Dollar to Naira Exchange Rate at Black Market for November 9, 2024

Today, the black market exchange rate for the U.S. dollar to Nigerian Naira remains high, with Bureau De Change operators in Lagos buying at N1,730 per dollar and selling at N1,740 as of November 8, 2024. This rate reflects ongoing currency pressures despite the Central Bank of Nigeria’s directive for forex transactions to occur through official banking channels.

Current Exchange Rates:

  • Black Market Rate
  • Buying: N1,730
  • Selling: N1,740
  • CBN Official Rate
  • Buying: N1,664
  • Selling: N1,665

In Other News:
Former MTN Nigeria CEO, Ahmad Farroukh, has taken on the role of Chief Executive Officer at Globacom. His appointment is expected to bring operational enhancements aligned with the Nigerian Communications Commission’s (NCC) recent governance initiatives, as he prepares to guide Glo through a potential restructuring phase.

Economist Projects N1,200 Petrol Price and Naira Exchange Rate of N1,550 per Dollar by January 2025

In a recent economic outlook, Bismarck Rewane, economist and CEO of Financial Derivatives Company Limited, forecasted a possible increase in Nigeria’s petrol price to N1,200 per litre and a Naira exchange rate of N1,550 per dollar by early 2025. During a session at Lagos Business School titled “Democracy on Trial! Trump – Going Back to the Future,” Rewane outlined key economic indicators, predicting Brent crude prices at $70 per barrel by December and inflation climbing to 34%.

Rewane attributed the projected petrol price rise to global oil prices and distribution logistics, suggesting that higher fuel costs could help reduce smuggling and increase foreign exchange revenue from official fuel exports. He also emphasized that while the Dangote Refinery promises stable supply, it operates on a cost-plus model, meaning prices would reflect operational expenses and global crude trends.

The economist noted that the recent jump in petrol prices from N600 to N1,030 per litre has already reduced traffic in Lagos by 25%, citing data from a vehicular report on Victoria Island’s Adeola Odeku street. He further highlighted the Naira’s significant undervaluation, pegging its fair value at N1,090.24 per dollar and predicting a strengthening by early 2025, driven by reforms in exchange rate mechanisms.

Rewane underscored that exchange rates heavily influence Nigeria’s inflation rate, and a partial Naira recovery could ease inflationary pressures. The upcoming inflation data release for October may influence the Central Bank’s future policies, though current high-interest rates are expected to remain in place until 2025.

He concluded that challenges remain, with corporate losses from foreign exchange impacts totaling N2 trillion for major companies. Operational inefficiencies, increased maintenance costs, and rising debt servicing expenses due to depreciated fixed assets also continue to affect Nigerian businesses.

Top Headlines in Nigeria Today: Economic Hardships, Ministerial Powers, and Rising Food Insecurity

Good morning, Nigeria! Here’s a roundup of the major headlines across the country for Saturday, November 9, 2024.

1. Osinbajo Urges Tinubu to Address Economic Hardships Impacting Nigerians
Former Vice President Yemi Osinbajo has called on President Bola Tinubu to prioritize relief measures for Nigerians struggling with economic challenges, including food insecurity. Speaking at the 2024 WIMBIZ conference, Osinbajo emphasized the need for targeted social welfare, healthcare accessibility, and policies to address high costs in essentials like food, transportation, and housing.

2. Tinubu Grants Ministers of State Full Control Over Their Agencies
President Tinubu has approved a policy empowering ministers of state to fully oversee the agencies under their portfolios, allowing them to make administrative decisions without needing approval from senior ministers. This change aims to improve efficiency and utilize the expertise of ministers of state more effectively.

3. Report Projects 33 Million Nigerians at Risk of Hunger by 2025
A report from Cadre Harmonisé warns that by 2025, 33 million Nigerians may face hunger due to economic hardship, inflation, climate challenges, and ongoing violence. The report highlights that from October to December 2024, 25.1 million Nigerians, including 3.8 million in the northeast, are likely to experience food insecurity.

