Unity Bank Plc has engaged students from all the geopolitical zones of the federation as it facilitated financial literacy training in 15 schools as part of activities to mark the 2024 Global Money Week.

The Financial Literacy Training was held as a strategy for driving financial inclusion of the Central Bank of Nigeria and Bankers Committee. Unity Bank’s Managing Director/Chief Executive Officer, Mrs. Tomi Somefun participated in the programme by facilitating training on financial literacy at NYSC Demonstration Secondary School, Calabar, Cross River State recently.

Mrs Somefun, who was represented by Unity Bank’s Chief Compliance Officer, Mrs. Patricia Ahunanya, provided the students with invaluable insights on the path to wealth creation, including imbibing savings habits, investing, and adopting money management skills early.

Her interaction with the students was aimed at instilling financial discipline and financial management skills for the attainment of financial independence and security while promoting a savings and investment culture. During the session, Mrs. Somefun acknowledged outstanding students and presented them with awards.

The Global Money Week (GMW) is an annual campaign dedicated to raising global awareness about the importance of promoting financial literacy among young people from an early age. The initiative focuses on equipping them with the knowledge, skills, attitudes, and behaviours essential for making informed financial decisions, leading to financial well-being. Each year, a minimum of 40,000 organizations participate in this endeavour, collectively impacting over 60 million children globally.

In Nigeria, the Central Bank of Nigeria, CBN, Banker’s Committee in collaboration with Junior Achievement Nigeria, coordinates the activities for Global Money Week, which sees the participation of financial institutions with nationwide coverage.

See photo highlights below:

[Picture] – Unity Bank’s Chief Compliance Officer, Mrs. Patricia Ahunanya who represented the MD/CEO of Unity Bank, Mrs. Tomi Somefun facilitating the financial literacy training for the students of NYSC Demostration Secondary School, Calabar.

[Picture] – Mrs. Ahunanya and a student interacts during the training

[Picture] – A cross-section of the outstanding students with Mrs. Ahunanya (Middle) after the training.

[Picture] – Some members of Unity Bank staff pose for a shot with some of the students and staff of NYSC Demonstration Secondary School, Calabar after the financial literary day training.

Abubakar Suleiman, the Chief Executive Officer of Sterling Bank Limited, delivered an enlightening discourse on leadership during the prestigious Lagos Leadership Summit 2024, powered by the Lateef Jakande Leadership Academy, shedding light on the profound essence of effective leadership and its transformative impact on society. 

At the heart of Suleiman’s message was the concept of leadership as a catalyst for change—a force that propels individuals and organizations towards a shared vision of progress and prosperity. He eloquently articulated that leadership transcends mere management; it is about inspiring others to embrace a compelling vision of the future and empowering them to contribute meaningfully toward its realization.

Drawing from his wealth of experience, Suleiman emphasized the importance of purpose-driven leadership—a leadership style rooted in a deep sense of mission and conviction. He underscored that true leaders are not just managers of the status quo; they are visionaries who dare to imagine a better world and possess the courage to pursue that vision relentlessly.

Throughout his address, Suleiman explored the multifaceted nature of purpose, examining its manifestations in various spheres of life. He delved into the dynamics of family leadership, highlighting the timeless principles of sacrifice, dedication, and unconditional love that characterize effective parental leadership. Similarly, he underscored the profound influence of religion, emphasizing the role of faith in inspiring individuals to strive for a higher purpose and contribute to the common good.

Furthermore, Suleiman introduced the Japanese concept of Ikigai—a philosophy that encapsulates the intersection of passion, vocation, mission, and profession. He elucidated how identifying one’s Ikigai is a compass for navigating life’s complexities, guiding individuals to a fulfilling existence driven by purpose and meaning.

To addressing the pervasive issue of entitlement versus gratitude, Suleiman offered profound insights into the corrosive effects of entitlement on leadership effectiveness. He challenged the prevailing culture of entitlement, urging individuals to cultivate a spirit of gratitude and humility. According to Suleiman, true leaders are not defined by what they expect to receive but by what they are willing to give. They embody a spirit of selflessness, service, and sacrifice—a willingness to put the needs of others above their own.

In conclusion, Suleiman’s discourse brought to the fore timeless principles of purpose-driven leadership, gratitude, and sacrifice as essential attributes of effective leadership. His compelling insights serve as a clarion call to aspiring leaders everywhere, urging them to embrace their innate potential to lead with vision, integrity, and compassion.

Black market dollar to naira exchange rate Sunday 28th April 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 ₦1400.00 per $1 at the parallel market otherwise known as the black market, today, Sunday, 28th April 2024, in Lagos Nigeria, after it closed at ₦1450.00 per $1 on Saturday, 27th April 2024.

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

Buying Rate of $1 ₦1400
Selling Rate of $1 ₦1,450

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, 28th April 2024, is N1,400 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.