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

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
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
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.
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.
News
Just in: Senator Natasha tenders satirical ‘apology’ to Akpabio

In a move that has sent shockwaves through Nigeria’s political landscape, Senator Natasha Akpoti-Uduaghan (PDP, Kogi Central) has penned a biting, satirical letter of “apology” to Senate President Godswill Akpabio, laced with sarcasm and veiled criticism. The letter, which surfaced on social media on Sunday evening. The post read:
From the Desk of Senator Natasha Akpoti Uduaghan
Dear Distinguished Senate President Godswill Akpabio,
It is with the deepest sarcasm and utmost theatrical regret that I tender this apology for the grievous crime of possessing dignity and self-respect in your most exalted presence. I have reflected extensively on my unforgivable failure to recognize that legislative success in certain quarters is apparently not earned through merit, but through the ancient art of compliance — of the very personal kind.
How remiss of me not to understand that my refusal to indulge your… “requests” was not merely a personal choice, but a constitutional violation of the unwritten laws of certain men’s entitlement. Truly, I must apologize for prioritizing competence over capitulation, vision over vanity, and the people’s mandate over private dinners behind closed doors.
I now realize the catastrophic consequences of my actions: legislation delayed, tempers flared, and the tragic bruising of egos so large they require their own postcodes. For this disruption to the natural order of “quid pro quo,” I bow my head in fictional shame.
Please find it in your magnanimous heart — somewhere buried deep beneath layers of entitlement — to forgive this stubborn woman who mistakenly believed that her seat in the Senate was earned through elections, not erections.
I remain,
Yours in eternal resistance,
Senator Natasha H Akpoti Uduaghan
Unafraid, Unbought, and Unbroken
News
FG warns against growing threat of cyber-slavery in West Africa

The Ministry of Foreign Affairs on Sunday raised the alarm over the growing threat of cyber-slavery in West Africa, which is increasingly targeting vulnerable young Nigerians.
In a statement signed by Mr. Kimiebi Imomotimi Ebienfa, spokesperson for the ministry, it was revealed that many young Nigerians, including underage teenagers, are being lured out of the country with false promises of lucrative job opportunities abroad, especially in crypto-related operations.
The warning comes after the recent rescue of about 231 Nigerians who were forced into cybercrime activities in Accra, Ghana.
The victims were rescued and are currently in the custody of the Economic and Organised Crimes Office (EOCO) in Accra.
The government said, “In reality, these individuals are trafficked into sophisticated scam operations and enslaved to work in criminal “call centres” — often referred to as “419 cyber-scam factories.” There, they are forced under coercive and inhumane conditions to send thousands of fraudulent emails, text messages, and calls aimed at defrauding victims worldwide.
“This incident highlights the severe exploitation and abuse associated with cybercrime operations. It also underscores the need for enhanced efforts to combat such multibillion-dollar criminal networks and mitigate the susceptibility of victims.”
The Ministry therefore warned Nigerians, especially the youths and parents, to exercise utmost caution when presented with job offers, particularly those promising easy money, overseas travel, or remote work involving cryptocurrencies.
“Nigerians are therefore advised to verify all employment offers through official channels and report suspicious cases to relevant authorities for necessary investigation and action to curtail the activities of the perpetrators.
“The Ministry wishes to assure the general public that, as a precautionary measure to address this unfortunate situation, the Federal Government is working closely with regional partners, law enforcement agencies, and international organizations to tackle this heinous crime, rescue victims, and bring perpetrators to justice.
“The Ministry remains committed to protecting Nigerian citizens at home and abroad and will continue to raise awareness about emerging threats to the welfare and dignity of our people,” Ebienfa further stated.
News
Rivers pledges support for socio-economic progress, youth development

The Rivers State Government has reiterated its commitment to strategic partnerships and collaborations aimed at enhancing economic growth through sustainable investments.
Also, the state government pledged its continued support for initiatives that drive socio-economic progress and youth empowerment.
The Rivers State Administrator, Vice Admiral Ibok-Ete Ibas (retd.) stated this during a meeting with the leadership of the Unity Schools Old Students Association led by its President-General, Michael Ibrahim Magaji, at Government House, Port Harcourt, on Sunday.
This was contained in a statement issued by the Senior Special Adviser to the Sole Administrator, Hector Igbikiowubo, and sent to newsmen.
The visit followed the successful conclusion of the 3rd USOSA Sports Festival hosted in the State, an initiative designed to promote unity, cultural legacy, and societal impact.
Ibas commended USOSA for choosing Rivers State as the host of the event, describing it as a testament to the state’s peaceful and investment-friendly environment.
He emphasised that the government remains committed to fostering collaborations that stimulate economic benefits while advancing education and sports as key drivers of youth development and social cohesion.
The statement reads, “The Rivers State Government is open to partnerships and collaborations that enhance economic growth through enduring investments.
“We recognize that initiatives like the USOSA Sports Festival not only promote unity but also contribute to the socio-economic vitality of our State. We will continue to support such programs that harness youth potential, create opportunities, and reinforce our collective belief in a prosperous Nigeria.”
Ibas further highlighted the government’s prioritization of education and sports, noting their role in shaping a stable and progressive society.
He assured USOSA of the state’s willingness to consider interventions in unity schools within Rivers State, aligning with the administration’s broader agenda for human capital development.
In his remarks, USOSA President-General Michael Magaji expressed gratitude for the state’s hospitality and reiterated the association’s commitment to fostering national unity through education and sports.
He appealed for government support in rehabilitating facilities in unity schools across the state, a request the administrator pledged to review.
-
News17 hours ago
Gunmen abduct two senior LG workers, three others
-
News19 hours ago
NDLEA storms Lagos hotel, recovers N1.042billion illicit drug consignments(Photos)
-
News2 hours ago
Just in: Senator Natasha tenders satirical ‘apology’ to Akpabio
-
News19 hours ago
Army Chief condemns beating, harassing civilians in military uniform says, it’s wrong
-
News11 hours ago
Benue LG chairman gives Fulanis 48hrs to leave all farmlands
-
News16 hours ago
Francophone Ambassadors, Nigeria Unite To Fight Against Climate Change
-
News11 hours ago
Five suspected kidnappers eliminated by police in Delta
-
Sports19 hours ago
Copa del Rey: Barca pumel Real Madrid 3-2 to emerge winner