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SEE Today Black Market and CBN official Exchange Markets:

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By Kayode Sanni-Arewa

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market?

For many Nigerians, especially those engaged in foreign trade, travel, and investments, there is a nagging concern for the dollar-naira black market exchange rate.

The black market rate for dollars to naira, parallel or Aboki FX as some know it will most of the time give different rates from the official CBN rates. The dollar to naira exchange rate at this point was still wiggling up and down. We will discuss in this article how the rate has moved up to this current dollar to naira exchange rate today, August 27, 2024, what drives the rate, and how all these affect the economy of Nigeria. Dollar to Naira Today Black Market. Current Black Market Dollar to Naira exchange rate.

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Buying Rate: N1615 Selling Rate: N1620 Official CBN Rates Buying Rate: N1603 Selling Rate: N1605 Football Result|Live Scores Pool Results and Fixtures Understanding the Dollar to Naira Black Market for Forex What is the Black Market? The black market refers to unofficial exchange channels where currencies are traded without government regulation.

This market often provides more competitive rates due to the high demand and limited supply of foreign currencies. Why Do People Use the Black Market? People turn to the black market due to:

Favorable Rates: Often higher than official rates. Accessibility: Easier to obtain foreign currency without stringent regulatory requirements. Factors Influencing Black Market Rates. Economic Policies Government decisions on interest rates, inflation control, and forex regulations by the CBN directly affect the naira’s value. Policy adjustments aimed at stabilizing the naira impact the exchange rates.

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Shettima becomes 1st VP to lead Nigeria’s delegation to UN Assembly in 25 yrs

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President Bola Ahmed Tinubu has decided not to attend the 79th United Nations General Assembly (UNGA) session in New York this year.

The president has thus directed Vice President Kashim Shettima to lead Nigeria’s delegation.

President Tinubu, who returned to the country last Sunday after his trip to China and the United Kingdom, according to a statement yesterday by his spokesman, Bayo Onanuga, wants to focus on domestic issues and address some of the country’s challenges, especially after the recent devastating flooding.

“At UNGA 79, Vice President Shettima will deliver Nigeria’s national statement to the General Assembly, attend important sideline events, and hold bilateral meetings.”

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“The high-level General Debate, with the theme ‘Leaving no one behind: Acting together for the advancement of peace, sustainable development and human dignity for present and future generations,’ will run from Tuesday, September 24, through Saturday, September 28, 2024,” the statement added.

Since return to democratic governance in 199, Shettima will be the first Vice President to Nigeria’s delegation to UNGA.

Only Goodluck Jonathan represented Nigeria as Acting president in September 2010 at the 65th UNGA, while late President Umaru Musa Yar’adua was away in Saudi Arabia due to his ill health.

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Plateau Assembly approves N5.8bn for LG election

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The Plateau State House of Assembly, on Thursday, approved N5.8bn for the conduct of the local government election in the state slated for October 9, 2024.

The approval by the House followed a communication from Governor Caleb Mutfwang, which was read at plenary by the Assembly Speaker, Gabriel Dewan.

The Speaker stated that the request was necessary as there was no budgetary allocation for the LG elections in the 2024 budget.

A member of the State Assembly, who declined to be named because he was not authorised to speak for the Assembly, confirmed the development to The PUNCH in Jos on Thursday.

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The lawmaker said, “Governor Mutfwang, at Tuesday’s plenary, sought the House’s approval for N5.7bn as the 2024 supplementary, which was increased after upward review by the legislators.”

He continued, “The House leader, Joseph Bukar, presented the bill during our plenary. While soliciting the support of members for speedy passage, he said PLASIEC was running out of time in preparation for the election.”

“In their individual contributions, Hon. Kalamu Dal suggested a downward review of the budget size, while Hon. Daniel Nanbol urged for a critical review and deliberations. Afterwards, members approved a revised sum of N5.8bn, as opposed to the N5.7bn requested.”

The increase, as explained by Bukar, was due to an increase in security allocation for the election, from N2.7m to N4.2m. “So, that is what happened, and that is where we are at the moment regarding the forthcoming LG election,” the lawmaker concluded.

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Enugu, Kwara tighten security ahead of LG polls

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Security measures have been intensified in Enugu and Kwara states ahead of their Local Government elections scheduled for Saturday, September 21, 2024.

In Enugu State, the Police Command has pledged to ensure the safety of lives and properties during the elections.

However, the peace accord signing for the elections was marred by the absence of major parties like the Peoples Democratic Party, All Progressives Congress, and Labour Party.

Only representatives from the All Progressives Grand Alliance and Accord attended but chose not to sign the accord, citing the lack of participation from the leading parties.

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Enugu State Commissioner of Police, Kanayo Uzuegbu, said all wards and flashpoints had been identified, and security personnel would be on high alert to prevent any disruptions.

The Chairman of the Enugu State Independent Electoral Commission, Prof. Chris Ngwu, said the commission was fully prepared for the elections with the support of the state government in procuring necessary materials.

In Kwara State, security agencies have been actively coordinating to ensure a smooth electoral process.

Over 3,000 personnel from the Nigeria Security and Civil Defence Corps have been deployed across the state.

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The Kwara State Independent Electoral Commission has completed arrangements for a trouble-free election.

Kwara State Police Public Relations Officer, Toun Ejire-Adeyemi, reported that a strategic meeting with heads of various security agencies, including the Nigerian Army, Navy, Air Force, and others, had been held to ensure coordinated efforts for maintaining law and order.

The Commissioner of Police, Victor Olaiya, guaranteed maximum security for the election period.

The NSCDC Commandant, Dr. Umar Mohammed, announced the deployment of 3,000 personnel to various polling units and emphasised their role in preventing violence, ballot snatching, and other disruptions.

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Meanwhile, the Chairman of the Benue State Independent Electoral Commission, Telumun Tombowua, announced on Thursday that eight political parties will participate in the upcoming LG elections in the state, scheduled for October 5, 2024.

Addressing journalists in Makurdi, Tombowua said the election would be conducted fairly and transparently.

He emphasised that the law establishing the BSIEC does not permit the use of Bimodal Voter Accreditation Machines for this election.

Regarding the APC, Tombowua confirmed that the National Working Committee of the party had requested the commission to work with the seven-man caretaker committee appointed to oversee party affairs in the state.

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He noted that while 14 parties had initially shown interest, only eight completed the necessary processes and submitted their candidates.

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