Naira Falls Further in Black Market
As of October 8, 2024, the Naira has weakened against the US dollar in the parallel market. According to sources at Bureau De Change (BDC) in Lagos, traders buy dollars at N1670 and sell at N1680. This depreciation highlights the ongoing volatility of the Naira. However, it’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises people to use formal banking channels for foreign exchange.
Here are the updated rates for the black market:
- Buying Rate: N1670
- Selling Rate: N1680
Meanwhile, the CBN’s official rate for the US dollar stands slightly lower:
- Buying Rate: N1628
- Selling Rate: N1629
Please remember that exchange rates can vary depending on location and transaction volume.
Nigeria and Brazil Strengthen Aviation Ties With Direct Flights
In other developments, Nigeria and Brazil are gearing up to launch direct flights as part of the Bilateral Air Service Agreement (BASA). Following the directive from President Bola Tinubu, Nigeria’s Minister of Aviation, Festus Keyamo, met with the Brazilian Ambassador to Nigeria, Carlos Garcete, to accelerate the implementation of the 2018 agreement.
This collaboration, which aims to enhance economic cooperation and aviation connectivity, builds on discussions held between President Tinubu and Brazilian President Luiz Inácio Lula da Silva earlier this year.
The new direct flight routes could operate four to five times a week, promising to bolster trade and cultural exchanges between the two nations. However, Ambassador Garcete highlighted that the completion of the Open Skies Agreement is crucial for seamless flight operations.
These efforts mark a significant step in Nigeria’s global aviation strategy.
