Connect with us

News

SEE Black Market Dollar To Naira Black Exchange Rate Today 12th August 2024

Published

on

By Kayode Sanni-Arewa

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 remember that the rate can shift (either upwards or downwards) within hours.

What is the Dollar to Naira Exchange rate at the black market?

Advertisement

The local currency (abokiFx) opened at ₦1,610.00 per $1 at the parallel market otherwise known as the black market, today, Monday, 12 August 2024, in Lagos Nigeria, after it closed at ₦1,600.00 per $1 on Sunday, 11 August 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate ₦1,600
Selling Rate ₦1,610
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, 12 August 2024, is ₦ 1,560 per US dollar.

1 USD = 1560.2985 NGN
1 Dollars = 1560.2985 Nigerian Naira
The USDNGN rate as of 12 Aug 2024
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.

Advertisement

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 confidence level in the naira and the CBN’s policies.

NOTE: We do not set or determine forex rates. 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 differ from what is captured in this article.

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

UK spreads travel entry scheme to US, Canada, Australia

Published

on

The UK’s new visa-waiver entry system took effect on Wednesday for passengers from dozens more countries, including millions of annual visitors from the United States, Canada and Australia.

The Electronic Travel Authorisation (ETA) scheme — similar to the ESTA system in the United States — requires visitors who do not need a visa to enter Britain to acquire pre-travel authorisation.

Costing £10 ($12.50) and allowing stays of up to six months at a time over two years, it first launched in 2023, with Qatar, before being extended last year to five regional Gulf neighbours.

Now, it has been expanded to include citizens of around 50 more countries and territories, from Argentina, Brazil and New Zealand to Japan, South Korea and Caribbean nations.

Advertisement

With the system kicking in for them on Wednesday, they have been able to apply since last November.

The scheme, aimed at tightening border security, will next be extended to dozens of EU and European countries and territories on April 2.

Citizens covered by the scheme will be able to apply for the new ETA — which is digitally linked to the traveller’s passport — via an app, from March 5.

Around six million people from the US, Canada and Australia visit Britain each year, according to the UK government.

Advertisement

Eligible travellers will need one even if they are just using the UK to connect to an onward flight abroad. ETA also applies to children and babies.

London’s Heathrow Airport has opposed the scheme, saying its rollout has reduced the number of passengers transiting through the UK, and that it makes the country “less competitive” and harms economic growth.

The new requirement does not apply to British and Irish citizens, those with passports from British overseas territories and legal UK residents.

It does not change the requirements for citizens of countries who need a visa to visit Britain, such as Chinese, Ecuadorian and South African travellers.

Advertisement

Previously, most visitors not requiring a visa could arrive at a British airport and proceed through immigration control with their passport.

The new UK entry scheme mirrors the imminent ETIAS scheme for visa-exempt nationals travelling to 30 European countries, including France and Germany, which will cost seven euros ($7.40) and last three years.

The European Commission expects the system — which will apply to around 60 countries, including the US, Canada, Brazil and the UK — to become operational in the middle of this year.

Advertisement
Continue Reading

News

Insecurity! DHQ confirms 6 soldiers dead ISWAP raid in Borno

Published

on

The Defence Headquarters has confirmed the killing of six soldiers during a raid by the Islamic State/ Boko Haram group on its military base in Borno State.

According to the report, two military officers said that the fighters from Islamic State West Africa Province (ISWAP) reportedly launched a pre-dawn attack in trucks and on motorcycles on Sunday on the base in Sabon Gari in Borno State’s Damboa district.

The insurgents reportedly set fire to the base along with army vehicles. “We lost six soldiers in the ISWAP terrorists attack on the base after an intense gun battle,” AFP quoted one of the officers.

Fighter jets were reportedly deployed from the regional capital Maiduguri 100 kilometres (62 miles) away, and struck the attackers as they retreated.

Advertisement

In an update statement on Wednesday, the DHQ said although on the whole, 34 terrorists were killed and 23 AK 47 weapons recovered, six of its personnel were killed in action.

The DHQ also said its troops recovered over 200 rounds of 7.62mm special ammunition.

The statement said “On 4 January 2025, an unspecified number of ISWAP/BHT terrorists riding on motorcycles and Gun trucks engaged troops deployed in SABON GARI Village of DAMBOA Local Government Area of Borno State in a firefight. The terrorists had attempted to surprise troops and retaliate against the recent killing of their commander and combatants by troops.

“The terrorists were taken unaware when troops fighting patrol returning to base foiled their planned attack as soon as the attack commenced. Additionally, the troop’s reinforcement team comprised of elements of the Civilian Joint Taskforce, vigilantes as well as hybrid forces timely arrived at the scene to overpower the terrorists.

Advertisement

“Furthermore, though troops reinforcement team encountered an Improvise Explosive Device injuring the Vigilante Commander. The reinforcement team arrived in time to decimate the fleeing terrorist.

“Furthermore, the air component of Operation HADIN KAI conducted air interdiction on the fleeing terrorist. Battle Damage Assessment revealed several killed terrorists and recovered weapons.

On the whole, 34 terrorists were killed and 23 AK 47 weapons were recovered. Troops also recovered with over 200 rounds of 7.62mm special ammunition. Sadly, 6 personnel were killed in action.

“Kindly note that the names of killed in-action personnel are withheld to allow administrative procedures of notifying their next of kin to be concluded. Accordingly, the media is requested to respect the process, please.”

Advertisement

The Armed Forces reiterated that it is “profoundly conscious” of its role and responsibility in ending insurgency and terrorism in the nation.

It added that troops remain committed to the course of defeating the terrorists.

Since 2009, northern Nigeria has been plagued by various jihadist groups, including Boko Haram and a rival faction the Islamic State in West Africa (ISWAP), as well as armed criminal groups.

The conflict has killed more than 40,000 people and displaced around two million from their homes in the northeast.

Advertisement

In November, five Nigerian troops were killed and 10 more injured when ISWAP fighters raided a base in Kareto village near the border with Niger.

Continue Reading

News

US lawmakers pass bill to deport illegal immigrants charged with minor crimes

Published

on

By Kayode Sanni-Arewa

The United States parliament has passed a bill that will allow federal authorities to detain illegal immigrants charged with minor crimes.

With the bill, such illegal immigrants risk deportation.

The Laken Riley Act was christened after a 22-year-old nursing student, killed last year in Georgia by Jose Ibarra, a Venezuelan migrant, who crossed into the US illegally.

Advertisement

Ibarra had previously been arrested and charged with shoplifting but was not detained.

He was later sentenced in November last year to life in prison without parole for Riley’s murder.

“Every part of our system failed Laken that day,” Mike Collins, a Republican representative who sponsored the Act, said.

The bill passed on Tuesday, just days into the new session of Congress, setting the tone for President-elect Donald Trump’s ambitious policy agenda, which targets reduced immigration.

Advertisement

Trump has repeatedly vowed to undertake mass deportation soon after he takes office on January 20.

The Laken Riley Act drew the support of 48 Democrats and all Republicans.

The bill cleared the house on a 252-157 vote.

An expanded list of crimes that the bill penalizes includes burglary, theft, larceny, or shoplifting.

Advertisement

Democrat critics argued that the new category is too broad and could result in innocent people being thrown into detention.

Continue Reading

Trending

Copyright © 2024 Naija Blitz News