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Black market dollar to naira exchange rate today 6th February 2024

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Black market dollar to naira exchange rate today 3rd January 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 5th February, 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 N1440 and sell at N1450 on Monday 5th February 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 Rate N1440
Selling Rate N1450

Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate 1367
Selling Rate 1368

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

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Economy

Renewable energy: FG partners China on local production

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The Federal Government said it is set to localise the production of renewable technologies through partnership with China-based Sinoma International Engineering Company.

This formed the crux of discussions between Nigeria’s Special Presidential Envoy on Climate Action, Ajuri Ngelale, and the Executive Management of Sinoma International Engineering Company at its Beijing headquarters on Tuesday.

In a brief made available to State House correspondents on Tuesday, Ngelale said the discussions harped on the importance of localised production to reduce reliance on imports and promote economic growth.

The meeting, attended by Sinoma’s Board Chairman, Mr. Yin Zhisong, and President, Mr. Zhu Bing, covered various areas of mutual interest, including decarbonisation of mining practices, ecological support and restoration.

Ngelale hailed Sinoma’s expertise in decarbonisation of mining practices, ecological support, and restoration, as well as automation of manufacturing processes for carbon capture, utilization, and storage, wind blades, and other technologies.

The brief read, “On Tuesday, I held substantive discussions with the Executive Management of Sinoma International Engineering Company at their Beijing headquarters in the presence of the Board Chairman, Mr. Yin Zhisong, and the Company’s President, Mr. Zhu Bing.

“We covered a wide range of important areas of mutual interest, going into significant depth on each of the agenda items. The expertise Sinoma has developed in the decarbonization of mining practices with full ecological support and restoration, as well as the cross-cutting automation of several manufacturing processes for CCUS (carbon capture, utilisation and storage), wind blades, and other very important technologies — the production of which Nigeria is now moving swiftly to localize (assembly to end-to-end) — is awe-inspiring and a testament to what innovative, dogged and determined leadership can yield.

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“A very productive and consequential engagement today with more to follow in the days ahead.”

Ngelale said Tuesday’s talks will boost Nigeria’s renewable energy sector, create jobs and reduce greenhouse gas emissions, aligning with the country’s climate action goals

Source: The Punch

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Reps okay 70% gains from forex transactions by banks

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Bill to create new state in south-east passes second reading at house of reps

The House passed the Finance Act, 2024 which seeks to impose a 70 per cent levy on the profits realized by banks from all foreign exchange transactions.

The Executive bill was adopted by members at the Committee of Supply chaired by Speaker Tajudeen Abbas.

According to report presented by Chairman, House Committee on Finance, Hon. James Faleke, the Executive provides for the imposition of windfall tax, assessment and review of profits declarations; and for deferred payment agreements for financial institutions by Federal Inland Revenue Service.

He explained that the Committee interacted with some Stakeholders including: Federal Ministry of Finance and Coordinating Economy, Central Bank of Nigeria (CBN), Federal Inland Revenue Service (FIRS) and Bankers Committee.

“The Joint Committee observed that the Banks enjoyed windfall as a result of Exchange rate unification policy of the Federal Government;

“That the windfall was as a result of FX allocation to selected commercial Banks.

“That the policy does not permit the use of the windfall for dividend payment.”

In its recommendations, the joint Senate and House Committee proposed that the application of the provision of section 30 of the Principal Act shall take effect from 1st January 2023.

“That levy shall be 70 percent on the realized profit from all exchange transactions of Banks.

“Any bank that fails to pay the windfall profit levy to the Service and has not executed a deferred payment agreement by 31st December, 2024, shall be liable to pay the windfall profit levy withheld or not remitted in addition to a fine of 10% of the levy withheld or not remitted per annum and interest at the prevailing Central Bank of Nigeria (CBN) minimum rediscount rate.

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Source: Tribune

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Reps ask Dangote, Lafarge to justify cement price hike

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PDP crisis: House minority leaders disown 60 Reps

The joint committee of the House of Representatives investigating arbitrary rise of cement price in the country, has asked major producers in the industry to tender documents on cost production to justify the price of cement in the market.

The committee resolved to visit production plants of the companies after going though their books to ascertain the cost of production with a view to determine a fair price of cement for all Nigerians.

