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Black Market Dollar To Naira Exchange Rate Tuesday, 9th July 2024

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Black market dollar to naira exchange rate Tuesday 9th July 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, Tuesday, 9th July 2024, in Lagos Nigeria, after it closed at ₦1,530.00 per $1 on Monday, 8th July 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?

JomogNews Nigeria reports that the naira weakened further against the dollar on Wednesday, closing at N1,507.83/$1, based on the latest data from the FMDQ, which manages the NAFEM window where currencies are officially traded.

Throughout June, the exchange rate had been stable, fluctuating between N1,470/$1 and N1,480/$1. However, yesterday marked a significant shift as it breached the N1,500 threshold.

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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LASG Announces Resumption Of Monthly Environmental Sanitation For April 25

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The Lagos State Government has officially announced the reintroduction of the monthly environmental sanitation exercise, set to resume on Saturday, April 25, 2026.

This marks the return of the state-wide cleaning culture nearly ten years after its suspension in 2016.

Residents are expected to clean their surroundings, clear drainage channels in front of their homes, and dispose of waste responsibly as part of efforts to improve environmental hygiene and tackle waste management challenges.

The Commissioner for Environment and Water Resources, Tokunbo Wahab, on Saturday, disclosed the development in a statement, explaining that the exercise would officially restart later in the year.

“I am pleased to inform all Lagosians that the monthly environmental sanitation exercise will resume effective Saturday, 25th April 2026, holding on the last Saturday of every month from 6:30 a.m. to 8:30 a.m.

“During this period, residents are enjoined to clean their surroundings, clear drainage channels in their frontages, and dispose of waste properly as a civic responsibility.”

Wahab urged residents to view the initiative as a shared duty toward building a healthier city, stressing that the government would ensure strict compliance.

“This exercise is a collective responsibility and a vital part of our commitment to a cleaner, healthier, and flood-resilient Lagos. And it shall be backed with the full enforcement weight of the Lagos State Government,” he said.

Explaining the significance of reintroducing the sanitation culture, the commissioner said the state was returning to a practice that once formed part of Lagosians’ lifestyle.

“Let me formally say this and say it boldly. Mr Governor and his deputy are taking a very audacious step. For those who don’t know, prior to 2016, we had a culture that emphasised cleanliness as next to godliness.

“Once every month, we took our time to clean up our surroundings and then maintain them sparkling. However, for some years, we stopped it.”

He said the absence of the exercise had contributed to mounting environmental pressures in the state.

“Now, waste, debt, and environmental challenges have become an existential challenge to us as a state. It’s taken us over a year to debate, talk, and agree that it’s time to reintroduce a monthly environmental sanitation,” Wahab said.

Appealing to residents for cooperation, he urged Lagosians to dedicate a small portion of their time each month to environmental cleanliness.

“It’s a plea that it is time for us to give up just one or two hours a month. In our marketplaces, every Thursday, we observe environmental cleanliness. But this time, we are saying as a state, let us sit back once a month and observe the cleanliness of our environment as we used to before 2016.”

JomogNews reports that the monthly sanitation exercise, previously held on the last Saturday of every month between 7 a.m. and 10 a.m., was suspended in November 2016 following a legal pronouncement restricting movement during the exercise.

The suspension later coincided with growing waste management concerns, including clogged drainage channels and indiscriminate refuse disposal across parts of the state.

 

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States, LGA Now Have More Allocations — Tinubu Urges Media To Demand Accountability

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President Bola Tinubu has urged the media to extend their scrutiny to State and Local Governments, noting that his administration’s reforms have significantly increased their financial allocations.

During an interfaith breaking of fast with media executives on Friday, the President emphasized that sub-national governments now enjoy greater financial autonomy and should be held accountable for grassroots development.

Tinubu said his administration’s economic reforms, especially the removal of the petrol subsidy, have increased funds available to states.

“We have opened up the principle of federalism to the extent that local governments are now getting their money. But how they use it is in your hands, so don’t bombard me alone. Look at local governments too, and equally, the sub-national,” Tinubu said.

“Today, there is no state that is borrowing to pay the salaries of employees. Yes, we can complain that it is not enough. We can complain we are not where we should be, but we have to manage what we have to sustain today, survive tomorrow, and make progress”.

Tinubu commended the media for criticising his government, saying it challenged and provoked him to serve Nigerians better.

