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SEE Black-Market Dollar To Naira Exchange-Rate On June 2, 2024

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By Kayode Sanni-Arewa

Current Exchange Rates
As of June 1, 2024, the exchange rate for a dollar to naira at the Lagos Parallel Market (Black Market) is as follows:

Buying Rate: N1475 per USD

Selling Rate: N1481 per USD

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These rates have been sourced from Bureau De Change (BDC) operators.

Official Central Bank of Nigeria (CBN) Rates
The Central Bank of Nigeria (CBN) rates for the same day are slightly lower:

Buying Rate: N1474 per USD

Selling Rate: N1475 per USD

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It’s important to note that the CBN does not recognize the parallel market (black market). Individuals looking to engage in foreign exchange transactions are advised to approach their respective banks.

Market Implications and Recommendations

Nigerians are closely watching the potential implementation of a new exchange rate recommendation for customs import duties. The Presidential Committee on Fiscal Policy and Tax Reforms has suggested that the federal government adopt an exchange rate of ₦800 per dollar for customs import duties. This move aims to stabilize the volatile import costs, which have been a significant challenge for businesses due to fluctuating foreign exchange rates.

Benefits of a Fixed Exchange Rate for Customs Duties
Stabilized Import Costs: A fixed rate could provide predictability for businesses, aiding in effective financial planning and budgeting.
Lower Commodity Prices: By stabilizing import duty rates, the cost of imported goods could decrease, making essential items more affordable for consumers.
Economic Planning: The measure is expected to mitigate the impacts of inflation and rising prices, offering some relief to Nigerian consumers who have been grappling with economic challenges.

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The recommendation was discussed by the committee chairman, Taiwo Oyedele, who emphasized the detrimental effects of current FX market unpredictability on businesses and consumers alike. If adopted, this fixed exchange rate could significantly alleviate some of the financial burdens currently faced by importers and the broader Nigerian populace.

Conclusion

While the parallel market continues to operate at higher rates, the official stance and potential policy changes suggest efforts to stabilize and possibly reduce the financial strain on Nigerians. As the situation evolves, it is crucial for businesses and consumers to stay informed about both official and parallel market rates to make well-informed financial decisions.

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Just in: Gov Soludo reveals those behind kidnapping in SE, says it’s now a lucrative biz

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… better than oil and drug peddling

Governor Charles Soludo of Anambra State on Saturday disclosed that arrested Finland-based self-acclaimed Biafra agitator, Simon Ekpa “has continued kidnapping for ransom.

Soludo said kidnapping is currently a business that is more lucrative than drugs and oil.

The governor who spoke in Awka, the state capital, said before he became governor, eight local government areas in the state were being controlled by gunmen.

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Soludo also recalled how his father was kidnapped in 2009.

 

He said: “Kidnapping is not new, my father had been kidnapped as far back as 2009. GU Okeke, Pokobros and many others have fallen victim too.

 

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“Before I assumed office, about eight local government areas were being controlled by gunmen.

“They killed policemen and collected guns, attacked and burnt down police stations and went into the bush to label themselves liberators.

We came in and went to work and cleared them and we recovered the eight local government areas that were under siege. These gangs claim to be Biafra freedom fighters. IPOB has dissociated themselves from it, but one Simon Ekpa has continued kidnapping for ransom.

 

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“Kidnapping for ransom is now the most lucrative enterprise, even more lucrative than drugs and oil. For every one naira reported as payment for ransom, five to six naira was not reported.

 

“With a culture that celebrates wealth without craft, even the kidnappers amongst us are now celebrated. Idolatry which these criminals have converted to have become the fastest growing religion in the South-East. Nothing is sacred to them anymore.”

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Just in: Obi angry over exorbitant charges by POS operators despite hardship

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Ex-governor of Anambra State and presidential candidate of the Labour Party, LP, in the 2023 general election, Mr Peter Obi has protested the level of hardship faced by the poor in Nigeria.

The former governor spoke during a visit to the Archbishop Province on the Niger and Bishop of Awka Diocese of Church of Nigeria Anglican Communion, His Grace Alexander Ibezim.

He said: “The hardship in Nigeria is too much, how can the ordinary people survive. The woman who sells pepper by the road side has to pay huge charges to get her own money. How much is her profit margin and how much will remain after paying charges?

“No country is run like that. Don’t bother to interview me on that, I will write officially to the President on this and state all these things.

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“These (POS Charges) is too much, no country is run like this,” Obi told journalists who approached him to speak on the matter.

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Oborevwori expresses sadness over Edna Ibru’s passage

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Delta State Governor, Hon. Sheriff Oborevwori, has commiserated with the Ibru family of Agbarha-Otor in Ughelli North Local Government Area of the State on the death of their wife and mother, Mrs. Edna Ibru.

Mrs Ibru, who reportedly died after a brief illness, was the wife of late Olorogun Senator Felix Ovuodoroye Ibru, first Executive Governor of Delta State.

A former Miss Nigeria, Mrs Ibru in 1964, died in London after a brief illness on Wednesday.

In a statement by the Chief Press Secretary to the Governor, Sir Festus Ahon, the governor described the demise of Mrs Ibru as sad and painful, adding that she was a loving wife and mother who supported her husband and family in all his noble endeavours.

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He said, “On behalf of the government and people of Delta, I mourn the passing of a great woman of substance, a caring mother and loving wife, Mrs Edna Ibru.

“The news of her death came to me as a shock, especially now that the family members needed her motherly and wise counsel.

“She was a woman of faith who devoted her time in supporting her husband’s political career which culminated in his election as the first Executive Governor of Delta State.”

Oborevwori prayed to God to accept the soul of the deceased and grant fortitude to the family and friends she left to bear the loss.

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