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SEE Black Market Exchange Rate For Dollar To Naira Today: April 26th, 2024

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SEE Black Market Exchange Rate For Dollar To Naira Today: April 26th, 2024

In the quest for the latest updates on the Dollar to Naira exchange rate, seekers often turn their attention to the black market, also known as the parallel market. But what’s the story for today, April 26th, 2024?

For those curious about the current dollar to naira exchange rate in the black market, commonly referred to as “Aboki fx,” here’s the scoop. Take a look at the black market Dollar to Naira exchange rate for April 25th:

How Much is a Dollar to Naira Today in the Black Market? Diving into specifics, at the Lagos Parallel Market (Black Market), players purchased a dollar for N1380 and sold it at N1420 on Thursday, April 25th, 2024, as confirmed by sources at the Bureau De Change (BDC).

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It’s essential to remember that while the black market remains a significant player in currency exchange, the Central Bank of Nigeria (CBN) does not officially recognize it. Instead, the CBN directs individuals seeking forex transactions to approach their respective banks.

 

Current Black Market Exchange Rates:

Buying Rate: N1380
Selling Rate: N1420
Meanwhile, it’s worth noting the CBN’s rates for comparison:

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CBN Buying Rate: N1329
CBN Selling Rate: N1330
Be mindful that the rates for buying or selling forex can fluctuate, so the figures presented here might not precisely reflect the current market rates.

In another development, the CBN has initiated the sale of fresh dollars to Bureau De Change (BDC) operators at ₦1,021/$1. This marks the second sale this month and the fourth this year, emphasizing the CBN’s efforts to address retail-end market needs, such as travel allowances, tuition fees, and medical payments.

Under this policy, eligible BDCs can access a total of $10,000 each, ensuring a maximum markup of 1.5% over the buying price. This measure aims to prevent price gouging and ensure that consumers reap the benefits of the discounted rate for their personal forex transactions.

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TRENDING VIDEO: At midnight, work still ongoing in FCT, Wike fast transforming the narrative of governance

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Action packed FCT minister, Nyesom Wike is fast transforming the narrative of governance as captured in a trending video online.

In the video, work was still ongoing at 12midnight to meet up with the FCT Minister’s deadline.

Recall Wike was dubbed Mr Projects because of the massive projects he embarked upon in his home state, Rivers State.

He bagged the award of the most consistent governor in projects facilitation across Nigeria and earned himself an award as Mr Projects of Nigeria.

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Wike is fast transforming the capital city into a haven of modern day road networks like we have in civilsed climes.

He has even embarked on projects in no go areas of Abuja Satellite towns like Bwari, Karishi, Kubwa and others.

In the video comedian Gana aptly captured men and foreigners working in one of the major roads in Abuja.

The comedian explained in pidgin English that “see pipu dey work by 12midnight till early hours of the day.

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“Na so e suppose be as dem dey do for abroad wia pipu dey work for night to avoid traffic.

“Leader na leader any day anytime who say Wike no de work make una come see follow mi.

In the video caterpillars and other heavy equipment were sighted working.

On assumption last year, within 100 days in office Wike turned major areas of Abuja city into a massive construction yard.

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From Asokoro to Maitama, Zone E, Kado and hinterlands have one project or the other ongoing and some wrapped up.

Watch video below:

 

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Nigerian government secures €300m development finance deal with France

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The Nigerian government has announced that it has secured a €300 million worth of development financing partnership with the French government.

Nigeria’s Ministry of Finance disclosed in a statement on Friday through its official X account.

According to the statement, the Minister of Finance, Wale Edun, led the Nigerian government to the partnership with the French government.

The ministry noted that the partnership will strengthen key sectors of Nigeria’s economy and drive sustainable development, including healthcare, transportation, agricultural value chains, and renewable energy.

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“The Letter of Intent [was] co-signed by Mr. Edun and France’s Minister of Economy, Finance, and Industry, Mr. Antoine Armand.”

In Edun’s remarks, he said: “This partnership goes beyond financial support. It is about building robust, sustainable systems that foster development and empower Nigerians. It reflects the confidence of international partners in the progress of Nigeria’s economic reforms.”

President Bola Ahmed Tinubu and his wife, Remi, are in France for an official state visit.

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P’Harcourt refinery halts operations, loading bay empty

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The fanfare that greeted the resumption of activities at the Port Harcourt Refining Company on Tuesday may have melted away leaving the hope and expectations of many Nigerians hanging.

