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Today’s 11th April 2024 black market USD to NGN exchange rate

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

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 10th April, 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 N1170 and sell at N1180 on Wednesday 10th April 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 N1170
Selling Rate N1180

Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1246
Selling Rate N1247

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

Source: NAIJA NEWS

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Business

NPA partners barge operators on export cargo evacuation

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The Nigerian Ports Authority has met with the Barge Operators Association of Nigeria as part of efforts aimed at ensuring seamless export cargo evacuation from the hinterland to the seaports.

The Managing Director of NPA, Mohammed Bello-Koko, disclosed this when he hosted members of BOAN, led by its President, Olubunmi Olumekun.

This was contained in a statement on Tuesday by the NPA.

Bello-Koko was quoted as saying that the initiative has grown into a huge direct and indirect employment opportunity as well as, “business endeavours by using the waterways to reduce pressure and congestion on the road corridor,”

He said the meeting focused on providing necessary support to optimise the barge operation value chain.

According to Bello-Koko, the meeting also focused on the infusion of professionalism to ensure the safety of lives and investments at all times.

“We are driven by the relentless commitment to achieving seamless connectivity between the seaports and the hinterland

“This is an enabling initiative for sustaining the growth of exports in the country,” Bello-Koko said.

Recall that the deployment of barges for the evacuation of cargo from the ports to the hinterland was an intervention initiative of the NPA.

Source: The Punch

 

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Business

Govt to cut vehicle parts imports by 40%

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The Federal Government is set to begin the manufacturing and supplying of tyres, batteries, brake pads and other automobile components as part of efforts to boost the Nigerian automotive industry.

It said the policy aims to boost the supply of local components to auto part markets by 40 per cent.

The Minister of Industry, Trade and Investment, Doris Aniete, disclosed this initiative at the ministerial sectoral briefing to mark President Bola Tinubu’s one year in office on Tuesday in Abuja.

She said the programme would be in collaboration with manufacturers, dealers regulatory bodies and other players in the automobile ecosystem.

The Nigerian automobile industry for a long time has been dependent on imports to meet local demands for vehicles and spare parts.

At a recent event, the Chairman, of West Africa Automative Show, Luqman Mamudu, said Nigeria accounts for about 78.8 per cent of automotive components imported to West Africa.

According to him, about $6.2bn is spent on importing automotive components and parts to the region yearly with Nigeria alone accounting for $4.2bn.

But speaking during the briefing, the minister underscored that the newly developed framework will prioritise collaboration among manufacturers, dealers, regulatory bodies, and other stakeholders in the automobile ecosystem.

This collaborative approach is believed to be essential for tackling challenges and unlocking investment potential.

The minister also emphasised the significance of local automotive components, highlighting the potential for significant foreign exchange savings through domestic production of parts.

She said, “Steps are also being taken to unlock the potential opportunities inherent in the nation’s automotive sector. In collaboration with the National Automotive Design and Development Council – the anchor institution for the National Automotive Industry Development Plan and regulatory body for the automotive industry in Nigeria, the strategy and goal of the Ministry is to return the Nigerian Automotive industry to supply 40 per cent of its components locally comprising of glasses, tyres, batteries, brake pads, foam and seats, exhaust, electric cables etc.

“Towards this end, we have developed frameworks that emphasize the need for collaboration among manufacturers, dealers, regulatory bodies, and other players in the automobile ecosystem; because we believe that by working together, they can address challenges, streamline processes, and drive innovation. The automotive industry is set to sign off-take agreements amongst themselves and this is the beginning of history in Nigeria.”

She added, “With the MOUs and agreements, suppliers will be rest assured that car assemblers and manufacturers will buy their products. Assemblers will be guaranteed of their supply chain, quality and standards and consumers will be able to buy affordable brand new cars. This is how import substitution is done. We don’t have to use our FX to buy things we can produce. We don’t have to import if we can make it.”

Similarly, Aniete stated that the government had attracted the sum of $3.5bn to develop a resurgence plan for optimised performance of the Nigerian Cotton, Textile and Apparel Industry in partnership with development partners and private sector players to unlock the sector.

