Economy
Cost Of Living Crisis: Nigeria, Others Risk Social Unrest – AfDB
![](https://naijablitznews.com/wp-content/uploads/2024/02/AfDB.jpg)
The African Development Bank (AfDB) has warned that Nigeria, Ethiopia, Angola and Kenya risk social unrest owing to the rising prices of fuel and other commodities.
The AfDB gave the warning in its macroeconomic performance and outlook for 2024 wherein it projected the continent’s economy to grow higher than the 3.2 per cent recorded in 2023.
Nigerians, in some states, including Kano, Niger, Lagos and few others, had protested against the cost of living crisis in the country, which is largely blamed on the federal government’s policies of the petrol subsidy removal and floating of the naira.
The Sultan of Sokoto and chairman of the Northern Traditional Rulers Council, Muhammad Sa’ad Abubakar III, had on Wednesday at the 6th Executive Committee meeting of the Northern Traditional Rulers Council in Kaduna, warned that with millions of Nigerian youths left without jobs and food, the country was sitting on a keg of gunpowder.
The Emir of Kano, Alhaji Aminu Ado Bayero, had, earlier on Monday, said there was serious hardship in Nigeria, asking the First Lady, Senator Oluremi Tinubu, to convey the message of the teeming populace about the hunger in the land to the president.
The emir spoke when Mrs Tinubu visited Kano to officially open the Faculty of Law building at the Maryam Abacha American University, Kano named after her.
The Minister of Agriculture and Food Security, Abubakar Kyari, had on Wednesday assured Nigerians that the government would distribute the 42,000 metric tonnes of grains free of charge.
The Nigeria Labour Congress (NLC) had, on Friday, declared a two-day nationwide mass protest on February 27 and 28. The NLC president, Joe Ajaero, said the decision to protest was taken after the expiration of the 14-day ultimatum earlier issued to the government over the nationwide hardship.
The AfDB, at the weekend, warned that internal conflicts could arise from an increase in energy and commodity prices occasioned by currency depreciation or subsidy removal referencing Nigeria, Angola, Kenya and Ethiopia, where energy subsidies were removed.
It stated, “Internal conflicts and violence could also result from rising prices for fuel and other commodities due to weaker domestic currencies and reforms.
“For instance, the removal of fuel subsidies in Angola, Ethiopia, Kenya and Nigeria and the resulting social costs has led to social unrest driven by opposition to government policy.”
The bank also said the increase in geopolitical tensions in Eastern Europe and the Middle East, coupled with the El Nino phenomenon, could trigger supply chain disruptions, which could exacerbate energy and food inflation across the world with Africa more vulnerable to these shocks.
The AfDB further warned that regional conflicts and political instability occasioned by disruptions in constitutional governments could have deleterious economic costs with resources meant for development and social support channeled into security and defence.
It also cautioned that an unconstitutional takeover of the government might lead to sanctions, which have negative implications for the economy.
Quit if you’re overwhelmed, PDP govs tell Tinubu
Governors elected on the platform of the opposition Peoples Democratic Party (PDP) have advised President Bola Ahmed Tinubu and the All Progressives Congress (APC)-led federal government to quit if they cannot provide a sustainable solution to the problems plaguing the nation.
The PDP governors gave the advice in a statement at the weekend, signed by the forum’s director-general, HCID Maduabum, reminding the APC-led government of the need to be guided by the fact that it was the APC that sought power to solve the problems of Nigeria and not to “compound them, shift blame or grandstand and use propaganda to obfuscate or confuse issues.”
The governors noted that the hardship and suffering being faced by Nigerians had no tribal, religious or party colouration, stressing that “a hungry man is an angry man.”
The governors said while all the tiers of government had a role to play, the APC-led federal government had a greater role in mobilising Nigerians and all the organs and tiers of government for sustainable solutions, adding, “If it cannot do so or is unable to do so, it should graciously throw in the towel.”
They assured that as stakeholders in governance they would continue to work collaboratively with the president in finding lasting solutions to “a very difficult situation created or exacerbated by the APC since 2015.”
When contacted for a reaction to the PDP governors’ allegations, the Special Adviser to the President on Information and Strategy, Bayo Onanuga, promised to get back to one of our correspondents, but he did not do so as of the time of filing this story.
Economy
CBN sells $20,000 to BDCs at 1,580
![](https://naijablitznews.com/wp-content/uploads/2024/02/CBN.jpg)
The Central Bank of Nigeria has announced the sale of dollars to Bureau De Change operators.
This was disclosed by the apex bank in a statement signed by the Acting Director of Trade and Exchange Department, Dr W. J Kanya, on Friday.
The latest intervention of the central bank comes days after the Nigerian naira has been taking a beating at both the official and parallel market where it has depreciated to about 1,670/$ on Friday.
The circular partly read, “This is to inform the Bureau De Change Operators and the general public that we are providing more liquidity into the market.
“To this end, the CBN has approved the sale of US$20,000.00 to each eligible BDC at the rate of N1,580/$. This is to meet the demand for invisible transactions.”
The bank said the BDCs are allowed to sell to eligible end-users at a margin not more than one per cent above the purchase rate from CBN.
Eligible BDCs interested in this transaction were advised to make the Naira payment to the CBN.
Economy
SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 6th September 2024
![](https://naijablitznews.com/wp-content/uploads/2024/04/Naira.webp)
By Mario Deepromoter
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1635 and sell at N1645 on Friday 6th September 2024, according to sources at Bureau De Change (BDC).
Black market dollar to Naira exchange rate on Friday 6th September 2024 can be accessed below.
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.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1635 and sell at N1645 on Friday 6th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1645
Selling Rate N1635
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1625
Selling Rate N1630
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Economy
NNPC Announces Date To Start Lifting Petrol From Dangote Refinery
![](https://naijablitznews.com/wp-content/uploads/2024/08/Dangote-Refinery-1.jpeg)
The Nigerian National Petroleum Company Limited (NNPC Ltd.) has revealed that it will start lifting petrol from the Dangote Refinery from September 15th.
This is coming a few hours after the Refinery debunked reports claiming that the NNPCL had started the lifting of its petrol and selling for N897 per litre.
Speaking on TVC News’ “Journalists’ Hangout” show on Thursday, the Executive Vice President of Downstream, NNPC Ltd., Mr. Adedapo Segun explained that the corporation is awaiting the September 15 deadline provided by the Refinery to start lifting petrol.
Segun also said that foreign exchange (forex) illiquidity has been a significant factor influencing the fluctuation in prices of Premium Motor Spirit (PMS), which are governed by unrestricted free market forces, as provided for in the Petroleum Industry Act (PIA), 2021.
He revealed that the current fuel scarcity was expected to “subside in a few days as more stations recalibrate and begin selling PMS.”
He said Section 205 of the PIA, which established NNPC Ltd., stipulated that petroleum prices were determined by unrestricted free market forces.
According to him, “The market has been deregulated, meaning that petrol prices are now determined by market forces rather than by the government or NNPC Ltd. Additionally, the exchange rate plays a significant role in influencing these prices.”
Segun, who said no right-thinking individual would be comfortable with the current fuel scarcity, added that the NNPC Ltd. has nearly a thousand filling stations nationwide and was collaborating with marketers to “ensure that stations open early, close late, in order to maintain adequate fuel supply to meet the needs of Nigerians.”
He assured Nigerians: “We are also engaging relevant authorities to ensure products diversions are prevented and timely deliveries to all stations are ensured. The scarcity should ease in the next few days as more stations recalibrate and begin operations.”
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