Black market dollar to naira exchange rate Thursday 16th May 2024 can be accessed below.

IMPORTANT NOTE: The exchange rate changes hourly.… it depends on the volume of dollars available and the Demands. It means that…you can buy or sell 1 dollar at a certain rate and the price can change (high or low) within hours.

JomogNews Nigeria has obtained 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 keep in mind that the rate can shift (either upwards or downwards) within hours.

What is the dollar to naira exchange rate today?

The local currency (abokiFx) opened at ₦1,530 per $1 at the parallel market otherwise known as the black market, today, Thursday, 16th May 2024, in Lagos Nigeria, after it closed at ₦1,530.00 per $1 on Wednesday, 15th May 2024.

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today

Buying Rate of $1 ₦1530
Selling Rate of $1 ₦1,550

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, 16th May 2024, is N1520.40 per US dollar.

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.

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

Factors Influencing Foreign Exchange Rates

Here are some of the causes of the dwindling dollar-to-naira exchange rate.

Inflation Rates: It is well known that inflation directly impacts black market exchange rates. If the Nigerian economy can be stabilized and inflation is controlled, the naira will benefit; however, if the naira continues to fall, it may indicate that food and other necessities are becoming more expensive daily.

Interest Rates: Another tool to keep an eye on is interest rates. If the interest rate at which banks lend money rises, it would harm the economy, causing it to contract and, as a result, the value of the naira to fall.

Government Debt: National debt can impact investor confidence and, as a result, the influx of funds into the economy. If inflows are high, the naira exchange rate will rise in favour of the naira.

Speculators: Speculators frequently impact the naira-to-dollar exchange rate. They stockpile money in anticipation of a gain, causing the naira to plummet even lower.

Conditions of Trade: Favorable trade terms will increase the value of the naira to the dollar, although Nigeria is currently experiencing a trade deficit. Everything comes from China, India, and the majority of Asian countries.

Disclaimer: JOMOGNEWS NIGERIA does 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 be different from what is captured in this article.

No fewer than 18 travellers were feared dead in a crash on the Umuahia-Enugu axis of the Port Harcourt Enugu Highway on Thursday morning.

It was gathered that the accident occurred at a police checkpoint around the Lokpanta area of Abia State in the wee hours of today.

An 18-seater commercial bus was at the checkpoint awaiting police clearance when a truck driver lost control and rammed into them killing the driver and all the passengers.

Mr Bananas Okereke, an eyewitness, told our reporter on a telephone that the bodies of victims still littered the scene at 8:20 am.

He said: “The road is blocked by protesting bus drivers and other motorists who are asking that the policemen who caused the accident be brought back to the scene.”

“Colleagues of the bus driver and other road users have taken over the road, demanding Justice for the victims. They vowed to remain there until Governor Alex Otti visits the scene.”

Details shortly….

No fewer than three persons, including two women and a young boy, were killed in a riot that erupted in Byazhin, Kubwa, Bwari Area Council of the Federal Capital Territory on Wednesday.

It was gathered that a scavenger otherwise known as “baban bola” who had attempted to steal a woman’s pot of soup, was overpowered and beaten up by passers-by after the woman raised the alarm.

However, in the ensuing conflict and counterattack, two women and a young boy, were said to have been feared dead.

The scavenger who rather than beat a shameful retreat, was said to have gone ahead to rally his fellow scavengers and some hoodlums who returned around 8pm with cudgels, machetes, stones and clubs which they used in attacking residents at random, eventually killing the woman whose pot of soup was earlier stolen.

Two passers-by, a woman and a young boy, were also reportedly killed in the fracas.

An eyewitness, Jessica Adams said; “They killed two people yesterday (Tuesday). The community has been in chaos since yesterday. The crisis continued till this morning (Wednesday) when they killed somebody again. So far, three persons have been killed and many injured. The Police intervened and restored normalcy, but no arrest was made. The Police have intensified their patrol in the Byazhin area of Kubwa to prevent them from regrouping”.

When Vanguard correspondent drove through the on Wednesday afternoon, a Police armoured personnel carrier was seen stationed at a junction facing the community.

Kubwa residents had for years complained about the excesses of the scavengers who often steal their valuables as well as launch violent attacks on those who dared stand in their way.

Unlike the highbrow areas of Maitama, Asokoro and a few others, Kubwa and most satellite towns have a chaotic waste disposal system, involving thousands of local scavengers who are unregistered and lack any known addresses.

Another eyewitness who did not give his name corroborated Ms Adams narration.

“Yes, the riot started yesterday and by this morning, we learnt that three persons had been killed. It happened in Byazhin around that Millionaire’s Quarters, behind Living Faith Church. That place is very dangerous, because it is quite lonely, and you cannot pass through there alone, especially in the evening”, he said.

The Police was yet to issue a formal statement on the incident as of the time of filing the report.