The Chairman of the joint committee, Jonathan Gaza (APC-Nasarawa) made the demand on Friday at a public hearing while quizzing Dangote Cement Company and Lafarge Africa Plc in Abuja.

He said that the committee is interested in the cost of production from 2020 to date that justified the current price of cement which is over N10,000 in most parts of the country.

He said that the companies should give its average daily consumption of coal, gas, gypsum, limestone, clay, laterite and the average daily production of cement from 2020 to date.

Gaza said that the companies should provide details of all imported components for the production of cement and their prices from
2020 to date.

The lawmaker said that the companies should also provide details of local components for the production of cement and their prices in naira and dollars if any in the period under review.

He said that the companies should provide a summary of the monthly prices and guantity of cement produced from 2019 to date as well as their audited accounts of the company, bills of ladan and duties paid to customs within the period under review.

READ ALSO  Reps okay 70% gains from forex transactions by banks

Gaza also said that the companies should provide details of tax waivers and other incentives enjoyed plus gas and explosives contract details.

Dabo Ismail (APC-Bauchi state) a member of the committee said that Dangote Cement Company had continued to make increasing profits in the country despite being able to source most of its raw materials locally.

He said that in 2022, the company declared a profit of N524 billion, N553 billion in 2023 and have so far made N166.4 billion in 2024.

The lawmaker said that there is no reason why the price of cement will keep rising in the market to the detriment of Nigerians while producers are smiling to he banks.

Earlier, the Group Managing Director, Dangote Cement Company, Arvind Pathack, said that 95 per cent of production cost are either imported or linked to forex.

He explained that there had been between 100 to 333 per cent increase in the price of major cement input materials like gas, AGO, gypsum, imported coal, spare parts, new trucks, tyres, petrol among others.

Pathack said that company is made to pay in dollars some of its contracts to access gas and explosives saying that the provision made by the Central Bank of Nigeria was not enough to meet demand so the engage in international sales also sauce from the parallel market.

According to him, logistics issues such as deplorable state of key roads, creates several issues including longer time to deliver, increase in truck maintenance and delivery cost.

The GMD explained that lack of sufficient forex to settle trade obligations had resulted to huge forex losses to a tone of N150 billion a per annum while paying 30 per cent interest rate on loans.

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He said between May 2023 and June 2024, there has been over 220 per cent devaluation of the Naira among many other challenges like insecurity and public power supply.

Pathack said that the cost building materials like reinforcement, granite and aluminum window had increased by 177 per cent to 283 per cent while cement had increase by 166 per cent between 2023 and 2024.

He said that cement was being sold at average cost of 7,200 saying that any price over N10,000 was the handwork of retailers which the company had no control over.

According to him, when converted to dollars a bag of cement is said at $7.8 dollars in Benin, $6.6 in Togo, $7.8 in Ghana, $4.4 in India while that of Nigeria is $4.43, making it one of the cheapest in Africa.

The committee admonished the companies to look into their policy and operations with a view to reduce the price of cement in the country.

In an interview with newsmen, the chairman of the committee expressed hope that the engagement will lead to a reduction in the price of cement.

He blamed high price of the commodity on the inaction of Federal Competition Consumer Protection Commission.

Gaza said that as an agency responsible for the protection of consumers, they failed to protect Nigerians against middlemen who sold the commodity for as high as N14,000 after purchasing it for N6,000 at the factory.

“We are extremely hopeful that this engagement will lead to a reduction in the price of cement.

“FCCPC has slept on their functions so far, their inactivity and none responsiveness to price is what has put Nigeria where we are today,” he said.

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Source: The punch

 

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Nigeria loses $9bn yearly to illegal mining activities — Reps

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Nigeria loses $9bn yearly to illegal mining activities

Hon. Jonathan Gaza, Chairman, House of Representatives Com­mittee on Solid Minerals, on Mon­day, disclosed that Nigeria loses about $9 billion in revenue yearly to illegal mining activities across the country.

He disclosed this in Abuja during the opening of an inves­tigative hearing into illegal min­ing activities, under-reporting by mining and quarry licence operators, utilisation of finan­cial interventions in the Nigerian solid minerals sector amounting to trillions of naira within the solid mineral sector and also the Nigeria Minerals and Mining Act (amendment bill) and Nige­ria Solid Minerals Development Company (establishment bill), respectively.

