Dollar to Naira Black Market Exchange Rate Today, 24th October 2024, and MTN Nigeria’s Warning on Tariff Hike

Dollar to Naira Black Market Exchange Rate for 24th October 2024

The exchange rate between the US dollar and the Nigerian naira on the black market (also known as the parallel market or Aboki FX) has been updated. Below are the rates as of 23rd October 2024, where traders at the Lagos parallel market are buying dollars at N1723 and selling at N1728, according to Bureau De Change sources.

It is important to note that the Central Bank of Nigeria (CBN) does not recognize the black market and advises individuals seeking foreign exchange (Forex) to approach their banks directly.

Black Market Dollar to Naira Rate (USD to NGN) as of 23rd October:

  • Buying Rate: N1723
  • Selling Rate: N1728

Official CBN Dollar to Naira Rate:

  • Buying Rate: N1655
  • Selling Rate: N1656

Please note that actual buying and selling rates may differ slightly due to market fluctuations.

MTN Nigeria Warns of Potential Shutdown Without Tariff Increase

In other news, MTN Nigeria has warned that it may be forced to shut down if there is no review of the country’s policies allowing for an increase in tariffs. This was revealed by MTN’s CEO, Karl Toriola, during a visit by participants of the Media Innovation Programme to the company’s facilities in Ibeju-Lekki, Lagos.

Toriola emphasized the significant financial losses the telecommunications sector has been experiencing, affecting their ability to sustain operations. He stressed the urgent need for measures to restore profitability.

MTN’s 2023 Sustainability Report indicated that the company has invested ₦2.6 billion in corporate social initiatives and is currently relying on profits accumulated over the past 20 years to stay operational.

Maigari Dingyadi Appointed Minister of Labour and Employment: Key Facts

President Bola Tinubu has appointed Maigari Dingyadi as the new Minister of Labour and Employment following a Federal Executive Council (FEC) meeting. Dingyadi replaces the former minister and steps into this crucial role to address Nigeria’s labor issues.

Here are key facts about the new Minister of Labour and Employment:

  • Maigari Dingyadi was born in 1953 in Dingyadi, Sokoto.
  • He graduated from Ahmadu Bello University in 1978.
  • Prior to this appointment, Dingyadi served as the Minister of Police Affairs from August 2019, a role he held under President Muhammadu Buhari’s administration.

In a related move, President Tinubu also replaced Betta Edu, the former Minister of Humanitarian Affairs and Poverty Reduction, with Dr. Nentawe Yilwatda. Edu had been under investigation following allegations of mismanagement involving the transfer of N585.2 million into a private bank account, although she has denied any wrongdoing.

The cabinet reshuffle reflects Tinubu’s ongoing effort to enhance the effectiveness of his administration in addressing the country’s challenges.

Edwin Clark Opposes Tinubu’s Decision to Scrap Niger Delta Ministry

Prominent South-South leader, Edwin Clark, has strongly criticized President Bola Tinubu’s decision to abolish the Ministry of Niger Delta Affairs. Clark argued that there is no justification for scrapping the ministry, which was established to promote development and curb insecurity in the Niger Delta region. He further alleged that the federal government plans to divert the region’s funds to develop other areas.

Speaking in response to Tinubu’s announcement of a Ministry of Regional Development to oversee various regional development commissions, Clark insisted that the move undermines the purpose for which former President Umaru Yar’Adua created the ministry.

“The Ministry was established to focus on the unique developmental needs of the Niger Delta. Scrapping it without a clear alternative plan is unacceptable,” Clark stated.

He also raised concerns over the government’s neglect of ongoing projects, such as the East-West Road, which has now been transferred to the Ministry of Works. Clark warned that the decision could harm the region’s development and called for consultation with Niger Delta leaders before making such decisions.

Clark emphasized that the Niger Delta’s resources should not be used to fund projects in other regions and urged the government to clarify its plan for the region’s future.

Rivers United Confident of NPFL Title, Kwara United Secure Crucial Away Draw

Rivers United midfielder Duke Osimaga has expressed strong confidence in his team’s tactical approach as they pursue the Nigeria Premier Football League (NPFL) title. Currently leading the NPFL standings with 20 points from eight matches, including six wins and two draws, Rivers United appears poised for success.

In an interview with BSN Sports, Osimaga emphasized the team’s determination to maintain their top spot. He credited their adaptable strategies for both home and away games, as well as the unwavering support from management.

