Economy
Rewane Says Naira Appreciation Is Sustainable
![](https://naijablitznews.com/wp-content/uploads/2024/03/Bismark-Rewane.jpg)
The Managing Director/Chief Executive Officer of Financial Derivatives Company Limited Bismark Rewane believes better days are ahead for the country’s currency, the naira.
On Wednesday, the naira closed trading at 1,410/dollar at the parallel market and N1,475 at the official Nigerian Autonomous Foreign Exchange Market, according to data compiled from the FMDQ Securities Exchange.
Although the country’s currency had fallen sharply against major currencies in recent months, Rewane, who was a guest on Channels Television’s Politics Today which aired on Thursday, said the appreciation of the naira is sustainable.
“The truth is that it is sustainable as long as you do a number of things,” he said when asked by the presenter, Seun Okinbaloye if the recent appreciation of the local currency is sustainable.
“One is that interest rate has been increased therefore the propensity to save has increased and the propensity to consume has actually reduced. People are consuming less and saving more if they are saving.”>
But he is unhappy with the government’s management of resources.
“The government itself is consuming less and saving more. You heard that there is a ban on travel,” the economist added.
“At the same time, there is a lot of waste in government, there is a lot of leakages in government and mismanagement of things.”
Trust Deficit
According to him, the current administration should roll up measures to make mint more money in circulation.
While noting that there is a trust deficit, Rewane said there should be consistency in the government’s policy to build confidence in the citizens.
He said, “There is a need for new money, new money is a function of confidence. Confidence is a function of consistency in policy. These are the things that the administration has to come to terms with.
“We have a trust deficit in this country as policymakers. When we say today, the next day we change. There is no consistency. The truth is that when people begin to see consistency, they stop panicking.
“When they stop panicking, they buy less in quantity but over a longer period. So you will now begin to see the prices of those commodities, even like diesel which is now down to like N1,450.”
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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