He said: “The leadership of the 10th House of Representatives has found it expedient and a sense of duty to carry out these inves­tigative hearings to necessitate transparency and accountabil­ity, public participation, policy formation and identify challenges and solutions that will ultimately lead to the revamping of our solid mineral sector.

“As we are all aware, illegal mining poses substantial risks to our nation’s economy, envi­ronment, and security. The un­regulated exploitation of our natural resources jeopardises the sustainability of the mineral sector, leading to environmental degradation and revenue loss that could otherwise benefit our com­munities and nation as a whole.

“It is imperative that we take as a matter of urgency, decisive steps and necessary action to ad­dress this issue and ensure that our solid mineral sector operates within the framework of the law, protecting our natural resources for future generations.

“Furthermore, as representa­tives of the people, the parliament is deeply worried about the loss of revenue through unregulated and illicit mining operations with the Federal Government disclosing that unlawful mining costs the country $9 billion each year, with the only money coming from a three percent royalty paid by the few licensed miners.

READ ALSO  Reps okay 70% gains from forex transactions by banks

“This development as you all know hampers the country’s abil­ity to maximise the benefits from its mineral resources.

“There is also the grave con­cern about the negative impacts of illegal mining which has led to insecurity and conflicts over control of mining sites and their resources. These conflicts have escalated into violence thereby ex­acerbating existing political and social tensions in affected com­munities which has resulted in the limited data availability and inadequate measures to control this illicit practice.”

According to him, the pub­lic hearing serves as a valuable platform for collecting insights, information, and recommenda­tions from stakeholders, experts, and affected communities.

“By attentively listening to their testimonies and perspec­tives, we can gain a deeper under­standing of the challenges posed by illegal mining and develop ef­fective strategies to combat this illicit activity. I call upon all partic­ipants to engage in constructive dialogue, share their experiences, and offer practical solutions that will guide our legislative efforts towards regulating the solid min­eral sector effectively.”

In his remarks, the co-chair­man of the joint committees, Hon. Balele Aminu, underscored the need to address the critical issue of national importance.

“Last week, I found myself in another committee discussing about oil theft when I got submis­sions from various professional organisations I think we need support, prayers from Nigerians. This is the most critical aspect to­day, we are looking for revenue, there is revenue here.

“We are looking for money, people are saying that we don’t have money in Nigeria, there’s money in the mining sector but the challenge is enormous. We need the support of Nigerians through memos, inputs and oth­er things.”

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Hon. Aminu, who doubles as Chairman, House Committee on Army, observed that “the money that is going out from illegal min­ing is more than what is going out from oil sector and bunkering, so we need to come together, work together and see how we are going to assist our nation.”

While declaring the hearing open, Speaker Tajudeen Abbas, who was represented by the Ma­jority Leader, Hon. Julius Ihon­bvere, averred that illegal mining in Nigeria has huge implications for the economy of our nation.

While noting that the outcome of the comprehensive investi­gation into the reported illegal activities and the committees’ recommendations will guide the House in taking necessary legis­lative actions, he solicited the co­operation of all the stakeholders in addressing the menace.

Source: Independent.ng

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Economy

Nigeria’s inflation rises to 34.19% in June 2024

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Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the

Nigeria’s inflation rate in June 2024 surged from 33.95% in May 2024 to 34.19% in June according to the latest report from the National Bureau of Statistics, (NBS).

The headline inflation rate in June 2024 increased by 0.24% points in June when compared to the figure for May 2024.

 

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Naira falls to N1,561.98/$1, lowest level since March 2024

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The naira has experienced a notable depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, falling to N1,561.98/$1

The naira has experienced a notable depreciation on the Nigerian Autonomous Foreign Exchange Market (NAFEM) window, falling to N1,561.98/$1 on Wednesday, July 10, 2024.

According to data from the FMDQ Securities Exchange, this represents a 2% decline from the N1,532.58/$1 recorded the previous day.

This marks the third consecutive depreciation of the naira, occurring despite stronger external reserves and rising foreign exchange turnover.

The currency’s value has now reached its lowest level since March 18, 2024, when it stood at N1,597.25/$1.

The recent depreciation brings the naira perilously close to the N1,600 mark, occurring less than three weeks after it crossed the N1,500 threshold.

This trend raises concerns about the currency’s stability and the broader economic implications for Nigeria.

 

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