News

SEE Black Market Exchange Rate for Dollar (USD) to Naira (NGN)

Published

4 months ago

November 10, 2024

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

Dollar to Naira Exchange Rate Today on the Black Market (Aboki Dollar Rate)

As of Saturday, November 9, 2024, the exchange rate for the U.S. dollar to the Nigerian naira in the Lagos parallel market (often referred to as the black market) shows that the buying rate for a dollar is N1740, while the selling rate stands at N1745, according to sources at Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market for foreign exchange transactions. In line with this, the CBN has advised individuals and businesses looking to exchange foreign currencies to approach authorized banks and financial institutions for their Forex needs.

Dollar to Naira Black Market Exchange Rates Today:

Buying Rate: N1740

Selling Rate: N1745

Official Dollar to Naira Exchange Rates (CBN Rates) Today:

Buying Rate: N1664

Selling Rate: N1665

Please keep in mind that the exchange rates listed here are subject to fluctuation and may differ from those in actual transactions, as rates can vary depending on the location and the specific forex market you engage with. Always ensure that you check the current rates with authorized sources before making any exchange

News

Akpabio’s Gate: Senate may suspend Natasha for six months

Published

5 minutes ago

March 6, 2025

Kayode Sanni-Arewa

By Kayode Sanni-Arewa

The Senate is considering a six-month suspension for Senator Natasha Akpoti-Uduaghan following findings from its Committee on Ethics, Privileges, and Code of Conduct.
According to the committee’s report, presented by its chairman, Senator Neda Imasuen, the Kogi Central lawmaker was found guilty of violating Senate rules, prompting the recommendation for disciplinary action.

If the suspension takes effect on March 6, 2025, Senator Akpoti-Uduaghan will be barred from accessing the National Assembly complex, and her office will be sealed. Additionally, her salary and those of her legislative aides will be withheld. She will also be prohibited from representing Nigeria in any official capacity during the suspension.

The committee further suggested that she may submit a written apology, which could be reviewed to reconsider her suspension.

The Senate is expected to vote on the recommendations, a decision that could temporarily strip the senator of all legislative privileges.

News

Akpabio’s gate: Senator Natasha resubmits petition against Akpabio

Published

32 minutes ago

March 6, 2025

Naijablitznews

Senator Natasha Akpoti-Uduaghan has resubmitted her petition alleging sexual harassment against Senate President Godswill Akpabio, this time signed by her constituents.

During the plenary, Senator Natasha was asked whether the matter was already before any court of law, to which she insisted it was not.

Following protocol, she was directed to formally submit the petition, after which it was referred to the Senate Committee on Ethics, Privileges, and Code of Conduct for investigation.

The Ethics committee chaired by Senator Neda Imasuen has been given four weeks to conduct its probe and report back to the Senate.

This marks the second time the Kogi Central lawmaker has raised the allegations in the chamber following a previous petition that was dismissed on Wednesday, owing to procedural irregularities.

News

Reps Set Up Special Committee to Investigate Use of Take-off Grants, Bailout Funds, Interventions

Published

1 hour ago

March 6, 2025

Gloria Ikibah

By Gloria Ikibah

The House of Representatives has resolved to set up a Special Committee to conduct an immediate investigation into the utilization of Take-off Grants, Bailout Funds, and interventions allocated to Ministries, Departments and Agencies (MDAs), Government Institutions, and GOEs from 2015 to present.

The committee is expected to assess compliance with existing regulations and guidelines regarding the management and reporting of these funds, including any instances of diversion or misappropriation.

In addition the committee is to make recommendations for the enhancement of regulatory frameworks, sanctions, monitoring systems, and accountability measures to ensure the effective and intended use of public funds in all relevant sectors.

These resolutions was sequel to the adoption of a motion of urgent public importance on the “URGENT NEED TO INVESTIGATE UTILIZATION OF TAKE-OFF GRANTS, BAILOUT FUNDS, AND INTERVENTIONS ALLOCATED TO MINISTRIES, DEPARTMENTS, AGENCIES (MDA’s) INSTITUTIONS, AND GOVERNMENT-OWNED ENTERPRISES (GOE’s) FROM 2015 TO PRESENT”, by the Minority Leader, Rep. Kingsley Chinda on Thursday at plenary.

Debating the motion, Rep. Chinda noted that the provisions of Section 88 (2) (b) of the Constitution of federal Republic of Nigeria that empowers the House to expose corruption, inefficiency or wastage in the management of public funds appropriated by National Assembly.

The Minority Leader emphasised that the prudent use of public funds is crucial for ensuring accountability, transparency, and public trust in Ministries, Departments, and Agencies (MDAs), as well as Government-Owned Enterprises (GOEs).

He acknowledged that over the years, the government has provided Take-off Grants and Intervention Funds to both new and existing agencies to support their operations, alongside Bailout Funds aimed at facilitating specific services and clearing outstanding liabilities.

However, he expressed concern over recurring allegations of fund diversion and mismanagement, warning that the failure to use these funds as intended undermines critical public services and projects.

Rep. Chinda further noted that the financial losses resulting from such mismanagement pose a serious drain on public resources—funds that could otherwise be directed toward essential services and national development, in line with Section 14(2)(b) of the Constitution.

The motion reads in part: “Also Concerned that the misuse of Take-off Grants, Bailout Funds, and other interventions has severely compromised national development goals, hindering progress towards critical social and economic objectives.

“Aware that the misappropriation of these funds has led to a demonstrable deterioration in the quality of public services delivery and compromise the security of the nation thereby undermining public trust in government effectiveness.

“Also, aware that the lack of stringent oversight and monitoring mechanisms may contribute to the inefficiency in the deployment of these resources, resulting in wasted funds that could otherwise be utilized to improve the good intended government policies and as well protect lives of citizens”.

Chinda therefore said there was the need for a thorough investigation by the National Assembly, as required by Sections 88 and 89 of the 1999 Constitution (as amended), to examine the scope, usage, and accountability of these financial allocations. This he said will ensure proper oversight, prevent misuse of public funds, and promote national development.

The House asopted the motio and resolves to set up a Special Committee to investigate the matter and report back to within four weeks for further legislative action.