4. Ooni of Ife Encourages Nigerians to Contribute to the Nation’s Growth
The Ooni of Ife, Oba Adeyeye Enitan Ogunwusi, urged Nigerians to focus on personal contributions to national development instead of solely placing blame on the government. He encouraged citizens to play active roles in improving the country’s future.

Stay informed with Naija News as we bring you more updates across the country.

Power Minister Orders Urgent Action to Prevent National Grid Failures in Nigeria

Nigeria’s Minister of Power, Adebayo Adelabu, has issued an urgent directive for the immediate execution of recommendations aimed at stabilizing the National Grid and addressing the ongoing power issues across the country. The directive follows the submission of a comprehensive report by an inter-agency committee tasked with finding solutions to Nigeria’s persistent grid failures.

Bolaji Tunji, Special Adviser on Strategic Communications and Media, announced that Adelabu has instructed the Transmission Company of Nigeria (TCN) and other relevant agencies to swiftly begin implementing these recommendations. Adelabu emphasized the importance of the directive, stating that it is crucial to end the embarrassing national grid collapses both in the immediate and long term.

Tunji highlighted that the committee’s proposals are designed to provide lasting stability for Nigeria’s power grid, bringing an end to frequent failures that have disrupted services nationwide.

In related news, the federal government refuted rumors of a fresh grid collapse on Friday. Responding to reports of power outages in some areas, grid operators assured the public that there had been no new incident and labeled the circulating information as misinformation.

“Please disregard rumors of another grid collapse. It’s false information!” read the statement from the grid managers.

Coalition Advocates Immediate Sack Of NNPCL GCEO Kyari

The Nigerian Coalition of Civil Society Organizations (NICOCSO) has called on President Bola Tinubu to immediately remove Mele Kyari, as the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), probe the cabal sabotaging local refineries, and stop importation of Petrol Motor Spirit (PMS).

NICOCSO which had been warning the federal government of the grave consequences of poor management of the downstream sector raised the alarm again in a press conference jointly addressed by its National Spokesperson and National Co-Coordinator, Segun Adebayo and Benjamin James on Friday in Abuja.

The Coalition wants President Tinubu to intervene immediately starting with sack of Mele Kyari, insisting that his leadership has frustrated local refinery initiatives, maintained harmful policies, and upheld a system that harms the nation’s economy. Adding that the advocacy for the NNPCL chief sack will be sustained until the president acts on their demand.

The statement reads: “We are here to raise urgent concerns about the group within the Nigerian National Petroleum Company Limited (NNPCL), led by Mele Kyari, whose policies jeopardize our economic stability by prioritizing imported Premium Motor Spirit (PMS) over local refining. This group’s profit-driven approach burdens our economy, drains our foreign reserves, weakens the Naira, and obstructs local initiatives to support energy self-sufficiency and job creation.

“The High Cost of Fuel Importation and Its Devastating Economic Impact
Despite Nigeria’s potential to refine fuel locally, vested interests within the NNPCL continue to impose PMS importation on Nigeria. This unnecessary import dependency costs Nigeria billions in foreign exchange every year, placing our economy under enormous strain. Meanwhile, the people bear the brunt of fluctuating global oil prices and currency devaluation, all while this cabal profits from maintaining the status quo.

“We must hold accountable those who prioritize personal gain over national prosperity. They are frustrating the nation’s move toward self-sufficiency, ensuring that Nigeria remains exposed to the volatility of the international oil market. This is unacceptable and unsustainable for a nation as richly endowed with natural resources as ours.

“It is no secret that Nigerian industrialists, such as Aliko Dangote, have invested heavily in local refineries to curb Nigeria’s reliance on imported fuel. The Dangote Refinery represents a transformative opportunity for energy independence and economic growth. However, instead of supporting these efforts, the cabal at the NNPCL has actively hindered local refinery operations, prioritizing imported PMS and discouraging local refining. This calculated sabotage deters investors, limits job creation, and keeps Nigeria locked in economic dependency.