“The ministry is developing a Resurgence Plan for Optimized Performance of the Nigerian Cotton, Textile and Apparel Industry in partnership with development partners and private sector players. We have attracted $3.5bn investment capital to unlock this sector.”

According to the minister, Nigeria’s textile and apparel industry covers the entire clothing value chain and has a strong potential for growth due to the availability of cotton and the country’s large market- size represented by over 200 million inhabitants.

She said that the industry is one of the top contributors to the manufacturing sector of the economy, with the sector’s huge potential for employment creation, for both skilled and unskilled labour attracting foreign direct investment, and reducing poverty.

On revenue, the trade minister disclosed that the Lagos International Trade Fair Complex recorded significantly increased revenue to the federal government in the first quarter of 2024 amounting to 430 million naira against the revenue of 2023 was just 17 million naira.

The minister also disclosed that the ministry will host the Lagos International Trade Fair which was last hosted 14 years ago in 2010.

“With this massive increase and with the increasing facelift the ministry will be hosting the Lagos International Trade Fair, we are now set to host a popular Lagos International trade fair. This trade fair was last hosted 14 years ago in 2010 and this trade fair will reestablish our country as a market hub of West Africa.” she said

According to her, the revival of this trade fair symbolizes the government’s unwavering commitment to reclaiming its position as a regional market powerhouse in West Africa.

Anite added that the resurgence of the Lagos International Trade Fair will not only reestablish Nigeria as a regional market hub but also amplify market linkages for manufacturers, suppliers, farmers, and traders nationwide.

She said the revitalisation is poised to catalyze economic activities across various sectors, from tourism to manufacturing, while creating much-needed job opportunities and fortifying food security.

Concurrently, she said transformative reforms at the Nigerian Commodity Exchange aim to unlock equitable opportunities for farmers and miners in national and international markets as fruitful bilateral engagements with countries such as Qatar, the UK, India, and the UAE have further bolstered Nigeria’s market access and trade prospects.

To expedite export processes and mitigate rejections, Anite said the government is set to establish the one-stop export processing centres across geo-political zones to streamline operations with stringent regulations mandating exports against inward letters of credit aim to safeguard Nigeria’s natural resources while bolstering its currency and economy.

Source: The Punch

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Aviation

$20M fraud: Is Air Peace boss Onyema wanted in U.S? 36-page document reveals

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The current narrative surrounding Nigeria's top airline boss Allen Onyema is not particularly positive at the moment, despite its recent

The current narrative surrounding Nigeria’s top airline boss Allen Onyema is not particularly positive at the moment, despite its recent prominence in the global aviation industry.

Prince Harry and Meghan Markle were welcomed to Nigeria few weeks by Air Peace boss Dr. Allen Onyema, but DailyMail.com described the Nigerian airline boss as a fugitive who has been federally indicted in the United States for allegedly orchestrating a $20million money laundering and bank fraud scheme.

Onyema, whose airline the royals took for their flight from the nation’s capital Abuja into its largest city Lagos on May 12 was a key member of the welcoming committee that met the Duke and Duchess of Sussex when they touched down on the tarmac as part of their three-day-tour of Nigeria.

Dressed in navy and wearing shades and a red kufi hat, Onyema was one of a small group of dignitaries, which included senior military and government officials, photographed alongside the Sussexes as they deboarded their Air Peace aircraft.

Founded by Onyema just over a decade ago, Air Peace flies internationally and is the largest airline in West Africa.

DailyMail.com has exclusively learned that the 59-year-old businessman is a wanted man in the United States, facing multiple charges linked to millions of dollars’ worth of alleged fraud set down in a federal indictment filed in November 2019

The indictment, obtained by DailyMail.com, accuses Onyema of allegedly ‘using his status as a prominent business leader and airline executive to launder more than $20million from Nigeria through US bank accounts’

There is no suggestion that either Harry or Meghan were aware of Onyema’s history before they met him.