“With God’s grace, I believe we are on track to win the league. Our different tactical approach for each game is key, and the players are fully committed to giving their all,” Osimaga said.

Meanwhile, Abia Warriors captain Augustine Njoku is confident ahead of their upcoming clash against Bendel Insurance. Njoku assured fans that his team will fight hard to secure points in the crucial away match at the Samuel Ogbemudia Stadium.

“I promise our fans we will return with points. We are going into this match with determination,” Njoku told the media.

In another match, Kwara United earned a valuable point in a 1-1 draw against El-Kanemi Warriors. The result places El-Kanemi in fifth with 12 points, while Kwara United sit in 11th with 10 points from eight games.

Key Ministers Retain Positions in Tinubu’s Cabinet Reshuffle

In a significant cabinet reshuffle, President Bola Tinubu has retained key ministers, including Nyesom Wike, Minister of the Federal Capital Territory (FCT), and Dele Alake, Minister of Solid Minerals. This decision highlights the administration’s desire for stability in crucial sectors.

The reshuffle also confirmed Wale Edun as the Finance and Coordinating Minister of the Economy, while Festus Keyamo remains Minister of Aviation and Aerospace Development. These appointments reflect President Tinubu’s confidence in these leaders as he seeks to strengthen government performance.

The restructuring involved the dismissal of five ministers and the appointment of seven new members to the Federal Executive Council (FEC). Despite several reassignments, some ministers, like Wike and Alake, have retained their original portfolios, signaling continued trust in their leadership.

President Tinubu thanked outgoing ministers for their service and encouraged new appointees to embrace their roles as a call to national service. He emphasized the need for commitment to Nigeria’s growth and the realization of the administration’s objectives.

Ministers who retained their portfolios include Aliyu Sabi Abdullahi (Agriculture and Food Security), Festus Keyamo (Aviation), Bello Matawalle (Defence), and Wale Edun (Finance), among others.

This reshuffle aims to bolster the government’s capacity to meet its developmental goals while ensuring continuity in key sectors.

FCCPC Identifies Grain Hoarders as Key Drivers of Nigeria’s Food Inflation

The Federal Competition and Consumer Protection Commission (FCCPC) has identified grain hoarders as a major factor behind Nigeria’s rising food inflation. According to the FCCPC Executive Vice Chairman, Tunji Bello, investigations revealed that merchants are stockpiling newly harvested grains to create artificial scarcity, thereby inflating food prices. This statement was made during a town hall meeting in Kano on Wednesday.

Bello highlighted that some merchants go as far as smuggling these hoarded grains across the country’s borders, selling them at higher prices, which further threatens Nigeria’s food security. He urged industry stakeholders in Kano to work together to combat such unethical practices, which harm consumers.

The event in Kano follows similar meetings in Abuja and Lagos, where the FCCPC discussed anti-consumer practices with market participants. Bello stressed that only a few actors are involved, but the responsibility to ensure fair pricing is collective.

He also pointed out other unethical practices, such as price-fixing and market associations charging entry fees, which add to inflationary pressures.

Bello expressed optimism that President Bola Tinubu is working to address the concerns raised by stakeholders, noting recent government reforms, such as the removal of Value Added Tax (VAT) on pharmaceutical products and tax exemptions for small enterprises and public transportation, as part of efforts to ease economic hardships.

Black Market Dollar to Naira Exchange Rate Today, 23rd October 2024

The Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx), shows that on Tuesday, 22nd October 2024, the buying rate for a dollar was N1720, while the selling rate stood at N1725 at the Lagos parallel market, according to Bureau De Change sources.

Black Market Dollar to Naira Rate Today:

  • Buying Rate: N1720
  • Selling Rate: N1725

CBN Dollar to Naira Exchange Rate:

  • Buying Rate: N1639
  • Selling Rate: N1640

Please note that rates may vary slightly depending on the forex dealer. The Central Bank of Nigeria (CBN) advises individuals to engage in Forex through their respective banks, as it does not recognize the black market.

Additionally, the NNPC Limited and Chevron Nigeria Limited Joint Venture announced a major oil discovery in the Niger Delta, contributing to Nigeria’s energy sector under the Petroleum Industry Act (PIA) 2021.

Ex-Presidential Candidate Calls Tinubu a “Civilian Dictator” Over Economic Policies

Alhaji Yahaya Ndu, a former presidential candidate of the African Renaissance Party, has sharply criticized President Bola Ahmed Tinubu’s economic policies, calling them “thoughtless” and detrimental to Nigeria’s economic stability. In an interview with PUNCH, Ndu claimed that these policies are pushing many Nigerians into extreme poverty.

