Economy
Just in: Again, Naira nosedives against Dollar
The Naira’s woes against the US dollar continued as the currency lost a significant N160 in seven days at the foreign exchange market.
Mistila Dayyabu, a Bureau De Change operator in Wuse Zone 4, told DAILY POST that the Naira was sold at N1450 per Dollar on Friday compared to N1,290 the same day last week.
In the parallel market section, the Naira lost a whooping N160 weekly.
Similarly, FMDQ data showed that the Naira closed at N1466.31 per dollar on Friday compared to N1400.40 it traded last Friday.
This represents an N65.91 or N4.5 per cent Naira depreciation against the dollar weekly.
The development comes despite the daily turnover of dollars settling at $113 million on Friday from $84.38 the previous day.
After weeks of decline, Nigeria’s foreign reserve surged to $32.369 billion as of May 6, 2024.
Economy
SEE Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 29th December 2024
What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?
See the black market Dollar to Naira exchange rate for 28th December, below. You can swap your dollar for Naira at these rates.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1646 and sell at N1650 on Saturday 28th December 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1646
Selling Rate N1650
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Highest Rate N1550
Lowest Rate N1532
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Economy
Nigerian Government Spends N8.73 Billion on Airport Power Supply Amid Ongoing Electricity Issues
In 2024, the Nigerian government allocated a staggering N8.73 billion to maintain power at the country’s airports, with a significant portion directed to resolving electricity issues at the new international terminal of Abuja’s main airport. According to the latest BudgIT GovSpend report released on Wednesday, most of the expenditure went to J. Marine Logistics Ltd, a company contracted to supply power.
The payments to J. Marine Logistics Ltd were broken down as follows:
N5.67 billion for electricity supply between March and September 2023
N2.19 billion paid in May 2024 for power from October to December 2023
An additional N874.42 million on the same day
The persistent power shortages at Abuja’s airport have caused disruptions in critical services, including runway lights, baggage handling systems, and security equipment, particularly during peak travel times and at night.
Looking ahead to 2025, the Nigerian government has allocated N105.95 billion for the aviation sector, a substantial increase from the N63.32 billion spent in 2024. This new budget includes N5 billion earmarked for improving power supply at key airports, including those in Lagos and Abuja, as well as another N5 billion for developing aerospace facilities in the capital.
Aviation Minister Festus Keyamo highlighted in May 2024 that maintaining electricity at Lagos Airport alone costs the government N1 billion each month. He shared that the ministry is exploring alternative power sources, such as solar energy, in an effort to reduce reliance on expensive diesel power. “Lagos airport alone, I am told, we spend N1 billion monthly on electricity. That is still something I am trying to crack,” Keyamo said.
Economy
Imported food inflation hits 42% as FG’s duty waiver delays
Nigeria’s imported food inflation surged to 42.29 per cent in November 2024, according to the Consumer Price Index report released by the National Bureau of Statistics.
This represents a significant rise from 23.74 per cent recorded in November 2023, marking an 18.55 percentage point year-on-year increase.
On a month-on-month basis, the inflation rate increased from 40.96 per cent in October 2024, a 1.33 percentage point rise in just one month.
The data highlights the relentless upward trajectory of imported food inflation throughout 2024, which began at 26.29 per cent in January.
By October, the inflation rate had crossed the 40 per cent threshold, and November’s figure of 42.29 per cent is the highest recorded in the past two years.
This sharp rise has been attributed to multiple factors, including currency devaluation, global supply chain disruptions, and inefficiencies in domestic policies.
The Federal Government’s attempt to address the situation through a duty waiver on imported food has been fraught with delays.
In July 2024, the Federal Government announced a 150-day duty-free import window for food commodities as it stepped up efforts to tackle rising inflation, which had impoverished many Nigerians.
The commodities include maize, husked brown rice, wheat and cowpeas. Under this arrangement, imported food commodities will be subjected to a Recommended Retail Price.
It was designed to reduce import costs and make staple foods more affordable. However, the implementation has stalled due to bureaucratic delays.
The PUNCH earlier reported that the average price of imported high-quality rice has surged by 144.77 per cent year-on-year as the Federal Government delays implementing its duty-free food policy.
Since the announcement of the policy, the price of one kilogramme of imported rice has risen by 3.21 per cent, climbing from N2,329.05 in July to N2,403.86 in September.
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