News
100 Dollars To Naira Black Market Rate Today 28 March 2024
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
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
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.
News
Indian man wakes up on funeral pyre
An Indian man awoke on a funeral pyre moments before it was to be set on fire after a doctor skipped a postmortem, medical officials said Saturday.
Rohitash Kumar, 25, who had speaking and hearing difficulties, had fallen sick and was taken to a hospital in Jhunjhunu in the western state of Rajasthan on Thursday.
Indian media reported he had had an epileptic seizure, and a doctor declared him dead on arrival at the hospital.
But instead of the required postmortem to ascertain the cause of death, doctors sent him to the mortuary, and then to be burned according to Hindu rites.
Singh, chief medical officer of the hospital, told AFP that a doctor had “prepared the postmortem report without actually doing the postmortem, and the body was then sent for cremation”.
Singh said that “shortly before the pyre was to be lit, Rohitash’s body started movements”, adding that “he was alive and was breathing”.
Kumar was rushed to hospital for a second time, but was confirmed dead on Friday during treatment.
Authorities have suspended the services of three doctors and the police have launched an investigation.
AFP
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