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Tinubu wants Fresh Court order to extend detention of Binance Officials

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The Federal Government of Nigeria, under President Tinubu‘s administration, has sought an extension of the detention of two Binance officials.

The Economic and Financial Crimes Commission (EFCC) went to the magistrate’s court in Abuja seeking a new order to extend the detention of the US citizen Tigran Gambaryan and the British Kenyan Nadeem Anjarwalla. This is one of the developments in Nigeria’s wide crackdown on cryptocurrency platforms.

Gambaryan and Anjarwalla have been in custody for the last fortnight. The EFCC seeks further remand of the individuals while investigations are in progress. The first court decree permitting their confinement expired on Tuesday. When contacted, the EFCC spokesman, Dele Oyewale, declined to comment on the issue.

Nigeria’s government has also stepped up efforts to control the cryptocurrency market. It claims that platforms such as Binance enable currency speculation. As a result, the national economy suffers. Nigerian users have been denied access to Binance’s website as part of these regulatory measures.

The Governor of the Central Bank of Nigeria, Olayemi Cardoso, noted that over 26 billion dollars went through Binance in the last year. The media aide Bayo Onanuga has stated that the cryptocurrency platforms are engaged in rate manipulation and economic sabotage. In the wake of the government’s crackdown and the arrest of its officials, Binance declared that it is stopping naira transactions. It also left the Nigerian market.

The long detention of Gambaryan and Anjarwalla has caused much suffering to their families. Gambaryan’s wife has mentioned the trouble this poses for the family, especially the children, who almost daily ask when their father will be home. The cryptocurrency platform that employs these arrested officials is Binance, and they have said they are collaborating with the Nigerian authorities to free them. Nonetheless, it has avoided giving any details about the case itself.

Additionally, Nigeria’s Securities and Exchange Commission (SEC) has suggested a considerable raise in the minimum paid-up capital for crypto exchange registration. The current minimum of ₦500 million ($314,000) will increase to ₦1 billion ($628,000).

This proposal is designed to enhance supervision and reduce risks in the cryptocurrency industry. The SEC’s move is part of a general drive to improve the criteria of the registered crypto exchange within the dynamic digital currency world.

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SEE Black Market Dollar To Naira Exchange Rate Today 17 April 2024

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Black Market Dollar To Naira Exchange Rate Today 17 April 2024 Can Be Accessed 👇

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 exchange rate?

The local currency (abokiFx) opened at ₦1,115.00 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 17 April 2024, in Lagos Nigeria, after it closed at ₦1,110.00 per $1 on Tuesday, 16 April 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,050
Selling Rate ₦1,100
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, 17 April 2024, is ₦ 1,161 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.

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: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 be different from what is captured in this article.

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Nigeria’s Dollar Reserves Crash Dramatically as Naira Rebounds

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Nigeria is facing a significant depletion of its foreign-exchange reserves, marking a concerning trend not observed in four years. This development has sparked apprehension amid suspicions that the central bank may be exhausting its dollar holdings to bolster the naira, following its commitment to allowing the currency to float more freely.

According to calculations by Bloomberg, liquid reserves have plummeted by 5.6% since March 18, coinciding with the commencement of the naira’s rebound from its record-low levels against the dollar.

As of April 12, Nigeria’s foreign reserves stand at $31.7 billion, reflecting the most substantial decline within a similar timeframe since April 2020, based on data compiled by Bloomberg.

The decline in reserves comes as the Central Bank of Nigeria grapples with stabilizing the naira amidst economic turbulence and fluctuating global currency markets.

The commitment to a more flexible exchange rate regime was initially lauded as a step towards market-driven currency valuation. However, the rapid depletion of reserves has raised concerns about the sustainability of this approach.

Observers point to the delicate balance between supporting the naira’s value to maintain stability in the economy and ensuring an adequate level of reserves to safeguard against external shocks.

The current trajectory raises questions about the central bank’s strategy and its long-term implications for Nigeria’s economic resilience.

Stakeholders are closely monitoring developments in the foreign-exchange market and urging prudent management of reserves to mitigate risks and maintain confidence in the economy.

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SEE Naira Rates Against The USD, GBP, EURO Today April 16, 2024

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We are primarily focusing on the Black Market Dollar To Naira Exchange Rate Today, the USD to Naira currency pair are the most traded currency in the FX market.

 

Black Market Exchange Rates

Buying Rate

Selling Rate

Dollar to Naira 1114 1080
Pounds to Naira 1400 1320
Euro to Naira 1214 1140
Canadian Dollar to Naira 1360 1320
Rand to Naira 52 43
Dirham to Naira ‎0 0
Yuan to Naira 62 62
G.Cedi to Nair 119.19 119.19
CFA F. (XOF) To Naira 0.83 0.81
CFA F. (XAF) To Naira 0.74 0.74

Having full knowledge how much USD to NGN black market exchange rate today will give you a better opportunity to plan and make informed decisions.

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