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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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BREAKING: Human Rights Lawyer Dele Farotimi Released

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By Gloria Ikibah

Prominent human rights lawyer and activist, Dele Farotimi, has been released after fulfilling his bail conditions.

Farotimi, who had been in custody over allegations of defaming Senior Advocate of Nigeria and founder of Afe Babalola University, Ado Ekiti (ABUAD), Afe Babalola, regained his freedom on Tuesday morning.

He is currently enroute to his home in Lagos.

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Confirming the development, activist and politician Omoyele Sowore stated on X, “I am pleased to report that Dele Farotimi is no longer being held in the prison facilities of Ekiti State and is now returning home to Lagos. The struggle continues!”

Earlier, a Chief Magistrate’s Court in Ado Ekiti granted Farotimi bail, setting conditions that included a N30 million bond, two sureties (one of whom must be a property owner), the submission of his passport, and a restriction on granting media interviews following his release.

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NASC backpedals reverses Atiku’s appointment as DCNA, replaces him with Yero

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By Kayode Sanni-Arewa

Following the intervention by the National Assembly leadership, the National Assembly Service Commission, NASC, has reversed the appointment of Dr Ibrahim Atiku as Deputy Clerk to the National Assembly, DCNA.

The Commission has replaced Atiku with the permanent secretary [Estate and Works Directorate], Engineer Bashir Yero.

This was consequent upon the outcome of a meeting convened Monday night by the Senate President, Godswill Akpabio, with Speaker Tajudeen Abbas and their deputies in attendance.

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Present also at the meeting were the Chairman of the NASC, Engineer Ahmed Amshi, two commissioners from NASC, and some permanent secretaries in the NASS bureaucracy.

THE CONCLAVE learnt that the high-level meeting took place in the Senate President’s residence.

Reports from the meeting said that the chairman of the NASC and his commissioners could not justify the appointment of Atiku when asked by the speaker how the choice of Atiku was arrived at.

THE CONCLAVE reports that it was at that point that the commission chairman sought the leave of the Senate President and the Speaker to ask that the permanent secretaries present should excuse them since they could not be sitting over a matter in which they had personal interest.

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Upon their return to the room, after the leadership had arrived at a resolution one way or another, it was agreed that Engr. Bashir Yero of Estate and Works Directorate be appointed the DCNA, while Engr Sanda Liman of Procurement Directorate, be redeployed in Estate and Works.

The newly promoted Ibrahim Atiku [to the position of permanent secretary], as resolved and directed, should be deployed in Procurement Directorate.

The NASC is expected to formalise and/or activate the decision soonest.

Source: CONCLAVE

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Speaker Abbas Salutes APC National Chairman, Ganduje, @ 75

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By Gloria Ikibah
Speaker of the House of Representatives, Rep. Abbas Tajudeen, has congratulated the National Chairman of the All Progressives Congress (APC), Dr. Abdullahi Umar Ganduje, on his 75th birthday.
The Speaker, in a congratulatory message through his Special Adviser on Media and Publicity, Musa Abdullahi Krishi, described Dr. Ganduje as a patriot and a democratic pillar whose invaluable contributions to the development and growth of his fatherland are commendable.
Speaker Abbas said the APC National Chairman has, since his assumption of office, been providing good leadership and guidance to the party, which is one of the reasons why the party continues to wax stronger.
The Speaker noted the electoral successes of the APC across the states and how the state chapters have recorded stability under Dr. Ganduje’s leadership of the ruling party.
Speaker Abbas also commended the APC National Chairman for the cordial relationship between the National Working Committee (NWC) of the party and the National Assembly Caucus.
While wishing Dr. Ganduje more fruitful years in sound health, Speaker Abbas also prayed for increased wisdom.
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