“Thank you for inspiring me and challenging me in critical moments of my life. If I look at various barrages of negative comments as opposed to positive aspects of the assignment, I shouldn’t be standing here. That is the truth,” the president said.

“You didn’t spare me, but you challenged me, provoked that intellectual curiosity of a leader that must perform. There is no morning that I ever leave my house without going through the newspapers. It’s an addiction. I read all of you, it might not be in full detail, but the headlines, the ones that hit me.

“Leadership is about taking responsibility to make decisions at the right time. Otherwise, it’s a failure. At the time, we had to confront the subsidy. Nigeria was on the verge of bankruptcy.

“But having asked for the job and getting it, I cannot look back other than make corrections as I move along, save the nation, bring it back from the brink. Today, I can stand proudly before you that we are back from that brink.”

Tinubu added that he will continue to do his job with “patriotic dedication” to improve Nigeria.

 

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I Delivered $15m Agency Cash To Ex-NIMASA DG Akpobolokemi, EFCC Witness Tells Court

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A prosecution witness, Captain Ezekiel Bala-Agaba, testified in a Lagos Federal High Court on Thursday, that he personally delivered $15 million in cash to former NIMASA DG, Patrick Akpobolokemi.

The witness, Bala-Agaba, a former Executive Director of Maritime Safety, Shipping Development and Marine Operations at NIMASA, made the disclosure while testifying before Justice Ayokunle Faji of the Federal High Court in Lagos.

Captain Agaba, who appeared as the 15th prosecution witness, told the court that funds meant for pipeline surveillance were withdrawn from NIMASA’s accounts, converted into dollars, and handed over to Dr Akpobolokemi.

According to him, the money was taken to a Bureau de Change, which converted it into $15 million before the cash was delivered to the NIMASA office on Burma Road, Apapa, Lagos.

He said he subsequently took the money to the office of the then Director-General.

“The money was sent to a Bureau de Change, which later brought the dollar equivalent to our office at Burma Road, Apapa, Lagos. I asked my Personal Assistant, Ekene Nwakuche, to carry the bag and follow me to the Director-General’s office,” he told the court.

The witness explained that he collected the bag from his aide before entering the office.

“When we got to the door of the Director-General’s office, I collected the bag from him and asked him to wait outside. I then personally delivered the sum of $15 million to the Director-General.”

The witness was initially a defendant in the case but later opted to testify for the prosecution.

While being led in evidence by prosecuting counsel, Suleiman Suleiman, he explained the chain of command within NIMASA and how financial approvals were processed in the agency.

According to him, the Director-General is the overall head of the agency and issues instructions to directors, who then implement policies in line with the NIMASA Act.

He told the court that he chaired the agency’s Intelligence Committee, which was responsible for certain security-related operations.

“As chairman of the committee, I oversaw its activities and reported directly to the Director-General, Dr. Patrick Akpobolokemi,” he said.

During the proceedings, the witness was also shown a document containing a letter from Access Bank to the Economic and Financial Crimes Commission (EFCC) detailing transactions in NIMASA’s accounts between 2013 and 2015.

When asked how much money he took to the former Director-General, Agaba replied: “$15 million.”

After listening to the testimony, Justice Faji adjourned the matter until April 22 and 23 for cross-examination of the witness.

The EFCC had in December 2015 arraigned Dr. Akpobolokemi and seven others before the court on a 30-count charge bordering on conspiracy, fraudulent conversion of funds and money laundering.

Those charged alongside the former NIMASA boss include, Warredi Enisuoh, Governor Juan, Ugo Frederick, Timi Alari, as well as Alkenzo Limited and Penniel Engineering Services Limited.

They pleaded not guilty to the offences.

The anti-graft agency alleged that the defendants conspired to divert funds running into over N1.15 billion under the guise of providing security intelligence in Nigeria’s maritime domain.

According to the EFCC, the NIMASA Intelligence Committee allegedly received N1,153,000,000 between December 2013 and July 2015.

Investigations further revealed that several companies contracted to execute the intelligence operations were either unregistered or lacked the capacity to perform the services, while some were allegedly linked to the defendants.

The prosecution also alleged that the defendants nominated or owned many of the companies used to execute the contracts.

One of the charges stated that the defendants conspired to commit offences punishable under the Money Laundering (Prohibition) Act, 2012.

 

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