Dollar to Naira Exchange Rate and MTN Nigeria’s Q3 Loss Amid Naira Devaluation – November 6, 2024

Today’s black market dollar-to-naira exchange rate for November 6, 2024, reveals continued currency fluctuations, with buyers acquiring dollars at ₦1725 and selling at ₦1735, according to Bureau De Change sources. Notably, these rates are unofficial and not endorsed by the Central Bank of Nigeria (CBN), which advises individuals to conduct forex transactions through banks. The CBN’s official dollar-to-naira rate remains at ₦1664 for buying and ₦1665 for selling.

In parallel with the volatile forex market, MTN Nigeria reported a significant financial impact due to naira devaluation. The telecom giant recorded a post-tax loss of ₦514.9 billion for the nine months ending September 30, 2024, contrasting with a profit of ₦4.1 billion in the previous quarter. The net foreign exchange loss played a major role, reducing the adjusted Profit After Tax (PAT) to ₦118.5 billion—a decline of 59.2%.

Despite the economic headwinds, MTN’s service revenue rose by 33.6%, totaling ₦2.4 trillion. However, the company faced a slight decline in subscribers, down 0.9% to 77 million, due to regulatory NIN-SIM linkage rules. Active data users rose by 5.1% to reach 45.3 million, while active mobile money wallets dropped by 21.8%, totaling 2.8 million, reflecting the challenging operating environment.

Protest: APC youth wing, Nigerians March in thousands against Kyari Over failure of NNPCL to fix local refineries

No fewer than 20,000 activists took to the three Arms Zone in Abuja on Tuesday to demand the resignation of Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), citing his alleged incompetent leadership. 


The protesters under the auspices of the APC Solidarity and Development Forum, comprising youths and civil society organizations, decried the skyrocketing fuel prices, endless fuel queues, and economic hardship plaguing the nation.


In an open letter to the Senate President   Godswill Akpabio and  Speaker of the House of Representatives, Rt. Hon. Tajudeen Abbas, the conveners Comrade Kabir Matazu and Danielsi Momoh said the ongoing fuel scarcity has revealed a systemic failure in leadership and operational oversight within NNPCL. 


Despite assurances of resolving fuel scarcity, they lamented the situation remains dire, causing untold hardship to Nigerians.


They said this crisis not only undermines public confidence but also adversely affects the reputation of the presidency and its Renewed Hope agenda.


The protesters criticized Kyari’s management for failing to operationalize local refineries, despite the Federal Government’s $4 billion investment.


They noted that the failure to provide a clear roadmap for the revitalization and operationalization of these vital assets raises serious questions about the stewardship of resources entrusted to Kyari.


Other concerns include unresolved corruption cases within NNPCL. 


“Kyari’s continued leadership is detrimental to NNPCL and the Nigerian populace. It is time for new leadership that prioritizes accountability and efficiency,” the protesters said. 


“We demand a clear roadmap for the revitalization and operationalization of our local refineries to ensure self-sufficiency in petroleum products and reduce reliance on imports.


“The National Assembly must enact and enforce strict regulations to prevent the importation of substandard petroleum products, protecting the health and safety of Nigerians.


“We urge the President to appoint a qualified individual who possesses the integrity and expertise necessary to navigate the complexities of the oil sector and restore public confidence.


“We call for the immediate establishment of a committee to investigate the ongoing allegations of sleaze and fraud under Mr. Kyari’s leadership. Furthermore, we demand that he be held accountable for any misconduct and handed over to the Economic and Financial Crimes Commission (EFCC) for prosecution.


“As the representatives of the people, the National Assembly must rise to the occasion and fast. Mele Kyari should be gotten rid of with dispatch. And NNPCL should be repositioned for optimal productivity, transparency and accountability. “

Dollar to Naira Black Market Exchange Rate Today, November 5, 2024

The latest black market Dollar to Naira exchange rate (Aboki fx) reveals the current rates for USD to NGN as of November 5, 2024. Here’s what you need to know about swapping your dollar for Naira in Nigeria’s parallel market.

Exchange Rates as of November 4, 2024:

  • Buying Rate: N1720
  • Selling Rate: N1730

Note: The Central Bank of Nigeria (CBN) does not endorse the black market and advises individuals needing Forex to use authorized banks.