DailyMail.com also understands that the couple had planned to use a different airline but plans were changed at the last minute.

The charges were filed by former US Attorney Byung J ‘BJay’ Pak who has since left office. The case is now being pursued by US Attorney for the Northern District of Georgia Ryan Buchanan who took over the role in 2022.

Speaking at the time of filing Pak said of the man who gladhanded the Sussex’s during their ‘private’ tour of his country, ‘Onyema allegedly leveraged his status as a prominent business leader and airline executive while using falsified documents to commit fraud.’

Robert Murphy, the agent in charge of the DEA Atlanta field division added: ‘Allan Onyema’s status as a wealthy businessman turned out to be a fraud. He corrupted the US banking system, but his trail of deceit and trickery came to a skidding halt.’

The indictment goes on to allege that Onyema set up various ‘innocent sounding multi-million-dollar asset purchases which were nothing more than alleged fronts for his scam’.

It states that Onyema is the founder and chairman of several organizations across Nigeria, including the Foundation for Ethnic Harmony, International Center for Non-Violence and Peace Development and All-Time Peace Media Communications Limited.

Beginning in 2010 he began traveling frequently to Atlanta where he opened several personal and business bank accounts.

Between 2010 and 2018 over $44.9million was allegedly transferred into his Atlanta-based accounts from foreign sources.

Onyema founded Air Peace in 2013 and, according to the indictment, traveled to the United States in following years and purchased multiple airplanes.

Onyema is accused of using his status as a prominent business leader to launder more than $20million from Nigeria through US bank accounts

However, the Department of Justice alleges, over $3million of the funds used to purchase the aircraft, ‘allegedly came from bank accounts for the Foundation for Ethnic Harmony, International Center for Non-Violence and Peace Development, All-Time Peace Media Communications Limited and Every Child Limited.’

Air Peace’s Chief of Administration and Finance, Ejiroghene Eghagha, has also been charged along with Onyema.

Both men were charged on one count of conspiracy to commit bank fraud, three counts of bank fraud, one count of conspiracy to commit credit application fraud and three counts of credit application fraud.

In addition, Onyema was charged with 27 separate counts of money laundering while Eghagha was charged with committing aggravated identity theft in connection with the scheme.

Investigators allege that, beginning in approximately May 2016, the two men used a series of export letters of credit to cause banks to transfer more than $20million into Atlanta-based bank accounts controlled by Onyema. The letters of credit were purportedly to fund the purchase of five Boeing 737 passenger planes by Air Peace.

The letters were supported by documents such as purchase agreements, bills of sale, and appraisals proving that Air Peace was purchasing the aircraft from Springfield Aviation Company LLC, a business registered in Georgia. But, according to investigators, the supporting documents were fake.

Springfield Aviation Company LLC, which is owned by Onyema and managed by a person with no connection to the aviation business, never owned the aircraft in the first place and the company that allegedly drafted the appraisals did not exist.

In October 2022 American citizen Ebony Mayfield, a former staff member of Springfield Aviation Company was sentenced to three years’ probation and fined $4,000 for her role in the alleged scheme after charges were filed against her by the US Attorney for the Northern District of Georgia.

The charges against Onyema and Eghagha remain pending with both men maintaining their innocence.

Neither man responded to calls and emails to Air Peace’s offices in Nigeria and the UK.

-CULLED: DailyMail

 

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Business

Dangote refinery plans London, Lagos listings

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Dangote Petroleum Refinery has announced a further reduction of the price of diesel from 1200 to 1,000 naira per litre.

Dangote refinery is aiming for a dual listing on the London and Lagos bourses, a senior executive said on Tuesday.

Earlier on Tuesday, local media quoted Africa’s richest man, Aliko Dangote, who built the refinery, as saying he could try to list the company in Nigeria by the end of the year.

Asked to comment on Dangote’s statement to local media, Devakumar Edwin, Dangote refinery executive, told Reuters: “We have listed all our businesses. The NSE (Nigerian Stock Exchange) will not have adequate depth to handle exclusively the petroleum refinery. We would have to take it to LSE (London Stock Exchange) but also list in NSE.”

