Dollar to Naira Black Market Exchange Rate and Fuel Price Updates – 3rd November 2024

Dollar to Naira Black Market Exchange Rate

As of today, Sunday, 3rd November 2024, the exchange rate for a dollar to naira in Lagos’s black market (also known as Aboki fx) sees players buying dollars at N1713 and selling at N1720.

Please note that the Central Bank of Nigeria (CBN) does not officially endorse black market rates and recommends conducting forex transactions through authorized banks.

Exchange RateBlack MarketCBN Official Rate
Buying RateN1713N1669
Selling RateN1720N1670

2. Oil Marketers Criticize High Fuel Prices from Dangote and NNPC

In fuel news, oil marketers reported that petrol from the Dangote Petroleum Refinery is priced between N1,015 and N1,028 per litre based on volume purchased. In response, marketers are planning to import petrol at lower prices, challenging Dangote and the Nigerian National Petroleum Company Limited (NNPCL) rates.

Data from the Major Oil Marketers Association of Nigeria indicates that as of October 31, 2024, the landing cost of petrol was N978.01 per litre, with diesel and aviation fuel landing at N1,069.97 and N1,119.67 per litre, respectively. Market sources claim that imported fuel prices remain lower than Dangote’s, with further efforts being made to ensure price competitiveness in the market.

Top Nigerian Headlines for Today, Sunday, 3rd November, 2024

Edo Government Confirms EFCC Detention of Key Officials

The Edo State Government has confirmed that the Economic and Financial Crimes Commission (EFCC) has detained the State Accountant General along with four other officials. This follows an exclusive report by Naija News about the anti-graft agency’s recent arrests of Edo government representatives who manage state accounts.

Reports from Friday reveal that the detained officials were summoned for a briefing on Thursday, leading to their subsequent detention at the EFCC’s Benin office.

In an official statement on Saturday, Chris Osa Nehikhare, the Edo State Commissioner for Communication and Orientation, accused the EFCC of attempting to undermine governance within the state. Nehikhare emphasized that Governor Godwin Obaseki’s administration remains committed to transparency and accountability.

Makinde Addresses 2027 Presidential Speculations Amid Inauguration of New PDP Secretariat

Oyo State Governor Seyi Makinde has responded to speculation regarding a potential presidential bid in 2027, asserting that he alone will determine his political path. Makinde’s comments came during the inauguration of the newly built Olusoji Adagunodo Southwest Zonal Secretariat, dedicated to the late PDP leader.

At the event, which saw the presence of PDP leaders including Osun Governor Ademola Adeleke, PDP Acting National Chairman Umar Damagum, and former Governors Samuel Ortom and Okezie Ikpeazu, Makinde emphasized the importance of unity within the party. He urged PDP members to collaborate and strengthen internal cohesion rather than blaming external influences for party divisions.

Makinde also expressed optimism for PDP’s prospects in future elections, framing the next election as a contest between the ruling APC and the Nigerian people. He called on opposition leaders to consolidate their base and work together for the benefit of the country, stating, “The next election will be APC versus Nigerians.”

The Governor concluded the event by appointing Olusoji Adagunodo Jr. as his Special Adviser on Regional Integration, fulfilling a promise made to honor Adagunodo’s legacy.

Gov Bala Mohammed Condemns ₦10 Million Bail for Minors Involved in Hunger Protest

Bauchi State Governor Bala Mohammed has criticized the ongoing trial of minors involved in an August hunger protest, highlighting the harsh bail conditions set at ₦10 million for their release. He questioned how impoverished youths, unable to afford basic meals, could be expected to meet such a high bail amount.

The governor voiced his concerns on his Hausa Facebook page, “ArewaMuFarka,” describing the situation as unjust treatment of poor children who were merely exercising their right to peaceful protest. He expressed dismay over the minors’ apparent lack of adequate food and poor condition when they appeared in court, describing it as evidence of mistreatment while in police custody.

As the Chairman of the Peoples Democratic Party (PDP) Governors Forum, Governor Bala called on security agencies, the judiciary, and human rights organizations to advocate for the release of the minors, urging fair treatment and a reconsideration of their bail terms.

Tinubu Vows to Combat Banditry, Kidnapping, and Appeals for Citizens’ Support

President Bola Tinubu has reiterated his administration’s commitment to addressing the issues of banditry, kidnapping, and other criminal activities across Nigeria. During the 9th Convocation at the Federal University, Dutsin-Ma in Katsina State, he emphasized that government efforts alone are not enough and urged citizens to play an active role in supporting security initiatives.

Represented by Prof. Abdulkarim Mohammed, Vice-Chancellor of Federal University Dutse, Jigawa State, Tinubu highlighted the importance of public involvement in security. He encouraged citizens to provide security agencies with valuable information to aid in strengthening the country’s security.

Additionally, Tinubu encouraged Nigerian youth to benefit from the Nigerian Loan Scheme, which has allocated over N70 billion to support youth enterprises and aspirations. He underscored that the nation’s progress relies on both government action and active participation from all Nigerians.

“Governance is not just about the presidency or leaders,” he said. “It’s about Nigeria and Nigerians who have the power to make this country better.”

He also urged graduating students to be exemplary ambassadors of their institution and Nigeria and called on university lecturers to adopt modern teaching methods, incorporating Information Communication Technology to better equip future leaders.

