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SEE Dollar to Naira Exchange Rate (Black Market) –Today 24th June 2024

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By Kayode Sanni-Arewa

Explore the current black market dollar to naira exchange rate today. Learn about the benefits of using the black market for currency exchange and the economic impact of exchange rate fluctuations on Nigeria’s economy

As reported by Bureau De Change (BDC), here are the latest black market dollar to naira exchange rates:

Exchange Rate Rate (Naira)

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Buying Rate N1495

Selling Rate N1500

These rates indicate the prevailing prices for buying and selling US dollars in the Lagos Parallel Market, commonly known as the black market or parallel market.

*Understanding the Exchange Rates:*

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*Buying Rate:* Individuals purchasing dollars pay N1495 Naira for each US dollar exchanged.

*Selling Rate:* Sellers receive N1500 Naira for every US dollar sold.

*Benefits of Using the Black Market for Currency Exchange:*

The black market offers several advantages, including:

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*Accessibility* : It provides liquidity for foreign currency when official channels may have limitations.

*Flexibility* : Transactions can often be conducted quickly and in smaller denominations compared to official banking channels.

*Hedging:* Businesses and individuals can hedge against fluctuations in official exchange rates.

*Impact on the Nigerian Economy:*

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The current exchange rate dynamics play a crucial role in Nigeria’s economic landscape:

*Inflation* : A weaker Naira, as indicated by higher black market rates, can contribute to inflationary pressures by increasing the cost of imported goods and services.

*Investor Confidence* : Exchange rate stability is essential for attracting foreign direct investment (FDI) and maintaining investor confidence in Nigeria’s economy.

*Recent Economic Developments:*

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President Bola Tinubu recently received a symbolic gold bar from Minister of Solid Minerals Development, Dele Alake. This initiative aims to bolster Nigeria’s foreign reserves and strengthen the Naira. The gold, sourced from artisanal and small-scale miners and refined to meet international standards, underscores efforts to utilize Nigeria’s mineral resources for economic growth.

Dele Alake highlighted that initiatives like the National Gold Purchase program will enhance reserves and bolster the Naira’s standing in global markets.

*Conclusion:*

Today’s *black market dollar to naira exchange rates* and recent economic developments illustrate ongoing strategies to fortify Nigeria’s economic resilience. While the black market provides flexibility in currency exchange, official channels through authorized banks are recommended for stability and transparency.

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This detailed overview provides clarity on current exchange rates, benefits of the black market for currency exchange, and broader economic impacts, supporting Nigeria’s economic stability and growth aspirations.

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Sad! Train Crushes Man To D3ath In Oshodi, Lagos

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By Kayode Sanni-Arewa

There was confusion in Lagos on Friday when a trader was crushed by a Lagos-Ibadan train around Oshodi, Lagos.

The incident happened around 2pm with sympathisers and passers-by thronging the area.

Eyewitnesses said the trader was crushed to death in front of Arena Shopping Complex, Oshodi.

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The middle-aged man was said to be urinating while standing in the middle of the rail tracks, with his two ears covered with an earpiece.

A witness told out reporter that despite the heavy horn of the train and passers-by shouting to warn the man, he did not hear the alarm.

Sympathetic passers-by who gathered around the dead body said the man killed himself.

Another witness identified the dead man as a trader who owned a shop at a shopping complex called Moyosore.

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He said the deceased was chatting with three other persons who heard the honking of the train and ran away from the tracks.

The deceased’s body was still lying on the ground in front of his closed shop while efforts were made to reach his family. Sources said the Police was quickly called upon to evacuate the corpse.

Cases of train crushing people to death have become a recurring incident due to high prevalence of human activities on the railway corridors within the Lagos axis.

In areas like Agbado, Agege, Ikeja, Oshodi, traders often display their wares on the rail tracks while quickly packing the wares as soon as a train approaches, thereby endangering their lives.

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A source in the Nigerian Railway Corporation (NRC) who confirmed the train accident to our correspondent, said the identity of the victim had not yet been figured out.

The Public Relations Officer (PPRO) of the Lagos Police Command, Ben Hundeyin, was yet to respond to our correspondent’s enquiry on the incident as at press time.

Nigerian Tribune

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Police declare Ex-President Jonathan’s aide , Reno Omokri wanted

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By Kayode Sanni-Arewa

Reno Omokri, a former Special Assistant to former President Goodluck Jonathan on New Media, has been declared wanted by the Nigeria Police Force (NPF).

His offence: he allegedly defamed Pastor Paul Enenche.

The NPF secured an order from the Chief Magistrate Court of the Federal Capital Territory (FCT), Wuse Zone 6, Abuja to remand him in prison custody along with a former Dunamis Church Pastor, Abraham Daniel, and two others, Enenche Peter and Alexander Enenche.

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The court, presided over by Chief Emmanuel A. Iyanna, issued the remand warrant through an ex-parte motion filed by the Inspector General of Police (IGP), Kayode Egbetokun, on January 13, 2025.

Granting the ex-parte application filed by Francis Gabriel, Esq on behalf of the Police Chief, in Motion No: ME/07/2025 between the Inspector General of Police as Applicant and Daniel Abraham, Enenche Idoga Alexander, Oboyinlo Enenche Peter and Reno Omokri as 1st to 4th Respondents, the Chief Magistrate directed the Police to produce the respondents on return Court date on January 30.

Iyanna held: “Upon hearing the application and submissions of learned Francis Gabriel and upon careful consideration of the averments, the annextures and issues as raised in the submissions of the applicant, the application is hereby granted as prayed.

“It is hereby ordered as follows: An Order of this Honourable Court for remand warrant of the Respondents (i) MR. DANIEL ABRAHAM (ii) MR. ENENCHE IDOGA ALEXANDER (iii) OBOYINLO ENENCHE PETER and (iv) MR. RENO OMOKRI in the custody of the Nigeria Correctional Service, pending investigation, arraignment/prosecution.

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“It is, hereby, ordered that the Respondents be arraigned before a Court of competent jurisdiction after the conclusion of the said investigation.

“On the return date, the Respondents should be produced.

“The matter is adjourned to 30th Day of January, 2025.”

The remand warrant was predicated on a petition to the IGP by Patrick O. Okolo, SAN against Mr Reno Omokri, Gistlover Blog, Aunty Adul, Peter Obonyiro, Kelechi TV and their agents and co-conspirators for alleged defamation of Pastor Paul Enenche.

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Reps Urges Clear Labeling of GMO Products, Demand More Research

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By Gloria Ikibah

The House of Representatives has called on the National Biotechnology Development Agency (NABDA) to ensure the clear labeling of all Genetically Modified Organism (GMO) products in accordance with global standards.

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This House Committee on Science and Technology gave the resolution during a budget defense session, with the Director General, Prof. Abdullahi Mustapha on Thursday in Abuja.

The committee cited the widespread of GMO use in the United States, particularly in maize.

However, committee member Rep. Awaji-Inombek Abiante emphasised the need for transparent labeling, highlighting that Nigerians should have the choice to make informed decisions about the food they consume. He questioned the adequacy of research on GMO products, particularly Tela Maize, before their adaptation in the country.

In addition, Prof. Mustapha presented NABDA’s proposed budget of N5.3 billion for the 2025 fiscal year, which includes N834.4 million for overhead costs and N14.5 million for personnel costs.

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Naijablitznews.com reports that the agency employs around 4,000 staff across its 39 centers nationwide. Other agencies, including the Trypanosomiasis Research Institute, PRODA, NBTI, and NOTAP, also submitted their budgets to the committee.

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