Official CBN Rate Today:

  • Buying Rate: N1664
  • Selling Rate: N1665

Please be aware that these rates may vary depending on location and vendor.

Naira Scarcity Hits Kano State

Reports have emerged of a naira shortage affecting Kano State, Nigeria’s commercial hub. According to sources, Point of Sale (POS) operators are experiencing severe cash shortages, impacting daily transactions and business operations.

A Kano resident, Halliru Akilu, highlighted the challenges, saying, “Getting cash is now difficult. Many POS outlets are out of cash, and most transactions require cash rather than transfers, which affects work and commuting.”

Local businesses are calling on authorities to investigate and address the scarcity, which is affecting livelihoods across the state.

Lagos State Implements 15-Month Traffic Diversion at Mile 2 for Major Transport Terminal Construction

The Lagos State Government has announced a 15-month traffic diversion at Mile 2 to facilitate the construction of the Transport Interchange Terminal. The diversion, affecting Loop 1 on the Apapa-bound lane and Loop 4 on the Badagry-bound lane, will begin on November 11, 2024, and last until February 16, 2026.

Commissioner for Transportation Oluwaseun Osiyemi disclosed that the new terminal will integrate rail, bus, water, and non-motorised transport options. To minimize inconvenience, motorists are encouraged to use alternate routes, including Akinwande Road for travel between Apapa and Badagry, and the Lagos State Traffic Management Authority (LASTMA) will assist with traffic flow.

Clear signage will mark diversion routes to guide motorists safely and efficiently through the area. Osiyemi advised all drivers to remain patient and cooperate with authorities to ensure a smooth experience during the construction period.

Federal Government Shifts Universities and Polytechnics from IPPIS to New Salary Platform

The Federal Government has officially removed Federal Tertiary Institutions (FTIs) from the Integrated Personnel and Payroll Information System (IPPIS) and introduced the Government Integrated Financial Management Information System (GIFMIS) as the new payroll system. According to Bawa Mokwa, the Director of Press and Public Relations at the Office of the Accountant General of the Federation (OAGF), the November payroll for university and polytechnic staff will be processed through GIFMIS.

Mokwa confirmed that institutions must now submit payrolls in Excel format for verification and validation. He reassured employees that no directive has been issued requiring a change in salary accounts and advised against any premature account changes. He also encouraged financial institutions to maintain effective account services for workers during the transition.

High Tension in Maiduguri Court as Verdict Nears for Detained #EndBadGovernance Protesters

A tense atmosphere gripped the Maiduguri High Court today as the long-anticipated verdict approaches for 11 #EndBadGovernance protesters arrested in August. Family members, human rights activists, and legal professionals gathered to show solidarity with the defendants, awaiting the court’s decision on charges of public disturbance.

The Borno State Attorney General, Hauwa Abubakar, stated that the protesters allegedly displayed a Russian national flag while chanting anti-government slogans, which the state claims disrupted public peace. The charges fall under Section 42 and are punishable by Section 76(b) of the Borno State Penal Code Law.

The trial has captured the attention of human rights advocates, who argue for the fundamental right to peaceful protest. Supporters hope the court will deliver a verdict that respects freedom of expression while balancing the need for public order.

Observers view the case as pivotal, reflecting Nigeria’s ongoing debate on the right to protest and peaceful assembly.

Massive Protest Erupts in Abuja Over Fuel Scarcity and Rising Costs

Hundreds of Nigerians gathered in Abuja on Monday to protest against rising fuel prices, shortages, and worsening economic conditions. Led by Abdullahi Bilal of the Two Million Man March Against Oil Scam Cabal, along with Barrister Napoleon Otache and Olayemi Isaac from the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN), the demonstrators demanded immediate reform of the oil sector and accountability from leaders responsible for Nigeria’s energy crisis.

Protesters highlighted how skyrocketing fuel costs, persistent queues, and inflation, now above 24%, are driving many into poverty. The crowd called for the complete deregulation of the oil sector to encourage transparency and fair pricing and criticized the current subsidy system, claiming it benefits only a few elites.