A visit by Saturday PUNCH to the refinery on Friday revealed that there was no activity on site, as some workers met by our correspondent claimed that the refinery was undergoing calibration which might last till next week.

The Port Harcourt Refinery has faced numerous delays and missed deadlines to resume operations.

However, the Group Chief Executive Officer of the Nigeria National Petroleum Company Limited, Melee Kyari, inaugurated the new plant at the Area 5 terminal of the refinery on Tuesday. It was claimed that 200 petrol trucks were loading daily from the plant.

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However, the announcement was met with skepticism as reports circulated that the trucks were loaded with old products in the storage tanks.

Upon visiting the Port Harcourt Refinery Area 5, our correspondent observed no signs of activity.

An official, who spoke on condition of anonymity, revealed that the loaded trucks contained “dead stock”.

He said, “Before the refinery was shut down between 2015/2016, we had dead stock left in the tank, including some Premium Motor Spirit (petrol) DPK (kerosene), and Automated Gas Oil (diesel).

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“So, these products were in large quantities in stores in those tanks. During the rehabilitation of the Port Harcourt Refinery, Old Area 5, those products were evacuated from the tanks for storage.”

However, he noted that the large quantity of refined petrol was “off-spec,” requiring separation from water to obtain the main product in preferred colours.

“But for DPK, it is in large quantity but they have not pushed it from the tank where it was kept after refined ready for commercial purposes.

“So, the product that was loaded was dead stock, that is the old product that was in the system. So, after these dead stocks, they will have to clean the tank, remove all the debris before pumping the new project into that tank, and redye it,” the source said.

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The worker highlighted that refineries worldwide should operate electronically, not manually.

“But what they are trying to do at the Port Harcourt Refinery is manual, which cannot match the new digital pumps. Most of the pumps used for the event were refurbished,” he added.

He explained that during Kyari’s visit on Tuesday, seven trucks were prepared for loading, but only five were filled with petrol.

The Chairman of the Independent Petroleum Marketers Association of Nigeria, Taken Ikpaki, while speaking to journalists during the inauguration of the facility on Tuesday, had expressed optimism.

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He stated that more trucks were expected to come into the facility to load products in the coming days.

But rather than more trucks coming into the refinery, the number of trucks has dwindled.

Around 1.30pm when our correspondent visited, he observed that most workers and drivers appeared idle as no machinery was operational.

Nine trucks were seen parked, but the loading bay, numbered from one to 18, was empty and deserted, with some workers lying down.

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When asked about the lack of loading activity, a worker in overalls said, “They are de-watering, removing the water under the PMS. Maybe there will be loading after that, but we don’t know what time today.”

Another worker at the loading bay mentioned that ongoing calibration was the reason for the delay.

“They are calibrating the meters,” he said tersely.

Findings by Saturday PUNCH showed that the PMS left in the storage might not be enough to fill five trucks.

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A source indicated that calibration would continue until Monday, with the loading of DPK (kerosene) and AGO (diesel) expected to start by then.

Speaking to our correspondent, a resident of Alode in Eleme Local Government Area of Rivers State, who simply identified himself as Osaro, said, “After that ceremony with Mele Kyari where they said the refinery had started operation and loading was taking place, what happened afterwards? They continued loading on air, that is on the pages of newspapers and social media.”

When contacted for his reaction on the lack of activities on Friday, the National Public Relations Officer of the Petroleum Product Retail Outlet Owners Association of Nigeria, Dr Joseph Obelle, said it was as a result of ongoing calibration.

Obelle, the PETROAN spokesman, said, “They are calibrating the loading pumps. They will be done today.”

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Meanwhile, it was gathered that the Senate Committee on Petroleum visited the refinery on Thursday on a facility tour. The outcome of the visit had yet to be made public.

Calls and text messages to the spokesperson for the NNPC, Olufemi Soneye, were not replied as of the time of filing this report.

But the NNPC had in a statement denied claims by an Alesa community leader, Timothy Mgbere, that the Port Harcourt refinery was not producing fuel.

Soneye accused Mgbere of crass ignorance of how a refinery runs.

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He said, “The old and new Port Harcourt refineries have since been integrated with one single terminal for product load-out. They share common utilities like power and storage tanks. This means that storage tanks and loading gantry which he claimed belongs to the new Port-Harcourt Refinery can also receive products from the Old Port Harcourt Refinery.”

He called on the public to disregard claims borne out of “sheer mischief and blatant display of ignorance.”

Credit: PUNCH

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