“We call upon His Excellency, President Bola Ahmed Tinubu, to take decisive action to address this troubling issue. We know President Tinubu loves Nigeria and wants the best for Nigeria hence we urge him to caution the NNPCL leadership, led by Mele Kyari, to avoid policies that could lead Nigeria into further economic crises. The President should immediately authorize an investigation into this cabal’s activities within the fuel sector to uncover and expose any malicious manipulation or corruption.

“For Nigeria to realize its ambition of a self-sustaining economy, this group’s exploitative grip on the fuel sector must end. Only through a transparent probe and strict accountability can we remove these obstacles to local refinery success and national economic stability. We implore the President to enact reforms that will bolster the local refining industry and free Nigeria from dependence on imported fuel.

“One critical policy shift we advocate for is mandating that Nigerian crude oil be sold to local refineries in Naira rather than in dollars. This change would significantly reduce our foreign exchange losses, empower local businesses, and protect the Naira. A shift to selling crude oil domestically in Naira would also send a strong message that Nigeria is serious about prioritizing its local industries and economic sovereignty.

“Such a policy will empower local investors, encourage growth in the refinery sector, create jobs, and reduce fuel prices domestically. It will strengthen Nigeria’s economy and make us more resilient to external economic pressures. The time has come for Nigeria to take ownership of its resources and ensure that our natural wealth benefits the Nigerian people rather than a select few.

“We are here today at the National Assembly to demand that our representatives stand with the Nigerian people. We call for the immediate removal of Mele Kyari from his position as the Group Chief Executive Officer of NNPCL. His leadership has frustrated local refinery initiatives, maintained harmful policies, and upheld a system that harms the nation’s economy.

“If the government does not act, the NIGERIAN COALITION OF CIVIL SOCIETY ORGANIZATIONS (NICOCSO) here today pledge to continue this advocacy, rallying every day across the 36 States to make our voices heard. We will not stand down until this administration addresses our demands for transparency, reform, and accountability within the NNPCL. Our economy and the well-being of the Nigerian people depend on decisive action against those who hinder our path toward energy independence.

“We once again plead with President Tinubu who is a listening leader and a President who has genuinely renewed our hope to sack Mele Kyari Now!!! We urge Nigerians across all sectors to join this call for accountability. We appeal to the press, fellow civil society organizations, and all Nigerians to support this movement to curb the monopolistic control over our resources and fuel market. Together, we can build a Nigeria that empowers local industries, ensures fair fuel pricing, and promotes economic sovereignty for the prosperity of future generations.

“Nigeria stands at a pivotal crossroads. We can allow a few individuals to exploit our economy for personal gain, or we can chart a new course toward a resilient and prosperous future. We urge President Tinubu to heed the voice of the people, sanction a probe into the cabal within the NNPCL, and take action to secure our economic sovereignty by selling crude oil to local refineries in Naira.

“Mr. President, the time to act is now. We stand here today for a Nigeria that is prosperous, self-reliant, and free from the shackles of dependency on imported fuel. We believe in the strength of this administration to make bold choices that will benefit all Nigerians.”

Hamas Urges Ceasefire in Gaza, Calls for Palestinian Statehood After Trump’s Election Win

Following Donald Trump’s recent victory in the U.S. presidential election, Hamas has called for a ceasefire in Gaza and a renewed pursuit of Palestinian independence. Basem Naim, a spokesperson for Hamas’s Political Bureau, expressed hope for a U.S. shift in supporting Palestinian aspirations.

In an interview, Naim urged the U.S. to reconsider its stance on Israel, stating that “blind support” for Israel should end to foster regional stability. Trump, declared the 47th U.S. president after defeating Kamala Harris, previously maintained a close alliance with Israel, complicating Middle Eastern dynamics amid recent escalations between Israel and groups allied with Iran.

