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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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Pope Francis finally laid to rest

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Pope Francis was buried inside his favourite Rome church after a funeral mass in St Peter’s Square, the Vatican said on Saturday.

Francis who died on Monday aged 88, was laid to rest during a 30-minute ceremony which started at 1:00 pm (1100 GMT) at the Santa Maria Maggiore basilica in the Italian capital.

Footage shared by the Holy See showed cardinals marking his wooden and zinc coffin with red wax seals.

Cardinal Kevin Farrell, who as camerlengo is running the Vatican’s day-to-day affairs until a new pope is elected, sprinkled it with holy water after it was lowered into a tomb set inside an alcove.

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A reproduction of the pectoral cross worn by Francis during his lifetime hung above it.

Francis had asked that the tomb, located near the altar of Saint Francis, be simple and unadorned, reflecting the humble spirit of his papacy.

The tombstone bears only the inscription “Franciscus” — the pope’s name in Latin.

Its marble is sourced from Liguria, the northwestern Italian region once home to the Argentine pontiff’s Italian ancestors.

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Francis, born Jorge Bergoglio, had specified in his will the exact spot he wanted to be buried, in the side nave of the beloved fifth-century AD church.

The pontiff was devoted to the worship of the Virgin Mary and made a point of praying in Santa Maria Maggiore before leaving on trips abroad and upon his return to Rome.

He declared his desire to be entombed there in 2023.

Located in the heart of Rome, the basilica already holds the tombs of seven popes.

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But the last one to be buried there was Clement IX in 1669. More recently, popes have usually been buried in St Peter’s Basilica.

One of four papal basilicas in Rome, Santa Maria Maggiore also holds the remains of several other renowned figures, such as the architect and sculptor Gian Lorenzo Bernini, who designed St Peter’s Square and its surrounding columns.

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Just in: Gunmen invade pro-Wike group in Bayelsa

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Gunmen suspected to be hired political thugs disrupted a rally organised in support of Minister of the Federal Capital Territory, Nyesom Wike, on Saturday in Yenagoa, Bayelsa State.

The event, which also marked the inauguration of the NEW Associates group, was meant to thank President Bola Tinubu for appointing sons and daughters of Bayelsa into positions in his administration, while also showing support for Wike, who serves as the group’s grand patron.

Originally scheduled for April 12, the rally had been postponed to April 26 after another group, supporters of Governor Douye Diri, booked the same venue and date for their own rally.

Although both groups eventually rescheduled, tensions remained high.

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Supporters of NEW Associates had gathered early at the Church of God Mission Camp, ready for the event, when armed men suddenly emerged from nearby creeks and bushes, firing gunshots into the air.

The crowd quickly scattered in fear, while security forces including the Nigeria Police, the Nigeria Security and Civil Defence Corps (NSCDC), and the Department of State Services (DSS) responded by pushing back the attackers and searching the surrounding area to prevent further violence.

After the incident, Comrade Ebilade Ekerefe, Secretary of NEW Associates and former spokesperson of the Ijaw Youths Council, accused the state government of trying to disrupt their peaceful gathering.

He insisted the rally would go on, stating that their intention was simply to express gratitude to the President and show solidarity, and questioned why anyone would feel threatened by such an event.

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Similarly, Dr Pabara Igwele, the immediate past Commissioner of Health in Bayelsa, described the rally as peaceful and blamed the disruption on political motives.

He also vowed that the rally would continue despite the attack.

After the initial chaos, supporters regrouped to carry on with the event.

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Senator Manu Haruna Launches Quick Wins Training for Women and Youths in Taraba Central Senatorial District+Photos

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Senator Manu Haruna of the Taraba Central Senatorial District on Saturday concluded a three-day Quick Wins Training program dedicated to empowering women and youths in the District .

The event took place in Jalingo, the capital city of Taraba State, in collaboration with the Maryam Babangida National Centre for Women Development.

The training initiative is aimed to equip participants with practical skills and knowledge that can foster economic independence and stimulate community development. This program is a reflection of Senator Haruna’s commitment to improving the socio-economic status of underrepresented groups within his constituency.

The event was attended by prominent leaders, including Hon. Veronica Alhassan, Member of the House of Assembly for Bali I Constituency, and Hon. Alhassan Hamman, who presented certificates to participants on behalf of Senator Manu Haruna.

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The involvement of critical stakeholders underscored the importance of collaboration between government officials and community leaders in driving sustained progress in Taraba Central.

Among the distinguished attendees were Hon. Ubale Gambo, Hon. Bala Baba, Alhaji Muhammad Nagaggo, Alhaji Raubilu Umar, among others, all of whom are dedicated to fostering development within the region.

Senator Manu Haruna expressed his gratitude to the National Centre for Women Development and all partners involved in the initiative.

He stressed the transformative potential of empowering women and youths, noting the necessity for continued support and resources to ensure sustainable growth in Taraba State.

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This Quick Wins Training is poised to have a long-lasting impact on participants, equipping them with essential skills to make valuable contributions to their communities and the broader economy of Taraba State. By investing in the future of these underprivileged groups, the program seeks to inspire change and promote self-sufficiency among the local populace.

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