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Black Market Dollar To Naira Exchange Rate Wednesday, 19 June 2024

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Black market dollar to naira exchange rate Wednesday 19 June 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 ₦1,550 per $1 at the parallel market otherwise known as the black market, today, Wednesday, 19 June 2024, in Lagos Nigeria, after it closed at ₦1,530.00 per $1 on Tuesday, 18 June 2024.

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

Buying Rate of $1 ₦1500
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, 19 June 2024, is N1500 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.

 

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How 2018 Federal Legal Advice Exonerated Saraki In Offa Robbery Case

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In light of the Kwara State Government’s fresh prosecution of Dr. Abubakar Bukola Saraki and his successor over the Offa robbery, fresh facts have emerged on why the Director of Public Prosecutions of the Federation, Mr. E. U. (Etsu Umar) Mohammed gave the duo a clean bill of health.

The Federal Director of Public Prosecutions cleared former Senate President Bukola Saraki of involvement in the Offa bank robbery in 2018, citing no evidence of a connection.

It was gathered that the DPP reviewed a 16-page police report prepared and signed by Abba Kyari, a Deputy Commissioner of Police and then head of the Inspector-General of Police Intelligence Response Team (IGP-IRT) at Force Headquarters, Abuja. The report detailed investigations into the April 5, 2018, multiple bank robbery attack in Offa, Kwara State.

The DPP in his first report dated June 22, 2018 and signed on behalf of the Attorney General of the Federation and Minister of Justice, prepared a five page legal advice in which he noted in paragraph 5 (f) that “for the Senate President (Saraki) and the Kwara State Governor (Ahmed), his office is unable to establish from the evidence in the interim report a nexus between the alleged offence and the suspects. Hence, it is our advice that further and thorough investigation in this regard be carried out”.

Following the submission of a second report by the police investigating team to his office on July 27, 2018, the DPP prepared a second legal advice, which was dated August 23, 2018. The three-page legal advice also has only three paragraphs.

In paragraph 3 (vi), he noted that “with regards to the Senate President, Senator Bukola Saraki, since there is no departure from the earlier findings in the interim report, this office is still unable to establish any prima facie case against him for any offences of criminal conspiracy, armed robbery, and culpable homicide punishable with death”.

Both legal advices had recommended six people for prosecution. They are: Ayoade Akinnibosun, Ibikunle Ogunleye, Adeola Ibrahim, Salawudeen Azeez, Niyi Ogundiran, and Michael Adiukwu.

One of the suspects, Michael Adiukwu, later died in police custody, while the other five had since been tried at the High Court in Ilorin.

During the trial, the suspects revealed how they were coerced into incriminating Senator Bukola Saraki.

They mentioned several inducements dangled before them, including money and the promise of a visa to travel out of the country.

The suspects have since been convicted and their convictions confirmed by the Court of Appeal. The matter is now pending before the apex court, the Supreme Court of Nigeria.

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₦400m Ransom Demanded As Gunmen Abduct Another Kwara Ruler

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Terrorists have abducted a traditional ruler in Olayinka community, located in the Ifelodun Local Government Area of Kwara State, Oba Salman Olátúnjí Aweda and are demanding a ₦400 million ransom for his release.

The abduction occurred on April 18, 2026, when armed men, suspected to be militia herdsmen, invaded the community and took the monarch, his wife, and another resident into the forest.

According to JomogNews, residents who witnessed the incident said the terrorists, numbering over 10, invaded the monarch’s residence around Saturday midnight, forced the door open, and abducted him alongside another person in the house.

The assailants reportedly led both victims into the bush.

Chairman of Ifelodun Local Government Area, Mr Abdulrasheed Femi Yusuf, visited the community on Saturday on a sympathy visit and assured residents that efforts were underway to secure the monarch’s release.

“We are deeply concerned about this incident, and we are taking swift and decisive action in collaboration with security agencies,” he said.

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Living Faith Church Founder Declares Week Of Vengeance Against Insecurity Sponsors

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Bishop David Oyedepo, General Overseer of Living Faith Church Worldwide, has declared that bandits and their sponsors will face divine judgment and retribution within seven days.

Speaking on Sunday, April 19, 2026, during a service themed “Covenant Day of Vengeance” at the church’s headquarters in Ota, Ogun State, the cleric stated that those responsible for killings and kidnappings would face imminent consequences.

“I declare judgement on those who caused these tragedies and their supporters in the name of Jesus,” he said.

The cleric further asserted that divine retribution would occur within a short timeframe.

“Unless I am not sent, this will happen in the next seven days,” he added.

Oyedepo also expressed confidence that Nigerians would soon witness outcomes of what he described as divine intervention, noting that the coming days would bring “testimonies of vengeance.”

 

 

 

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