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SEE Black Market Dollar To Naira Exchange Rate Today 27 April 2024

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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.

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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.

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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.

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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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FG announces April deadline for completion of East-West Road

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The Federal Government has directed the contractor handling the Eleme section of the East-West Road to expedite drainage work to meet the April deadline for completion.

The Minister of Works, David Umahi, issued the directive during an inspection of the ongoing 15km road upgrade from Eleme Junction to Onne in Eleme Local Government Area of Rivers State.

While commending Reynolds Construction Company Nigeria Limited for the quality of work done, Umahi insisted that the drainage must be prioritised to ensure timely completion.

“RCC has done very well. The work completed in the past two months is more than what was done since the project started. However, the project slowed down significantly when the site manager went on leave. I’m happy to see him back and satisfied with the quality of work RCC is delivering,” Umahi stated.

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He emphasised the need to test existing road shoulders before excavation, warning against unnecessary digging for financial gains.

“The existing shoulder has to be tested throughout. I don’t want them digging up areas filled with sharp sand and stone base just to increase costs. If they don’t test it and request approval for any section they dig, they won’t get paid,” he warned.

Umahi also observed that drainage construction had either stopped or slowed significantly, urging the contractor to redesign and precast drainage systems for quicker installation, even during the rainy season.

“I’m happy with the project’s progress, and I believe they will complete the carriageway by the end of April. However, if drainage work is not completed, the project remains unfinished. They must accelerate drainage work to ensure we clear this carriageway by April,” he stated.

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The minister further directed that any section of the road that has remained untouched for 21 days after concrete casting should be opened to commuters to ease traffic congestion.

“Anywhere that has stayed 21 days since concrete was cast should be opened to road users, starting today. This concrete technology will ensure the road lasts between 50 and 100 years without maintenance or reconstruction. It is a signature project of President Bola Tinubu,” he added.

Umahi also inspected the rehabilitation of the Enugu-Port Harcourt dual carriageway, Section IV (Aba–Port Harcourt), which is being handled by the Chinese Construction Engineering Company.

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Reasons behind extreme heat conditions in FCT, Niger, Kogi – NiMet

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The Nigerian Meteorological Agency (NiMet) has given reasons for the high temperatures residents of the Federal Capital Territory (FCT), Niger, Kogi and few other states are currently experiencing.

The current maximum temperature in the listed states is 40°C and the minimum is 23°C.

The Seasonal Climate Prediction (SCP) released last month by the agency shows that most of the northern and central states would record day-time temperatures ranging between 37°C and 40°C, while parts of Kano, Kaduna, Bauchi, and Plateau states in the North as well as Oyo, Osun, Ogun, Ekiti, Edo, Enugu, Anambra, Ebonyi, Imo, Abia, part of Cross River and Delta states in the South are expected to record temperatures ranging between 34°C and 37°C this month.

The agency attributed the high temperatures to climate change and advised Nigerians to embrace a lifestyle switch.

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Residents of the states experiencing high temperatures are advised to avoid exposure to direct sunlight between noon and 3 p.m.

There are also indications that this year may be hotter than last year, which was described as the hottest year.

NiMet’s Director of Weather Services, Prof. Vincent Weli, announced this while speaking on phone with The Nation yesterday. He said: “Everything is embedded in the climate change theory. Every experience we are having now is a result of climate change. The hotness, in general, is because of climate change.

“Abuja, Lokoja, and Minna are located within the same ecological zone and these towns share the same weather pattern. Whatever happens to Lokoja will affect Minna and Abuja because they are in the same route of the flow of wind and also lie within the same climatic zone. Also, these towns have the same vegetation pattern.

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“So, since they are within the same climatic belt, everything that affects Minna and the FCT will affect Lokoja accordingly. The heat is affecting everywhere, not just these towns mentioned. We said last year was the hottest in the history of the earth but this year already is trying to beat it to become the hottest.

“So, as the year increases, it’s obvious that we are going to have higher temperatures. I don’t know where we are headed with this trend, but something needs to be done to reverse the trend.”

To make the best of the situation, Prof. Weli said: “What can reverse the trend is for us to encourage every activity of man that will reduce the emission of carbon dioxide into the atmosphere, such as the use of electric cars, solar power and planting of trees.

“These will be other sources of energy other than the use of diesel and petrol and other hydrocarbon compounds that we use as sources of power. Also, we should plant more trees to reduce carbon dioxide in the atmosphere. The more we plant trees, the more we reduce carbon dioxide in the atmosphere and the more we increase the oxygen.”

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The NiMet director urged residents of the affected states with high temperatures to take necessary action to overcome the hot weather.

He said: “In order not to experience what we call heat stroke, people should drink more water often, keep themselves off the direct impact of sunlight between 12 p.m (noon) and 3 p.m. If people do not expose their bodies to the direct impact of sunlight, it will reduce water loss from the system.

“So, people should drink more water than necessary. Otherwise, their systems will be dehydrated, and that will cause secondary health issues.”

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JAMB begins sales of  2025 direct entry forms March 12

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Registration for this year’s Direct Entry (DE) form will begin tomorrow, the Joint Admissions and Matriculation Board (JAMB) has said.

The board said the registration process is crucial for those who possess degrees, diplomas, or A-Level certificates and wish to advance their education at their preferred universities.

JAMB’s Public Communications Advisor, Dr. Fabian Benjamin, announced this in a statement yesterday in Abuja.

The statement said the announcement for the commencement of the DE sales followed the successful conclusion of the Unified Tertiary Matriculation Examination (UTME) application sales, which ended on Saturday, March 8.

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“During this period, JAMB recorded a total of 2,030,627 registrations for the 2025 UTME, along with 200,115 for the Mock-UTME and 630 applications for the trial mock,” the statement said.

It added: “JAMB has emphasised the importance of adhering to all entry requirements, warning that serious penalties will be imposed on applications containing false declarations. A special committee will verify all submitted Advanced A-Level Qualifications, and any fraudulent results will lead to prosecution. Additionally, institutions are encouraged to directly verify certificates before considering admissions.

“Registration can only be done at JAMB Professional Registration Centres (PRC).”

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