He described Tinubu’s governance as a “civilian dictatorship,” expressing profound discontent with the current administration’s approach. Ndu emphasized the importance of mass participation in democracy, asserting that it should involve active citizen engagement beyond mere electoral processes.

Highlighting a disconnect between the government and citizens, Ndu noted that the combined votes of Tinubu and other major candidates in the recent elections represented less than 20% of Nigeria’s population. He argued that the current leadership cannot claim to be new to the issues at hand, as many top officials have been part of the government since 2015.

Ndu criticized the decision to remove fuel subsidies, labeling it the worst choice of Tinubu’s presidency. He stated that the abrupt elimination of subsidies, conducted without a cabinet, reflects dictatorial governance. He suggested that instead of dismantling illegal refineries, the government should have regulated them to produce affordable fuel, comparing Nigeria’s fuel prices unfavorably with Libya’s, where petrol is sold for significantly less.

Ndu concluded by stressing the need for collective problem-solving, urging for contributions from various sectors to create a comprehensive plan for Nigeria’s advancement. He believes that only through unity and collaboration can the country address its pressing challenges.

Court Orders Investigation into Suspended Jigawa Commissioner Amid Affair Allegations

A Kano State Upper Shari’a Court has ordered an investigation into Danladi Sankara, the suspended Jigawa State commissioner, following allegations of an affair with a married woman, Tasleem Baba Nabegu. The court’s directive to the Assistant Inspector-General of Police (AIG), Zone One, came after a complaint was lodged by Tasleem’s husband, who expressed concerns over the alleged relationship.

The controversy escalated last Thursday when the Kano State Hisbah Board apprehended Sankara at an uncompleted building he owns in Nassarawa GRA, Kano. Although he was granted bail with conditions to attend reconciliatory meetings, Sankara’s failure to appear on Monday led to further legal repercussions.

Sheikh Aminu Daurawa, Commander General of the Hisbah Board, voiced disappointment over Sankara’s absence, suggesting it hindered potential reconciliation based on Islamic principles. He emphasized, “Islam encourages reconciliation; however, it seems he is not interested, prompting us to take legal action.”

During court proceedings, the complainant’s lawyer, Haruna Magashi, presented what he described as substantial evidence, including videos, pictures, and financial transactions, supporting the allegations against Sankara and Tasleem. In contrast, Tasleem’s attorney, Rabi’u Shuaibu Abdullahi, argued that the allegations were fabricated to harm her reputation amidst an ongoing troubled separation from her husband.

Sankara’s lawyer, Aliyu Usman Hajji, dismissed the claims as politically motivated, asserting that social media had negatively affected Sankara’s public image and career. Judge Ibrahim Sarki Yola instructed the AIG to conduct a thorough investigation while ensuring no harassment or arrests occur during the process.

Cabinet Reshuffle Looms as Tinubu Plans Valedictory Meeting for Outgoing Ministers

Speculation surrounding a potential cabinet reshuffle intensifies as President Bola Tinubu prepares to hold a valedictory meeting for outgoing ministers during the upcoming Federal Executive Council (FEC) meeting. Sources indicate that the meeting could take place on Wednesday, following recent closed-door discussions at the Presidential Villa.

President Tinubu met with Hadiza Bala-Usman, his Special Adviser on Policy Coordination, to finalize an assessment of ministerial performances. This evaluation is a crucial step in determining which ministers will remain in the cabinet and which will be dismissed, aligning with the administration’s objectives.

The anticipated reshuffle was initially expected to be announced during the Independence Day address on October 1 but was postponed as the President took a two-week working leave abroad. Upon his return over the weekend, concerns grew among ministers regarding their future roles in the cabinet.

Sources close to the presidency revealed that a comprehensive performance review had been conducted prior to the President’s trip to the United Kingdom, aimed at identifying ministers’ contributions and effectiveness. The presence of Zacchaeus Adedeji, Chairman of the Federal Inland Revenue Service, and Minister of Works Dave Umahi during discussions at Aso Rock further fueled speculation about imminent changes.

A presidential source confirmed that the FEC meeting on Wednesday might serve as a farewell gathering for some ministers, unless the President opts to postpone the reshuffle announcement. As anticipation builds, political watchers and stakeholders are keenly awaiting the President’s decisions, which could significantly reshape the current cabinet.