Road Tax Revenue Surges by 63% Across Nigerian States in 2023, NBS Reports

The National Bureau of Statistics (NBS) reported a 63% rise in road tax collections by Nigerian states in 2023, highlighting transportation’s impact on states’ internal revenue. According to the NBS Internally Generated Revenue (IGR) report, total road tax rose to ₦40.14 billion, up from ₦24.57 billion in 2022.

Lagos led with ₦16.74 billion, accounting for 41.7% of the national total. Ebonyi State recorded a remarkable 3,804.32% increase, while Rivers State saw a 270.66% rise. Conversely, Enugu, Katsina, and Niger States reported significant declines in their road tax revenue.

House Minority Caucus Calls for Justice and Compensation for #EndBadGovernance Protesters Detained Unlawfully

The Minority Caucus of Nigeria’s House of Representatives has urged the government to compensate minors who were detained for three months on charges of terrorism and arson after participating in the #EndBadGovernance protests. In a Friday statement, the caucus demanded an investigation and punishment for those responsible for the prolonged detention.

Signed by Minority Leader Rep. Kingsley Chinda and other caucus leaders, the statement calls for accountability, expressing concern over the psychological toll on the detained youth.

Ex-Nigerian Ambassador Seeks U.S. Asylum Over Corruption Allegations by News Platform

Former Nigerian Ambassador to Namibia, Lilian Onoh, is pursuing asylum in the United States following a corruption allegation published by Sahara Reporters. The news platform reported that Onoh was dismissed from the Nigerian Civil Service Commission over alleged misappropriation of ₦50 million, recommending her for trial by the Independent Corrupt Practices Commission (ICPC).

In response, Onoh filed a defamation lawsuit in the U.S. District Court for the Northern District of Texas against Sahara Reporters Media Group, Inc., and its founder, Omoyele Sowore, citing defamation and emotional distress from the publication. She submitted a 102-page affidavit to support her claims, asserting that the allegations had caused significant personal and professional harm, including her inability to participate in church activities.

The legal documents reveal that Onoh, who initially planned to retire in Nigeria, is now seeking permanent residency in the U.S. due to perceived risks if she returns. She is currently awaiting her Green Card, having filed for asylum on grounds of safety for diplomats in danger, which includes obtaining an Employment Authorization valid until 2028. Onoh’s application has reportedly advanced through U.S. immigration processes, and she now intends to establish permanent residence in Texas.

Tinubu’s Political Path Stands Apart from Past Nigerian Leaders, Says Sule Lamido

Former Jigawa State Governor Sule Lamido has observed that President Bola Tinubu’s rise to power is distinct from that of his predecessors, including figures like Yakubu Gowon, Murtala Muhammed, Olusegun Obasanjo, and Muhammadu Buhari, who each gained support from influential institutions.

In a recent interview, Lamido remarked that these leaders, unlike Tinubu, relied on the backing of key institutions or strong political constituencies rather than solely on personal influence. “Tinubu’s journey,” he said, “is defined by his personality rather than institutional support.” Lamido argued that Buhari, for instance, needed four attempts before winning the presidency, showing he couldn’t do it alone.

Lamido, a member of the opposition People’s Democratic Party (PDP), elaborated on Nigeria’s political landscape, noting that many prominent figures in the ruling All Progressives Congress (APC) originated in the PDP, creating a bridge between the two parties. He commented, “Today’s APC crisis actually has its roots in past PDP issues.”

On PDP’s internal dynamics, Lamido was asked about former PDP leaders now aligned with the APC, including prominent officials in the National Assembly. He responded that for PDP to regain strength, it must reconcile with members who left for the APC.

Touching on the divisive role of former Rivers State Governor Nyesom Wike, now an APC federal minister, Lamido called Wike “inconsequential” to PDP history. “Our focus should be on PDP leaders who understand the party’s mission. With their return, we can offer a credible alternative to APC.” Lamido concluded that he and other PDP leaders are working privately on strategies to revive the party’s legacy.