Dangote Refinery Denies Allegations of High Petrol Prices as Fuel Production Begins

Dangote Refinery has refuted claims that it is selling Premium Motor Spirit (PMS), also known as petrol, at prices of N1,015 and N1,028 per litre, dismissing these reports as “fake news.”

According to Naija News, oil marketers recently suggested that the refinery’s petrol prices were higher than import costs, estimated at N978.01 per litre as of October 31, 2024. These marketers argued that it might be more economical to import petrol than to purchase it locally from Dangote Refinery, whose bulk price reportedly stands at N1,015 per litre, with smaller quantities priced at N1,028.

The Major Oil Marketers Association of Nigeria disclosed that recent data show landing costs for petrol, diesel, and aviation fuel have surged to N978.01, N1,069.97, and N1,119.67 per litre, respectively. Despite industry demands, Dangote Refinery has not publicly shared its official petrol prices, fueling speculation.

In response to the claims, Tony Chiejina, Chief Corporate Communications Officer of Dangote Group, stated that the information circulating about their prices is false.

Over 33 Million Nigerians at Risk of Food Crisis in 2025, New Report Warns

The recent Cadre Harmonisé report indicates that 26 Nigerian states, alongside the Federal Capital Territory (FCT), are anticipated to experience severe food shortages from June to August 2025. This crisis is projected to impact over 33 million people across the country. The analysis, carried out with input from agencies including the UN’s FAO, the World Food Programme, and Nigeria’s Federal Ministry of Agriculture, attributes the food insecurity to factors such as high food prices, climate disruptions like floods, and ongoing security challenges. This includes significant issues in both food availability and accessibility, especially in areas with high numbers of displaced persons, such as Borno, Sokoto, and Zamfara.

FAO Country Representative Kouacou Koffy has called for a coordinated, multi-stakeholder approach to address these food and nutrition security challenges. The Nigerian government, alongside its international partners, aims to leverage these findings to implement targeted food security programs across the affected regions【25†source】【26†source】.

Nigerian Military Records Major Victories Against Terrorism and Crime Nationwide

The Nigerian Defence Headquarters (DHQ) has announced significant successes in its fight against terrorism and crime, with a series of recent operations leading to the arrest of high-profile targets, the rescue of hostages, and the dismantling of criminal networks across the country.

Key achievements include the capture of notorious terrorist leader Habu Dogo in Sokoto, wanted for violent cross-border activities in Nigeria and Niger. Seven key members of the Indigenous People of Biafra (IPOB) and its armed wing, the Eastern Security Network (ESN), were also detained in the Southeast. In the past week, military operations nationwide neutralized 187 terrorists, apprehended 311 suspects, and rescued 147 kidnapped individuals.

The DHQ also revealed that operations in the Niger Delta intercepted oil theft valued at over N1.25 billion, dismantling illegal refineries and recovering stolen crude oil. In the Northeast, forces under Operation Hadin Kai took down 103 terrorists, arrested 64 suspects, and freed 15 hostages, while Northwest operations led to the elimination of 51 terrorists and rescue of 81 hostages.

With intensified efforts across all regions, the military continues to disrupt criminal operations and maintain a stronghold in the nationwide campaign for security and stability.

NIVEA Responds to NAFDAC’s Warning on ‘Black & White Invisible Roll-On’ Recall

Beiersdorf Nivea Consumer Products Nigeria Ltd has addressed the recent product safety warning issued by the National Agency for Food and Drug Administration and Control (NAFDAC), which advised Nigerians against using a batch of NIVEA Black & White Invisible Roll-On deodorant (50 ml).

The warning, aligned with the European Union’s RAPEX alert, was issued due to concerns about the presence of 2-(4-tert-Butylbenzyl) propionaldehyde, a banned ingredient linked to health risks, in batch number 93529610.

In a statement on Saturday, NIVEA clarified that the identified batch was not marketed in Nigeria and expired in January 2022, when it was fully compliant with then-current European regulations.

NIVEA further assured that all its products, including those sold in Nigeria, meet global safety standards, emphasizing the brand’s commitment to consumer health.

FG Releases Funds to Settle NASU Salaries and Retirees’ Benefits Amid University Strike

The Federal Government of Nigeria has released funds to settle outstanding salaries owed to members of the Non-Academic Staff Union (NASU) of Federal Universities and to cover benefits for retirees under the Nigerian Union of Pensioners’ Contributory Pension Scheme.

A statement on Saturday from Bawa Mokwa, Director of Press and Public Relations at the Office of the Accountant-General of the Federation (OAGF), confirmed the payments, with many NASU members already receiving their overdue salaries.

“The Federal Government has released funds for the payment of withheld salaries for the Non-Academic Staff Union of Federal Universities, as well as benefits for retirees under the Nigerian Union of Pensioners Contributory Pension Scheme,” the statement read.

The release of funds comes after an indefinite strike by NASU and the Senior Staff Association of Nigerian Universities (SSANU) over unpaid salaries, leading to the closure of public universities across Nigeria. The Joint Action Committee of SSANU and NASU initiated the strike on Monday, citing salary arrears from four months.

Earlier in the week, government representatives, including the outgoing Minister of State for Education, Dr. Yusuf Sununu, met with union leaders to urge an end to the strike. The Education Ministry has expressed optimism that the recent payments will address some of the unions’ demands and restore normal operations in universities.