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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th October 2024

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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today 18th October 2024

What is the Dollar to Naira Exchange rate at the black market also known as the parallel market (Aboki fx)?

See the black market Dollar to Naira exchange rate for 17th October, below. You can swap your dollar for Naira at these rates.

How much is a dollar to naira today in the black market?

Dollar to naira exchange rate today black market (Aboki dollar rate):

The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1700 and sell at N1705 on Thursday 17th October 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN)Black Market Exchange Rate Today
Buying RateN1700
Selling RateN1705

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN)CBN Rate Today
Buying RateN1652
Selling RateN1653

Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.

Naira Among Worst-performing Currencies – World Bank Reports

The Nigerian naira has been identified as one of the least-performing currencies in Sub-Saharan Africa for 2024.

Naija News understands that by August 2024, the naira had experienced a depreciation of around 43% year-to-date, placing it among the weakest currencies, alongside the Ethiopian birr and the South Sudanese pound.

This decline is largely due to a heightened demand for U.S. dollars in Nigeria’s parallel market, coupled with limited dollar inflows and sluggish foreign exchange allocations from the central bank.

The report indicates that financial institutions, non-financial end-users, and money managers driving the demand for dollars have further strained the naira.

Despite Nigeria’s efforts to reform its foreign exchange market, including the liberalization of the official exchange rate in June 2023, these measures have not been adequate to stabilize the currency.

Wider economic issues, such as dwindling foreign reserves and inflationary pressures, have intensified the naira’s challenges.

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Tinubu Moves Around FCT At Night To See What Nigerians Are Passing Through – Senator Kalu

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Tinubu Moves Around FCT At Night To See What Nigerians Are Passing Through – Senator Kalu

Former Governor of Abia State, Senator Orji Uzor Kalu, has asserted that President Bola Tinubu usually moves around the Federal Capital Territory (FCT), Abuja, at night to witness what Nigerians are passing through.

The senator representing Abia North Senatorial District stated that the Nigerian leader is aware of the country’s fluttering economy and is taking necessary actions to address the challenges.

“The president himself knows that Nigerians are suffering and hungry. He is a street person; he knows the street very well.

“The president sometimes uses his car to go around and find out what is happening in Abuja here,” Kalu stated in Thursday’s edition of Channels Television’s Politics Today.

Naija News recalls that in September 2024, the National Bureau of Statistics (NBS) reported that the inflation rate in the country reached 32.7 per cent.

Following the elimination of the fuel subsidy and the transition to a floating naira, the prices of essential goods have surged, placing them out of reach for many Nigerians.

However, Senator Kalu contended that the economic difficulties faced are not unique to Nigeria.

He noted that the nation is also grappling with the repercussions of the COVID-19 pandemic, which significantly impacted the global economy.

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Israel Kills Hamas Chief Responsible For October 7 Massacre

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Israel Kills Hamas Chief Responsible For October 7 Massacre

Israel announced on Thursday that Hamas leader Yahya Sinwar, the mastermind behind the October 7 attack, was killed, calling it a “heavy blow” to the Palestinian group.

According to the Israeli military, Sinwar was eliminated in an operation in southern Gaza on Wednesday after a year-long pursuit.

Although Hamas has yet to confirm his death, Israeli Prime Minister Benjamin Netanyahu stated that Sinwar’s death marked a significant defeat for Hamas, though the conflict is far from over.

Netanyahu referred to it as an “important milestone in Hamas’ downfall.”

Foreign Minister Israel Katz labeled Sinwar a “mass murderer” responsible for the October 7 massacre, while President Isaac Herzog praised the killing of the militant behind the attack.

Sinwar, accused of planning the deadliest assault in Israel’s history, had been Israel’s target since the Gaza war began. He rose through Hamas ranks to lead the group after the death of political chief Ismail Haniyeh in July.

Israel’s announcement follows the assassination of Hezbollah leader Hassan Nasrallah weeks earlier and the deaths of several other Iran-backed commanders.

US President Joe Biden, backing Israel, called the day a significant victory for Israel and a potential opportunity for a political settlement in Gaza.

Israeli military chief Herzi Halevi vowed to continue efforts to capture all those involved in the October 7 attack and bring hostages home.

Sinwar’s death could signal a turning point in Gaza, according to Israeli officials, potentially reshaping the conflict’s dynamics.

However, experts caution that Hamas’ rule over Gaza remains intact, and the hostages still face significant risks.

Israel’s broader military campaign has expanded into Lebanon, where Hezbollah has launched cross-border strikes.

The conflict in Lebanon has already claimed 1,373 lives since the war’s escalation in late September.

Meanwhile, in Gaza, airstrikes have continued, leading to further civilian casualties and worsening humanitarian conditions.

The UN and international observers warn of a growing crisis as winter approaches, with hundreds of thousands in Gaza facing extreme hunger and poverty.

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₦14 Million Monthly Income Not Enough For Senators, Says Orji Uzor Kalu

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₦14 Million Monthly Income Not Enough For Senators, Says Orji Uzor Kalu

The lawmaker representing Abia North in the Senate, Orji Uzor Kalu, has revealed that he earns a total of N14 million monthly as a Senator.

During an interview on Channels Television’s Politics Today on Thursday, Kalu dismissed the widespread belief that lawmakers live in luxury while the masses suffer in poverty.

“I earn N14 million for everything in a month. That is everything encompassing, the overhead, the worker’s salary, everybody,” Kalu stated.

The former governor of Abia State argued that the N14 million is not sufficient to cover his expenses, including travel to his constituency and maintaining his constituency office.

In response to allegations regarding lawmakers being provided luxury official vehicles, Kalu clarified that no personal vehicles are given to Senators. Instead, only committees within the National Assembly receive vehicles for official use.

“I am in the Senate, and a lot of things are said about the Senators. I sit there quietly and watch, and most of these things are not true. All I know is that committees get vehicles, no lawmaker is given any vehicle,” Kalu explained.

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