News

Black Market Dollar To Naira Exchange Rate Today Sunday 16 June 2024

Published

10 months ago

June 16, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

SEE Black Market Dollar To Naira Exchange Rate Today Sunday 16 June 2024 Can Be Accessed Below.

NOTE PL: The exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.

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 exchange rate today?

The local currency (abokiFx) opened at ₦1,550 per $1 at the parallel market otherwise known as the black market, today, Sunday, 16 June 2024, in Lagos Nigeria, after it closed at ₦1,530.00 per $1 on Saturday, 15 June 2024.

Dollar to Naira (USD to NGN)

Black Market

Exchange Rate Today

Buying Rate of $1 ₦1500

Selling Rate of $1 ₦1,550

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, 16 June 2024, is N1500 per US dollar.

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.

Disclaimer: The official NAFEX rates are obtained from the website of the FMDQOTC. Parallel market rates (black market rates) are obtained from various sources including online media outlets. The rates you buy or sell forex may be different from what is captured in this article.

News

Reps Tackle CBN, OAGF Over Missing Grants, Bailout Funds

Published

5 hours ago

April 17, 2025

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has commenced investigations into the utilisation of take-off grants, bailout funds, and interventions allocated to government institutions, from 2015 to present.

The Special Committee received submissions from the Central Bank of Nigeria (CBN), Office of the Accountant General of the Federation (OAGF), Economic and Financial Crimes Commission (EFCC) and Federal Ministry of Health, among others on Thursday.

Naijablitznews.com recalled on March 6, 2025, the Speaker Tajudeen Abbas, set up the special committee sequel to the adoption of a motion of urgent public importance, by the House Minority Leader, Rep. Kinglsey Chinda at plenary.

Rep. Chinda noted that over the years, various agencies and institutions, both old and newly created have received start-up funds and special financial support from the government to help with their initial operations and meet specific needs, including settling pending obligations.

He expressed concern that there have been ongoing reports pointing to the misuse or redirection of these funds, which may prevent them from being applied to the purposes for which they were originally intended.

According to him, such financial mishandling not only disrupts critical public services and projects but also results in major losses to the nation’s purse—resources that could have been channelled into crucial services and developmental efforts, as laid out in Section 14(2)(b) of the Constitution.

Speaker Abbas, thereafter setup a Special Committee to be chaired by Rep. Chinedu Martins to immediately launch a probe into the “Utilisation of take-off grants, bailout funds, and interventions allocated to MDAs, government institutions, and GOEs from 2015 to present.”

Standing in for the Governor of the Central Bank, the Acting Director of Development Finance, John Hammah, assured the committee of the bank’s willingness to collaborate fully in helping it achieve its objectives.

Hammah, said he was representing Olayemi Cardoso, who is currently out of the country, appealed to the committee for some time to gather and organise the relevant details needed for their ongoing work.

He said: “Mr Chairman and Honourable members, We got the invitation to appear before you yesterday and we hurriedly put this report together. We now understand the broad scope of your assignment and that you need accurate data covering the period 2015 to date. We plead with this committee to give us additional time to enable us to furnish you with to date report as requested”.

Following extended discussions, the Committee Chairman Chinedu Martins granted the Central Bank a two-week window, instructing that the CBN Governor must appear in person before the Committee on May 2, 2025.

In a similar move, representative of the Office of the Accountant General of the Federation, James Abalaka, was also given two weeks to return with a detailed breakdown of disbursements, and highlighting which agencies received funds and the exact timelines.

The Economic and Financial Crimes Commission (EFCC) was also in attendance, as the Commission’s Secretary, Muhammad Hammajoda, called on the Accountant General’s office to provide the EFCC with the necessary disbursement records related to the various MDAs.

“We want a formal report detailing the amounts and purpose of disbursement. This is the format we want the report to come from the secretariat. When we get these documents, we will sit down and analyse them”, he stated.

Speaking on behalf of the Minister of Health and Social Welfare, Prof. Ali Pate, Deputy Director Accounts, Olatunde Makinde, explained that the Ministry only received the Committee’s invitation earlier that Thursday.

To ensure accurate and complete information is provided, he requested additional time so the Ministry could gather the necessary documents before appearing.

“We don’t want to give you inaccurate information. We want to seek indulgence and understanding to give us time to reach out to the institutions under us and get an accurate view. There are many of them across the 36 states of the Federation,” he said.

Earlier, while declaring the investigation open the Speaker of the House of Representatives, represented by the House Leader, Rep. Julius Ihonvbere outlined the significance of the exercise.

He said: “The House has implicit confidence in the Committee’s capacity to conduct a thorough, impartial, and transparent investigation, engaging with relevant stakeholders, and gathering evidence to inform its findings.

“Our overall goal is to promote good governance, optimise public resource utilisation, enhance accountability in government business and equally strengthen our democracy.”

Also in his welcome address, the Committee Chairman, Rep. Martins reiterated that the purpose of the investigating hearing is to ensure that Nigerians get value for their money.

“It is imperative that we thoroughly investigate how these funds have been utilised, ensuring that every naira spent is accounted for and that it has truly benefited our citizens. Therefore, I would like to urge heads of agencies and organisations present today to provide truthful and accurate information to this committee in order to enable us to carry out our work.

“The hearing is not a witch-hunting exercise; rather, it is an opportunity for all stakeholders to come together in the spirit of cooperation. I assure all participants that we are committed to a fair hearing and respectful dialogue through this process,” he said.

News

Abuja light rail project must be commissioned on May 29-Wike vows

Published

6 hours ago

April 17, 2025

ADMIN

The FCT Minister, Mr. Nyesom Wike, expressed satisfaction with the progress on the Abuja light rail project, reaffirming its May 29 delivery as sacrosanct.

He made these assurances after inspecting the ongoing construction of access roads to the train stations on Wednesday, from Metro Train Station in the Central Area to Nnamdi Azikiwe International Airport, Abuja.

Reassuring journalists accompanying him, the minister reiterated that President Bola Tinubu would commission the rail project on May 29 to mark his second year in office.

The visited stations were Wupa station near Idu and Bassanjiwa station near the airport.

“This is part of our routine inspection of ongoing projects to see the contractors’ progress,” Wike explained.

“We are working day and night to fulfill our promise to President Tinubu and FCT residents. By May, Mr. President will ride on the Metro line.”

News

Just in: Alleged Herdsmen Armed With AK-47 Rifles Take Over Communities In Benue State

Published

6 hours ago

April 17, 2025

ADMIN

Gunmen suspected to be Fulani herdsmen are currently invading some communities in the Ukum Local Government Area of Benue State.

According to sources, the herdsmen armed with AK-47 rifles stormed the community around 04:15pm on Thursday.

“Our lives are in danger this evening, armed Fulani herdsmen, about 600 in numbers have taken over our communities this evening,” a resident told SaharaReporters.

“They’re currently moving around towns in Ukum Local Government Area of Benue state. No security personnel at all, Governor Alia didn’t send security, they said operation will start soon once they (herders) have observed the place.”

The insecurity situation in Benue has been alarming in recent weeks with attacks from gunmen suspected to be herdsmen.

The media had reported that suspected herdsmen again unleashed terror in Benue State, attacking three communities in Otukpo Local Government Area (LGA) on Wednesday, just a day after 11 people were killed in a deadly raid on Otobi community.

The latest victims of the escalating violence were Emichi, Odudaje, and Okpamaju, communities that had previously suffered an attack in February, which left five people dead.

However, the renewed attack has created fear and mass displacement among residents, with women and children fleeing to safety.

Local sources say the death toll from the fresh attack remains unclear, but several casualties are feared.