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Dollar To Naira Black Market Today 25th March 2024

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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.

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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.

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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.

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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.

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FRSC expresses worry over fatal crashes

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*** Orders strict traffic law enforcement

By Francesca Hangeior.

 

The Corps Marshal of the Federal Road Safety Corps, Shehu Mohammed, on Thursday, lamented the spate of fatal road crashes in September.

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He specifically raised concerns about the accidents that occurred on September 8 in Niger, September 12 in Sabon Wuse, and September 15 in Kaduna State.

These three incidents, according to him, resulted in the tragic loss of at least 91 lives.
Speaking during a meeting with fleet operators and other stakeholders in Abuja, Mohammed expressed frustration that despite the government’s efforts to provide and maintain transport facilities according to global standards, many drivers continue to undermine these efforts with reckless behaviour on the roads.

He said, “While the Government continues to do its best to provide and maintain transport facilities in accordance with global best practices, some road users, especially drivers, have continued to make a mockery of this concerted effort by exhibiting a high level of recklessness on the roads.

” In the last month or thereabout, the Corps witnessed 3 landmark crashes that were caused by negligence, fatigue, speeding, night trips and dangerous driving. These three landmark crashes include that of Niger State which occurred on 8 September 2024 and killed 48 people, that of 12 September 2024 which killed 18 people in Sabon Wuse and that of 15 September 2024 which happened in Kaduna State leading to the death of 25 people.

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“These 3 crashes alone, which proved to have been obviously avoidable, claimed the lives of 91 people. This is alarming and it calls for concern.”

Mohammed ordered commanding officers to ensure round-the-clock enforcement of traffic laws.

He also disclosed that a special operation would be conducted to checkmate the incessant accidents recorded across the country.

Mohammed said, “I am compelled to state that the spate of the crashes recently recorded is, however, very disturbing and every step must be taken to avert continued future occurrences. It is against this backdrop that I have directed Commanding Officers to ensure round-the-clock enforcement of traffic offences to mitigate these excesses. A special patrol operation will be instituted and enforcement will be carried out nationwide.”

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Speaking, the President of the Independent Petroleum Marketers of Nigeria, Abubakar Shettima, dismissed the allegations linking the group to some of the accidents in the country.

He said, “We transport highly inflammable products through our trucks, and all the allegations being made are unfounded. We collaborate with NARTO and PTD.

” NARTO represents the truck owners, while the tanker drivers are our drivers. We always come together to make important decisions regarding safety, as it is our top priority, and we take it very seriously.

” Mohammed has been doing his best to reduce road accidents involving trucks. We’ve taken precautions, such as prohibiting our members from driving at night and advising them to rest if they feel sleepy. NARTO has also begun building rest parks for drivers to use when they need to take a break.”

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Tinubu to skip 79th UNGA to focus on pressing challenges at home

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By Francesca Hangeior

President Bola Tinubu has decided to skip the 79th United Nations General Assembly (UNGA) in New York, opting instead to focus on Nigeria’s pressing domestic challenges, particularly the recent devastating flooding that has affected the country.

A statement issued on Thursday by Special Adviser to the President on Information and Strategy, Bayo Onanuga, which disclosed President Tinubu’s decision, also said Vice President Kashim Shettima will lead Nigeria’s delegation in his place.

The President’s move is seen as a prioritization of local concerns over international diplomacy, as President Tinubu aims to address the immediate needs of Nigerians affected by the floods.

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The UNGA, scheduled to take place from September 24 to 28, 2024, will feature discussions on sustainable development, peace, and human dignity.

VP Shettima will deliver Nigeria’s national statement to the General Assembly, attend key sideline events, and engage in bilateral meetings, ensuring the country’s interests are represented on the global stage.

“President Bola Tinubu will not attend the 79th United Nations General Assembly session in New York this year.

“The President has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

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“President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.

“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations’, will run from Tuesday, September 24, through Saturday, September 28, 2024”, the statement said.

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Tinubu Loyalist, Yemi Adenuga under fire after asking Igbos to leave Lagos but contesting for Elelection In Ireland

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By Francesca Hangeior

President Tinubu staunch loyalist and Igbo-Must-Leave-Lagos-Election-For-Yoruba campaigner, Yemi Adenuga is under fire in Ireland, where she is vying for nomination for position in the general election.

The Irish nationals who watched her video calling for the Igbo to leave elections in Lagos for the Yoruba, have called on Nigerians to enquire if it is morally right for her to leave Irish election for the Irish?

Yemi Adenugais facing avalanche of serious criticism over nominations to contest in Irish general election.

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Irish and Nigerian critics have questioned her conscience and moral right to take part in Ireland election when she was involved in hate election campaign that asked the Igbo to leave Lagos for Yoruba during the last election in February 2023.

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