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
Land tussle: Court grant Gowon, Sultan’s request to challenge verdict

The Court of Appeal in Abuja has granted leave to former Head of State, Gen. Yakubu Gowon and others to challenge the judgment of a High Court of the Federal Capital Territory (FCT) in the Barewa Old Boys Association (BOBA)’s land dispute.
The Sultan of Sokoto, Alhaji Saad Abubakar III, who is also a member of BOBA, including the school’s old boys association, are challenging the lower court judgment.
The court further dismissed the preliminary objection filed by Eagle Aluminium Industries Limited seeking to stop BOBA from filing a cross appeal.
In a unanimous ruling, a three-member panel of the appellate court held that the objection of Eagle Aluminium was an abuse of court process.
Justice Peter Chudi Obiorah, who delivered the ruling, held that the objection was pre-emptive and presumptuous as it was against the rules of the court.
“There is no provision in the Court of Appeal Rules, 2021, where a party served with a motion on notice and who wishes to oppose the application is permitted to do so by the filing of preliminary objection.
“Parties are not allowed to invent their own rules at their whims and caprice,” the judge said.
The ruling was endorsed by Justice Hamma Akawu Barka and Justice Ishaq Mohammed Sani.
The land, which was in the trust of the Gen. Gowon-led Board of Trustees (BoT), was sometime in 2007, reallocated to Haida Properties.
In 2009, the same plot of land was reallocated to Eagle Aluminum belonging to Mr Linus Ukachukwu unknown to the BoT of BOBA.
The alumni body, with the ruling, will join Eagle Aluminium Ltd as well as the Minister of the FCT and the FCTA in challenging the December 2020 judgment of the lower court that conferred ownership of the disputed 6, 500 square meters land on Haida Properties Limited.
The Court of Appeal had earlier declined to endorse a bilateral settlement agreement reached between Eagle Aluminium and Haida Properties to jointly develop the disputed land because the settlement agreement did not include other parties in the land dispute.
The alumni association, with Gowon, the Sultan of Sokoto and Justice Lawal Uwais (rtd.) on its BoT, had also filed a petition against a lawyer, Stella Oyiugo, at the Legal Practitioners Disciplinary Committee for allegedly representing the association in court without authorisation.
The Inspector-General of Police had also filed criminal charges against the suspects indicted by the investigation report on the same land deal, but the suspects are yet to be arraigned.
News
US based foundation offers detained Anambra witch doctors legal services

A charity foundation and equal rights group based in the United States of America, Tilova for Africa, has offered to pay for the services of lawyers who will defend the rights of over 30 native doctors arrested and detained by the Anambra State government.
The Chief Executive Officer of Tilova for Africa, Martins Nwabueze, stated this in Awka on Monday, while addressing journalists amidst widespread reactions trailing the heavy clampdown on native doctors across the state.
It was gathered that no fewer than 30 native doctors have been arrested and detained by the state government since the state assembly passed the Anambra Homeland Security Law in January as part of efforts to tackle insecurity.
Recall that the state commissioner for information, Dr Law Mefor, has confirmed that notable native doctors such as Chiedozie Nwangwu, popularly known as “Akwa okuko tiwaraki”, Onyebuchi Okocha, and 28 other native doctors were still in detention and undergoing investigation for allegedly preparing charms for criminals.
Nwabueze, who was reacting to these developments, described the arrest and detention of persons based on their religion or trade under the guise of fighting insecurity by the Anambra government as “unjust profiling.”
He said, “As a foundation, we shall work to ensure that these people enjoy equal rights like others, so, we are volunteering to provide free legal services for these people.
“We are aware of the enormous safety concerns in Anambra, but we should not allow the cyber antics of a few clowns parading as native doctors to make us enact laws that could impact the way of life and belief system of a people negatively.
“Nigeria is a secular state where everyone had rights to practice his or her religion or ply his or her trade without discrimination, intimidation, humiliation or scapegoating.”
He added that traditional medicine practice is an age-long profession which existed in many African societies and should not be abolished in Anambra because of presumptive evidence.
Nwabueze said his group was in total support of whatever would bring peace and security in Anambra, but insisted that nobody or group should be discriminated against because of their religion.
He urged the Anambra State government to release the native doctors if there was no evidence against them instead of keeping them perpetually in detention.
“Tilova for Africa has followed the development in Anambra State with concern; while we support the state governor on the effort to make the state safe and secure, we condemn the crackdown on indigenous religious practices in the State.
“The arrest and continued detention of over 30 native doctors by the Anambra State government just because it presumes that they prepare charms for criminals is not tenable.
“This type of crime fighting is primitive and unacceptable in 21st century Nigeria; we support the government to arrest crime and not content creators,” he added.
Nwabueze called on Soludo to invest in tech-driven security architecture with adequately trained manpower to ensure that only culprits were arrested, detained and prosecuted.
News
LG chairman, vice fired over financial infractions

Shira Local Government Council of Bauchi State on Monday disclosed the impeachment of the Local Government chairman, Abdullahi Beli, and his deputy, Usman Adamu.
The pronouncement was made in a statement issued by the Shira Local Government Council, led by Wali Adamu.
The statement resolution number SLGLC 003 revealed that following a committee investigation that found the impeached chairman and his deputy guilty of gross misconduct, financial mismanagement, failure to perform duties, and abuse of office.
This council hereby removes the Chairman (Hon. Abdullahi Ibrahim Beli) and his deputy, Hon Usman Adamu, from office as Chairman and Vice Chairman of Shira Local Government, respectively, effective immediately from today.
The statement read, “Grounds for Removal:
The removal of the Chairman and his deputy is based on the findings of the investigation committee, which has established that the Chairman and his deputy were engaged in financial mismanagement, failed to perform their duties, breached the trust placed in them and abused their office.”
The statement maintained that “This Council hereby declares the office of the Chairman and Vice Chairman of Shira Local Government Vacant.”
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