The demonstrators also voiced discontent over the unfulfilled promises of the Dangote Refinery to reduce Nigeria’s reliance on fuel imports, despite billions invested in refinery infrastructure. Citing fuel price hikes of over 200% and the recurrent importation of substandard fuel, the protestors urged President Bola Tinubu to prioritize citizen needs through immediate leadership changes and sector reforms.

Abdullahi Bilal, representing the protesters, called for the resignation of key oil sector officials, arguing that their failure to manage prices and ensure a steady fuel supply has harmed Nigerians nationwide. He declared, “This protest represents the voices of millions betrayed by a system that serves only the privileged few.”

Barrister Otache and Olayemi Isaac echoed the demands, vowing to continue protests until concrete action is taken to end fuel queues and ensure accountability in the oil sector.

Dangote Refinery Clarifies Petrol Pricing, Defends Quality Amid Competition Claims

Dangote Refinery has revealed that it sells petrol at N960 per litre for shipments and N990 per litre for trucks. The announcement, made in a statement by Group Chief Branding and Communications Officer Anthony Chiejina, addresses recent claims by associations like IPMAN and PETROAN that imported fuel could be offered at lower prices.

Chiejina asserted that Dangote’s prices align with international benchmarks and criticized competitors, warning that lower prices may indicate substandard products imported at the expense of quality. The refinery emphasized its commitment to quality standards for the health and safety of Nigerians.

The statement further highlighted that post-deregulation, NNPC initially set its petrol prices for domestic sales at N971 per litre into ships and N990 per litre into trucks, forming a basis for Dangote’s pricing strategy. Dangote Refinery has since adjusted its ship sale prices to N960 per litre.

Concerns were also raised regarding foreign companies setting up depots near Dangote Refinery, allegedly to blend and introduce lower-quality fuel into the market. The refinery called for the protection of domestic refining to support job growth and the economy, citing international examples of protective measures in industries such as EVs and microchips.

Northern Governors, ACF Demand Release of Minors Facing Treason Charges Over #EndBadGovernance Protests

Governors from Northern Nigeria and the Arewa Consultative Forum (ACF) have called for the release of minors charged with treason following their participation in #EndBadGovernance protests held in Kano and Kaduna in early August. The Kano State Governor, Abba Kabir Yusuf, instructed the state’s Attorney General to pursue the release of the children, some of whom were reportedly detained in a malnourished state, sparking widespread outrage on social media.

The minors are part of a group of 76 protesters arraigned at the Federal High Court in Abuja. The charges against them, including alleged attempts to destabilize the government, have drawn criticism from various stakeholders, including prominent lawyers and civil society organizations, who argue that the treatment violates the Child Rights Act and international protocols regarding children’s rights.

Bauchi State Governor Bala Mohammed urged the North to unite in response to the incident, condemning the excessive bail conditions and highlighting the economic hardship faced by families of the detained minors. He, along with other Northern leaders, advocated for leniency and called for reforms in the juvenile justice system to protect the rights of minors.

Human rights groups, including the National Human Rights Commission (NHRC) and Women Aid Collective Nigeria (WACOL), condemned the charges, asserting that juvenile detainees should be treated separately from adults and calling for immediate corrective actions, including medical care and compensation for the detainees. The ACF labeled the trial as “a sham,” demanding the unconditional release of the children and pledging continued support for citizens’ rights to peaceful protest.

US Election 2024: Harris and Trump Make Final Push in Swing States

With just under 48 hours remaining in the 2024 U.S. presidential election, Kamala Harris and Donald Trump are intensifying their campaigns across swing states. Harris focused her efforts in Michigan, making stops in Detroit, Pontiac, and East Lansing to rally support among key voting groups, including Black and Arab-American communities. She is also banking on strong turnout among women, driven in part by concerns over reproductive rights.

Meanwhile, Trump held rallies in Pennsylvania, North Carolina, and Georgia, where he reiterated claims of election irregularities, underscoring his readiness to contest the results if he loses. Polls indicate a historically close race, with no decisive leads in key battlegrounds, making the outcome highly unpredictable.

Harris received a boost from a Des Moines Register poll, showing her ahead in Iowa, a traditionally Republican state. Both candidates’ closing messages emphasize contrasting visions, with Harris focusing on unity and Trump criticizing the electoral process, making this election one of the most hotly contested in recent history.