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
Angry mob sets two revenue collectors ablaze in Anambra
By Kayode Sanni-Arewa
An angry mob has reportedly set ablaze two yet-to-be-identified revenue collectors of the Anambra State Government for causing a tipper driver to ram and kill a bystander at the Old Market Road along Venn Road by Egerton Bus Stop in Onitsha, Anambra State.
The incident, which occurred on Friday, caused confusion, thereby leading to gridlock in the area.
Eyewitnesses near the scene said the tipper driver lost control of the vehicle and rammed into the bystander as the revenue touts were dragging the steering of the vehicle with him.
According to sources, the revenue collectors were chasing the tipper driver over a payment they wanted him to make before he rammed into the man.
One of the sources said, “There was chaos in Onitsha as an angry mob set ablaze about two revenue touts, while four others were lucky as they managed to escape. The revenue collectors, numbering about six were chasing the tipper driver over a certain amount they asked him to pay.
“As they were chasing him, some of them were dragging the steering with him, but unfortunately, in the process, the tipper driver lost control and rammed into a passerby, killing him instantly.
“Immediately, the revenue collectors saw the damage they had caused; they tried to flee the scene, but the Onitsha mob got angry and descended on them, setting ablaze two of them instantly while four of them managed to escape.
“This is one death too many that has been going on in Anambra in the last two years. The person who the tipper driver rammed into was a known person. We cannot continue like this anymore. These revenue touts of the state government have killed more Ndi Anambra than non-state actors.”
Another source and a trader in the area also said, “Onitsha was hot this morning at Egerton by Old Market Road. Revenuemen were dragging steering with a tipper driver because he refused to bribe them, and in the process, the vehicle ran over an innocent man.
“Then, seeing the result of their stupid action, they tried to run away. But the angry people chased and caught two of them and set them on fire.”
The videos of the incident showing the burnt corpses of the revenue collectors have been making the rounds on social media to corroborate the story.
The Chairman of the association, Ebuka Unekwe, who also confirmed the development, lamented that the revenue collectors have been a pain on the neck of tipper drivers in the last two years.
When contacted on the development, on Saturday, the Anambra State Police Command’s spokesman, SP Tochukwu Ikenga, confirmed the development, saying the police have responded swiftly to bring the situation under control.
He said, “Anambra Police responded swiftly on the receipt of the fatal accident that happened within that area.
“We are already working with the relevant authorities to ascertain what happened and find an amicable solution to such, especially on future occurrences.
News
Igbos to boycott Arise TV over Abati’s uncouth statement
The Indigenous People of Biafra lawyer, Ifeanyi Ejiofor, has called on Ndigbo to boycott Arise TV until its anchor, Reuben Abati, tenders an unreserved apology.
The former Special Adviser on Media and Publicity to former President Goodluck Jonathan, Reuben Abati, recounted during a morning programme how a former minister could not buy land for his wife in Igbo land.
Abati’s statement that Ndigbo does not sell land to non-indigenes generated condemnation from the people of the South East region.
Most X users of Igbo extraction accused Abati of committing ethnic bigotry against the group.
In reaction on Friday, on his X handle, Ejiofor alleged that he had previously taken on the former presidential spokesman for his alleged anti-Igbo statement.
“When I confronted Abati frontally on a live television interview (TheMorningShow) a few years back about his deep-rooted hatred for Igbos and our struggle for freedom from enslavement within Nigeria’s political arrangement, I was fully seized of the disturbing facts of his ethnic bigotry. It is inborn in him; thank God he could not hide it any longer,” he narrated.
The IPOB lawyer demanded Arise TV’s owner, Nduka Obaigbena, mandate Abati to apologize to Ndigbo. He called on South East indigenes to boycott the station if Abati failed to tender a public apology.
“Reuben Abati must tender an unreserved public apology to Ndi Igbo, but if Nduka Obaigbena condones his anti-Igbo sentiment (Igbophobia), then, this should be a convenient point for Igbos to boycott, in its totality, the promoting of all programmes on Arise TV platforms,” Ejiofor stated.
News
Minimum Wage: Our deadline remains December 1 -NLC insists
The national leadership of the Nigeria Labour Congress (NLC) has insisted its December 1, 2024, deadline for state governors to implement the new minimum wage remains unshakeable.
The Labour Union who disclosed this in a statement issued by NLC’s Head of Protocol and Public Relations, Benson Upah warned that non-compliance with the directive will not be tolerated.
Ubah emphasized that the ultimatum remains unchanged, urging state governments to finalize agreements with labour unions before the deadline, noting that states like Sokoto, Zamfara, Taraba, and Plateau have taken significant steps to comply.
Explaining further, he stated that Sokoto has initiated wage adjustment proposals, while Taraba and Plateau recently approved an N70,000 minimum wage.
Similarly, Zamfara state has put in plans for implementation after verifying its workforce.
However, states such as Cross River, Osun, and Imo remain in negotiation or unresponsive.
This has raised concerns about meeting the deadline set by NLC.
The NLC and the Trade Union Congress (TUC) continue to monitor compliance across the nation, advocating for fair wages amidst rising inflation.
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