Woman reportedly d!3s in Osun building c0llapse
By Kayode Sanni-Arewa
A resident of Ifetedo in Osun State, simply identified as Idowu, had reportedly died in an incident of collapse building that occurred in the town.
The collapsed structure was said to be a dilapidated building that suddenly caved in and killed the woman.
A resident of Ifetedo, simply identified as Ogunyemi, while speaking to The PUNCH on Thursday, said operatives of the Nigeria Security and Civil Defence Corps, responding to a distress call, were at the scene of the incident.
Some NSCDC operatives rushed to the scene after they were informed of the incident. They were joined by some other people in the community.
Idowu was the only person in the building when the incident happened. She was brought out dead from the rubble.
“The incident caused panic in Omiloode Area, where the building is located. The building that collapsed is a dilapidated structure,” Ogunyemi said.
Osun NSCDC Public Relations Officer, Kehind Adeleke, when contacted confirmed the incident, adding that the scene was immediately cordoned off by security men.
“An abandoned dilapidated building located along Omiloode Street, Ifetedo collapsed and killed one Mrs Idowu, who was said to be around the structure when the incident happened.
“The tragic incident occurred at about 17:30 hours on Tuesday.
“Officers and men of NSCDC Ife South Division, upon getting information rushed to the scene of the incident for rescue operation. But unfortunately, the woman had passed on. She was brought out of the rubble dead. The site was immediately cordoned off,” Adeleke said.
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