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SEE Black Market Dollar To Naira Exchange Rate Today 27 April 2024
SEE Black Market Dollar To Naira Exchange Rate Today 27 April 2024
What is the dollar to naira black market exchange rate? See the black market dollar to naira exchange rate today below. You can swap your dollar for naira at these rates.
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.
What is the dollar to naira black market exchange rate?
The local currency (abokiFx) opened at ₦1,400.00 per $1 at the parallel market otherwise known as the black market, today, Saturday, 27 April 2024, in Lagos Nigeria, after it closed at ₦1,420.00 per $1 on Friday, 26 April 2024.
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,380
Selling Rate ₦1,400
How does the black market dollar-to-naira exchange rate compare to the official rate?
The official exchange rate of the US dollar to the Nigerian naira, as of today, 27 April 2024, is ₦ 1,165 per US dollar.
Date Currency Buying(NGN) Central(NGN) Selling(NGN)
4/25/2024 US DOLLAR 1164.343 1164.843 1165.343
4/25/2024 POUNDS STERLING 1451.8193 1452.4427 1453.0662
4/25/2024 EURO 1245.9634 1246.4985 1247.0335
4/25/2024 SWISS FRANC 1272.2279 1272.7743 1273.3206
4/25/2024 YEN 7.48 7.4833 7.4865
4/25/2024 CFA 2.0612 2.0712 2.0812
4/25/2024 RIYAL 310.4335 310.5668 310.7001
4/25/2024 DANISH KRONA 167.0339 167.1056 167.1773
4/25/2024 SDR 1532.6247 1533.2828 1533.941
4/25/2024 YUAN/RENMINBI 160.6744 160.7434 160.8124
This is the rate that the CBN uses for its transactions and interventions in the foreign exchange market. The official rate is also the basis for the exchange rates of other foreign currencies, such as the euro, the pound sterling, and the Chinese yuan.
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.
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Air Force Begins Moving Electoral Materials For Edo Guber Election
By Kayode Sanni-Arewa
The Nigerian Air Force (NAF) has began airlifting the sensitive election materials for the Independent National Electoral Commission (INEC) to Benin, Edo State, ahead of the upcoming governorship election scheduled for September 21, 2024.
This was disclosed on Wednesday by the Deputy Director, Public Relations and Information, Group Captain Kabiru Ali.
The operation is part of the NAF’s efforts to ensure the timely and secure delivery of materials necessary for a smooth electoral process.
This development reinforces the collaboration between NAF and INEC to facilitate logistics and ensure a peaceful election in Edo State.
The Chief of the Air Staff, Air Marshal Hasan Bala Abubakar, had previously reiterated NAF’s commitment to providing airlift support for the swift movement of electoral materials during a meeting with INEC Chairman, Professor Mahmood Yakubu.
This airlift operation is a crucial aspect of NAF’s constitutional responsibility to provide Military Aid to Civil Authority, underscoring the force’s dedication to supporting democratic processes in Nigeria. With the election just days away, the NAF’s timely intervention will help ensure the successful conduct of the governorship elections in Edo State.
Governor Godwin Obaseki of Edo State had earlier accused the Inspector General of Police, Kayode Egbetokun, of working with the All Progressives Congress (APC) to hunt the Peoples Democratic Party (PDP) members and supporters in the state and force them into hiding ahead of September 21 governorship election.
Obaseki, who made the allegation when a delegation led by the former Head of State, Abdusalam Abubakar, met with him to get the governor and his party to sign peace accord, said that the IGP had made nonsense of his (Obaseki’s) role as the chief security officer of the state.
The governor had said that the police chief obtained a warrant to arrest 60 members and supporters of PDP in Edo and that the IGP sent an armed “gang” of policemen who invaded the state, attacked PDP members, shot at a local government chairman and arrested 10 persons who are currently being detained in Abuja without charges.
Asked by the former head of state if his party would sign the peace accord, Obaseki said, “The person who is supposed to enforce the peace accord is now an active participant in creating a destructive environment.
“We are now in a situation where from the Inspector General’s office, there are armed gang policemen who came into Edo State, invaded, arrested and took away PDP members.
News
“Dancing gives me abundant joy and peace of mind”-Gov Adeleke
By Kayode Sanni-Arewa
The Governor of Osun State, Ademola Adeleke, has given reasons why he loves dancing.
The ‘Dancing Governor’, as he is fondly called, revealed this on Wednesday while responding to a tweet on X.
An X user, @Iwogoke, while praising the governor, stated that Adeleke has been busy fulfilling his electoral promises to the people of Osun State, while his political opponents believe he is only good at dancing.
Iwogoke tweeted, “I’m not flattering you, Your Excellency, your opponents think you can only dance but while they are busy shouting and calling you ‘Dancing Governor’, you are busy fulfilling your electoral promises to the people.”
Responding to the tweet via his verified X account, Adeleke explained that he loves dancing because it brings him joy.
Speaking further on his love for dancing, Adeleke highlighted that while dancing brings him immense happiness, his greater fulfilment comes from delivering the dividends of democracy to the people of Osun.
Outlining his administration’s efforts to enhance the state’s infrastructure, he noted that primary health centre rehabilitation is underway in at least 200 out of the 332 wards across Osun State, adding that road construction projects are also progressing in every local government area.
He wrote, “Dancing gives me joy, but delivering on my electoral promises and providing the dividends of democracy to the good people of Osun gives me even greater joy. Rehabilitation of primary health centers is ongoing in at least 200 out of 332 wards, and road construction is progressing in every Local Government!”
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