The refinery, Africa’s largest, built on a peninsula on the outskirts of the commercial capital Lagos at a cost of $20 billion, was completed after several years of delay.
It can refine up to 650,000 barrels per day (bpd) and will be the largest in Africa and Europe when it reaches full capacity this year or next.

Dangote has been trying to secure crude supplies for his refinery. He has interests in Dangote Cement (DANGCEM.LG), opens new tab, Dangote Flour Mills and Dangote Sugar all listed on the Nigerian bourse.

In May, the company reached its first supply deal with TotalEnergies after it put out a tender for 2 million barrels of West Texas Intermediate (WTI) Midland crude every month for a year starting in July, according to tender documents.

-Business day

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Business

NNPC uncovers 122 illegal refineries, seals fuel station

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The Nigerian National Petroleum Company Limited has discovered a total of 122 illegal oil refining sites in the past week across the Niger Delta region.

The NNPCL said a filling station was sealed for selling illegally refined fuel to motorist in Akwa Ibom State.

According to a documentary released by the NNPCL on Tuesday, 65 illegal pipeline connections were uncovered and removed within the past week in Rivers and other states in the oil-rich Niger Delta.

“310 incidents were recorded between May 18 and 24 across the Niger Delta region,” the NNPCL disclosed while reeling out its efforts in fighting oil theft and vandalism.

Our correspondent gathered that the filling station selling illegally refined fuel was uncovered at Grey Creek in Akwa Ibom State.

The 122 illegal refineries were spotted at Tomble II, III, IV, Umuajuloke, Rivers State as well as Oporomor III, Eduwini, and Ajatiton in Bayelsa State.

Vandalised well heads were reportedly discovered in Tomble IV, Rivers and Egbema in Imo State.

A pit filled with crude oil from a vandalised wellhead was also discovered.

Five illegal storage sites were sighted with oil stored in sacks, pits, cans and a filling station, the energy company stated.

Twenty vehicles, including a tanker, were seized in Delta and Imo states, while 29 boats transporting crude oil or illegally refined products were confiscated across several creeks in Bayelsa and Delta states.

It was said that 33 suspects have been arrested in connection with the incidents.

Recently, The NNPCL Group Chief Executive Officer, Mele Kyari, emphasised the need to fight insecurity in the oil and gas sector to increase production.

According to Kyari, the nation’s crude oil production keeps dropping due to oil theft and vandalism.

“How do you increase oil production? Remove the security challenge we have in our onshore assets. As we all know, the security challenge is real. It is not just about theft, it is about the availability of the infrastructure to deliver the volume to the market.

“No one is going to put money into oil production when he knows the production will not get to the market. Within the last two years, we removed over 5,800 illegal connections from our pipelines. We took down over 6,000 illegal refineries. You simply cannot get people to put money until you solve that problem,” he stated.

-The Punch

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Economy

Customs adjusts FX rate for import duties to N1,480/$

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The foreign exchange (FX) rate for tariffs and duties used by the Nigeria Customs Service (NCS) has dropped to N1,480 per dollar.

TheCable observed that the new rate reflected on the single window trade portal of the federal government, on Monday.

According to information on the portal, the NCS exchange rate was reduced by 3.28 percent — from N1,530/$ on May 17.

The customs rate is marginally lower than the official FX rate of N1,510/$ recorded at the close of trade on May 24.

Customs typically adopt FX rates recommended by the Central Bank of Nigeria (CBN) for import duties based on trading activities in the official FX market.

At the close of today’s trade, the Nigerian currency appreciated to N1,339.33/$

On May 16, Muda Yusuf, director-general of the Centre for the Promotion of Private Enterprise (CPPE), said customs should set a quarterly exchange rate between N800/$ and N1000/$ for import duties assessment.

Yusuf said the continuous fluctuation affects inflation.

The DG said setting a fixed rate was necessary to reduce the pass-through effect of heightening trade costs on inflation.

Source: The Cable

 

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