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100 Dollars To Naira Black Market Rate Today 28 March 2024

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By Kayode Sanni-Arewa

Read about 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

The local currency (abokiFx) opened at ₦1,280.00 per $1 at the parallel market otherwise known as the black market, today, so 100 dollars to naira black market today is ₦128,000.

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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Just in: Tinubu exposes those behind deadly stampedes

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President Bola Tinubu has accused organisers for the deadly stampedes that occurred during the distribution of relief materials in three states.

Recall in the past week, chaotic scenes in Ibadan, Anambra and Abuja led to the deaths of over 60 people, including children, as crowds scrambled for food items.

During a Presidential Media Chat on Monday, Tinubu described the events as a critical failure in planning and execution.

Condolences to those who lost a family member, but it is good to give. I have been giving out food stuff, commodities, etc. in Bourdillon.

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“I am an organized person and that’s why I have been giving people food for the past 25 years and no incident has happened.

“Let this tragedy not affect us”, the Nigerian leader said.

The president also said he has no plans to reduce his cabinet or sack more ministers.

For the controversial tax reform bills, he said it has come to stay.

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He also revealed he has no regrets removing fuel subsidy.

He declared utmost confidence in his security chiefs saying over the past decades, wanton killings has reduced drastically.

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Tinubu To Hold Maiden Presidential Media Chat Tonight

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President Bola Tinubu will hold first presidential chat since assuming office on Monday night.

Accoding to a statement released by presidential spokesperson, Bayo Onanuga, the chat will be broadcast at 9 p.m. on the stations of Nigerian Television Authority (NTA) and Federal Radio Corporation of Nigeria (FRCN).

All television and radio stations are requested to hook up to the broadcast.

“The first Presidential Media Chat with President Bola Ahmed Tinubu will be broadcast at 9 p.m. on Monday, December 23, on the Nigerian Television Authority and Federal Radio Corporation of Nigeria.

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“All television and radio stations are requested to hook up to the broadcast,” the statement.

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‘Putin waiting to meet me as soon as possible’ to end Ukraine war – Trump

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The US President-elect took to the stage AmFest in Phoenix to talk about his contact with the Russian leader.

He told the crowd: “President Putin has said he want to meet with me as soon as possible.”

Trump went on to brand the war “horrible” and stated it needed to end. It is not known whether or not this meeting will take place in person. His comments at the event in the US come as Putin met with another world leader.

Putin held talks in the Kremlin today (December 22) with Slovakia’s prime minister, Robert Fico, in a rare visit to Moscow by an EU leader since Russia’s all-out invasion of Ukraine in February 2022.

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Fico arrived in Russia on a “working visit” and met with Putin one-on-one. Kremlin spokesman Dmitry Peskov told Russia’s RIA agency that the talks would focus on “the international situation” and Russian natural gas deliveries.

Visits and phone calls from European leaders to Putin have been rare since Moscow sent troops into Ukraine, although Hungary’s PM Viktor Orban visited Russia in July. Orban’s visit drew condemnation from Kyiv and European leaders.Fico’s views on Russia’s war on Ukraine differ sharply from most other European leaders. The Slovakian PM returned to power last year after his leftist party Smer (Direction) won parliamentary elections on a pro-Russia and anti-American platform. Since then, he has ended his country’s military aid for Ukraine, hit out at EU sanctions on Russia, and vowed to block Ukraine from joining NATO.

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