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SEE 100 Dollars To Naira Black Market Rate Today 26 March 2024
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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Catholic Priest, Church Officials Arrested Over Christmas Giveaway Stampede In Abuja
The Federal Capital Territory (FCT) Police Command has arrested the parish priest and officials of the Holy Trinity Catholic Church in Abuja following a stampede that claimed at least 10 lives during a grocery distribution event on Saturday, December 22.
The tragedy occurred in the church’s car park when a crowd surge overwhelmed the distribution process. Witnesses said over 3,000 people, including residents from nearby settlements such as Mpape and Gishiri, gathered at the church as early as 4 a.m., hours before the event was scheduled to begin.
The arrests were confirmed on Wednesday, December 25, by the FCT Police Command spokesperson, Josephine Adeh, who attributed the fatalities to negligence by the event’s organisers.
“How can you organise an event of that magnitude without notifying the police? Ten lives, including children, were lost, and many others were injured. Doesn’t this warrant arrest?” Adeh said. She did not confirm if the parish priest was among those detained, stating that only individuals directly involved in organising the event were apprehended.
The Catholic Archbishop of Abuja Diocese, Ignatius Kaigama, condemned the arrests in a Christmas message titled “Christmas: A Season of Hope and Renewal.” He described the police action as “uninspiring, unfriendly, and a misplaced zeal.”
“It is, to say the least, counterproductive and lacking empathy. One wonders what purpose these arrests were meant to serve,” Kaigama said, urging authorities to assist the church in recovering from the trauma rather than threatening prosecution.
President Bola Tinubu also weighed in on the incident, blaming poor planning by organisers for the fatal stampedes in Abuja, Oyo, and Anambra, which collectively claimed over 60 lives. During a presidential media chat on Monday, he called the incidents “a grave error on the part of the organisers.”
Abdulrahman Mohammed, Acting Director of the FCT Emergency Management Department (FEMD), announced that all injured victims from the Abuja stampede have been discharged from the hospital.
In response to the tragedies, the FCT Police Command issued new guidelines for organisers of large gatherings to prevent a recurrence.
News
Fire guts shops in Onitsha on Christmas Day
An early morning fire on Wednesday gutted some shops near the General Post Office at Ibokwu Street, by Old Market Road, Onitsha, the commercial city of Anambra.
The inferno destroyed goods and property, including equipment worth millions of naira.
Chidimma Ike, a witness and a house owner in one of the affected houses, said the fire emanated from one of the shops.
She said that residents saw the thick flames as it spread to other shops before they mobilised alongside passersby to put off the fire and rescue goods in the shops.
Ms Ike said that in spite of several calls to the state fire service, no firefighter came to the scene, adding that residents and passersby battled to quench it and prevented it from escalating to other neighbouring structures.
According to her, “The fire started from one of the shops early this morning, as we suddenly observed thick smoke and before we knew what was going on, it started raging.
“Most of the traders and shop owners did not come for business today as they were at home for Christmas.
“As the fire raged, several calls were made to the fire service but it was residents and passersby who mobilised to rescue goods and battle the fire for several hours,” she said.
One of the affected shop owners, Chinedu Nnamdi, who is also resident in the area, said he saw smoke from far away and thought somebody was burning some waste because the shops were closed for the Christmas celebration.
Mr Nnamdi said he was not aware that the smoke was from the fire that engulfed their shops until he received a call from his neighbours on the incident.
The Anambra State fire chief, Chukwudi Chiketa, did not respond to calls as of the time of filing this report.
News
Driver loses control as bus runs into Christmas procession, injures 22
A Sharon 7-seater mini-bus lost control and crashed into a procession of Christians on their way to the Government House and the Emir of Gombe’s Palace for the traditional Christmas homage on Wednesday.
Although no lives were lost at the scene, several people sustained injuries and were rushed to various hospitals for immediate medical attention.
An eyewitness reported that the Christians had just concluded Christmas services at their respective churches in Tunfure and had gathered to begin the procession, singing praises and drumming in high spirits.
The eyewitness, who narrowly escaped the crash, narrated that the vehicle unexpectedly plowed into the crowd from behind.
Efforts to get an official statement from the Federal Road Safety Corps (FRSC) in Gombe were unsuccessful, as the Public Education and Enlightenment Officer, Janet Kassa, could not be reached, nor did she respond to messages sent via WhatsApp and SMS at the time of this report.
However, the Gombe State Police Command confirmed the incident, stating: “Today, Wednesday, 25th December 2024, at about 1400hrs, Christian faithful from the Tunfure community, while on procession escorted by teams of policemen along Bauchi Road, were on their way to the Emir’s Palace and Government House.”
According to the Police Public Relations Officer (PPRO), ASP Buhari Abdullahi, “A Sharon vehicle loaded with bags of rice, with registration number yet to be identified and driven by an unknown individual, lost control and crashed into the procession, injuring at least 22 people. Thankfully, no lives were lost.”
He added, “The victims were evacuated to the Federal Teaching Hospital (FTH) for medical attention.”
ASP Buhari also disclosed that the vehicle was set ablaze by an angry mob, while the driver fled to an unknown location. Efforts are ongoing to locate and arrest the driver for further investigation.
Combined teams of police officers, led by the Deputy Commissioner of Operations, along with the leadership of the Christian Association of Nigeria (CAN) in the state, are actively managing the situation to maintain calm.
The Gombe State Police Command urged residents to remain calm, as the Commissioner of Police, Hayatu Usman, has directed a thorough investigation into the unfortunate incident.
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