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SEE 100 Dollars To Naira Black Market Rate Today 26 March 2024
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100 dollars to naira black market rate today 26 March 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 100 dollars to naira black market today 26 March 2024? = ₦144,000
The local currency (abokiFx) opened at ₦1,440.00 per $1 at the parallel market otherwise known as the black market, today, so 100 dollars to naira black market today is ₦144,000.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate of $1 ₦1,430
Selling Rate of $1 ₦1,440
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.
NOTE! The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.
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Ramadan: Speaker Abbas Urges Muslims To Pray For Peace, Prosperity of Nigeria
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Just in: Ramadan begins today -Sultan declares
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Fasting in the month of Ramadan, which is the ninth of the 12 Islamic calendar year, begins today, Saturday March 1, 2025, the Sultan of Sokoto and Leader of Muslim Ummah of Nigeria, Alhaji Muhammad Sa’ad Abubakar, declared on Friday.
The Sultan explained that his declaration followed verified and authenticated reports from various Muslim leaders across the country, which he said had been accepted.
The Sultan said: “Today, Friday, 28th February, 2025, brings us to the end of Sha’ban. Reports of positive sighting of the new crescent of Ramadan were brought to us by various leaders across the country. We have verified and have authenticated such reports and have duly accepted such reports.
“Therefore, tomorrow, 1st March, 2025, makes it 1st Ramadan 1446 After Hijrah,” the Sultan said.
He, therefore, called on Muslims in the country to commence the fasting while also urging them to pray for leaders to enable them to lead the nation and its people well.
He seized the opportunity of the announcement to enjoin well-to-do Muslims to reach out and give to the less privileged or needy during the period.
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NAFDAC paints popular Indian company black over alleged sale of harmful
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The National Agency for Food and Drug Administration and Control (NAFDAC) says it has blacklisted Aveo Pharmaceuticals Pt Limited, an Indian company, over the illegal production and exportation of dangerous opioid combinations into West Africa, including Nigeria.
Opioids are a class of drugs that work in the brain to produce a variety of effects, including pain relief.
Opioid drugs include prescription pain medicine and illegal drugs.
In a statement on Friday, NAFDAC said investigations revealed that the company, managed by Vinod Sharma on the outskirts of Mumbai in India, is responsible for manufacturing and distributing Tafrodol and Royal 225 drugs containing a harmful mix of tapentadol and carisoprodol.
Tapentadol is a powerful opioid, and carisoprodol is a banned muscle relaxant.
The agency said the substances pose severe health risks such as respiratory failure, seizures, overdose, and death to users.
“A BBC World Service investigation exposed how packets of these drugs, branded with the Aveo Pharmaceuticals logo, have been found on the streets of Nigeria, Ghana, and Côte d’Ivoire,” the statement reads.
“Further evidence confirmed that Aveo Pharmaceuticals is also involved in the illegal exportation of high-dose tramadol above 100 mg, a strength not registered or approved by NAFDAC.
“Undercover footage captured Vinod Sharma admitting to the mass distribution of these opioids for abuse as street drugs across West Africa.
“Given the severity of these findings, NAFDAC has taken decisive action to blacklist Aveo Pharmaceuticals and block any future registration of its products in Nigeria.”
NAFDAC said it is committed to protecting public health by enforcing international best practices in pharmaceutical regulation, including stringent product registration, good manufacturing practice (GMP) inspections, post-marketing surveillance, and pre-shipment inspections for high-risk imports.
The agency said it has intensified enforcement operations against illicit pharmaceuticals in major drug distribution hubs across the country.
NAFDAC urged the public to avoid unregistered medicines and only use prescription drugs dispensed by licensed healthcare professionals.
“With continued vigilance and public support, NAFDAC will persist in its fight against the circulation of fake, substandard, and dangerous pharmaceuticals in Nigeria,” the agency said.
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