Black Market Dollar to Naira Exchange Rate on August 26, 2024

As of today, August 26, 2024, the exchange rate for the US dollar to the Nigerian naira in the black market is as follows:

  • Buying Rate: ₦1,600 per USD
  • Selling Rate: ₦1,610 per USD

It’s important to note that these rates are based on transactions in Lagos and might vary slightly depending on the location and the specific Bureau De Change (BDC) operators.

Central Bank of Nigeria (CBN) Official Exchange Rate

The official exchange rate provided by the Central Bank of Nigeria (CBN) for today is:

  • Buying Rate: ₦1,591 per USD
  • Selling Rate: ₦1,592 per USD

Dangote Refinery Update

The Dangote Petroleum Refinery is currently conducting test runs for the production of Premium Motor Spirit (PMS), commonly known as petrol. The refinery, which has a capacity of 650,000 barrels per day, is expected to start full operations by mid-September 2024. This development is anticipated to significantly impact Nigeria’s fuel supply, reducing its reliance on imported refined products and transforming the fuel trade between Europe and Africa.

Federal Government, Dangote Refinery Discuss September Petrol Rollout

The Federal Government’s committee, established to facilitate the sale of crude oil to local refineries in naira, is set to finalize discussions on the pricing of petrol from the Dangote Petroleum Refinery, scheduled to be released next month. The committee, led by Finance Minister Wale Edun, will focus on setting a benchmark price for the crude oil that Dangote will purchase in naira.

Oil marketers have raised concerns that petrol from the Dangote refinery could be priced higher than current pump prices, with the actual market price potentially around ₦1,117 per liter. The current retail price of petrol in Nigeria ranges from ₦600 to ₦700 per liter, while the landing cost stands at approximately ₦1,200 per liter.

The Nigerian National Petroleum Company Limited (NNPCL) has been shouldering a significant subsidy burden, with its Chief Financial Officer, Umar Ajiya, revealing that the company has been selling petrol at about half the landing cost under government directives, covering a shortfall of ₦7.8 trillion in the first seven months of this year.

As the government contemplates whether to reintroduce petrol subsidies or allow market-driven prices, it is clear that without intervention, the cost of petrol from the Dangote refinery could be beyond the reach of many Nigerians. The final decision is expected in the coming weeks, with the sale of crude to Dangote in naira already agreed upon and scheduled to commence on October 1, 2024.

Marketers and government officials acknowledge that the only viable solutions are either reintroducing subsidies or allowing Nigerians to bear the full cost of petrol, though both options carry significant economic implications. The ongoing discussions are expected to clarify the government’s approach and the future of petrol pricing in Nigeria.

Ex-BBC Editor Soyinka Released After Hours of DSS Detention at Lagos Airport

The Department of State Services (DSS) has released Adejuwon Soyinka, a former editor of the BBC Pidgin Service, after detaining him for several hours at Murtala Muhammed International Airport in Lagos. Soyinka, who is also the West African editor of The Conversation Africa, was arrested upon his arrival from the UK on Sunday morning.

The DSS did not disclose the reason for Soyinka’s detention, although it is believed to be part of an increasing crackdown on journalists in Nigeria. Initially, DSS spokesperson Peter Afunanya denied knowledge of the arrest, but later confirmed that Soyinka was held at the request of another agency.

The International Press Institute (IPI), a global network of editors and media executives, intervened, leading to Soyinka’s release. However, his international passport remains in the possession of the DSS. IPI condemned the arrest, describing it as an attempt to intimidate journalists under President Bola Tinubu’s administration, and demanded the immediate return of Soyinka’s passport. The IPI also called for an end to the harassment and intimidation of journalists in Nigeria.

Struggling MSMEs Turn to Phone and Online Orders to Survive Economic Pressures

With the ongoing surge in prices severely impacting profits and capital, many Micro, Small, and Medium Enterprises (MSMEs) in Nigeria are finding innovative ways to stay afloat. Business owners like Mrs. Bolanle Rasheed and Mrs. Marvin Godonou have resorted to using phone calls and online messaging to maintain customer relationships and keep their businesses running. These strategies, though challenging, have allowed them to continue serving their communities despite the economic difficulties, ensuring that their families are provided for in these trying times.

Zimbabwean Bishop Arrested in Nigeria Amid United Methodist Church Leadership Crisis

A Zimbabwean bishop, Eben K. Nhiwatiwa, of the United Methodist Church, has been arrested in Yola, Adamawa State, Nigeria, during a visit aimed at initiating the process of electing a new bishop following the resignation of the former bishop, John Wesley Yohanna. Bishop Nhiwatiwa was reportedly detained by the Nigerian Immigration Service (NIS) and later transferred to their headquarters in Abuja.

The church, which has been embroiled in internal conflicts since an international conference in the U.S. where some members supported same-sex marriage, expressed deep concern over the bishop’s arrest. In a statement, Pastor Salisu Waziri suggested that members of a breakaway faction of the church were behind the arrest, despite Bishop Nhiwatiwa possessing all necessary documents.

The Taraba State Government has responded to the church crisis by closing all United Methodist Church branches across the state, citing concerns over potential violence as factions struggle for control of church properties. Further arrests of church members, including pastors, are feared as the situation escalates.

Okonjo-Iweala Criticizes Nigerian Politicians for Exploiting Insecurity, Calls for an End to the Practice

Ngozi Okonjo-Iweala, Director General of the World Trade Organisation (WTO), has strongly criticized Nigerian politicians for weaponizing insecurity for political gain. Speaking at the Nigerian Bar Association’s 2024 Annual General Conference in Lagos, Okonjo-Iweala emphasized that socioeconomic development is impossible without security and condemned political actors who instigate unrest to undermine their opponents.

In her keynote address titled “A Social Contract For Nigeria’s Future,” the former finance minister called for an end to this harmful practice, stressing that it often results in the loss of lives and property. She also highlighted the availability of technological solutions to combat crude oil theft in Nigeria, urging authorities to take decisive action against those responsible.

Court Freezes 32 Bank Accounts Linked to #EndBadGovernance Protest, Orders Arrest of Account Holders

A Federal Court in Abuja has frozen the bank accounts of 32 individuals and companies linked to the #EndBadGovernance protest, pending investigation and prosecution. Justice Emeka Nwite ruled in favor of the motion filed by the Inspector-General of Police, Ibrahim Mohammed, directing banks to place a Post-No-Debit order on the accounts and to apprehend any persons transacting on them.

The accounts, spread across various banks, are suspected to be involved in unlawful activities, including terrorism financing and treasonable felony. The ruling comes as authorities intensify efforts to investigate the financial networks behind the 10-day protest.

Atiku Demands Explanation from Tinubu Over Nephew’s Fast-Tracked Approval in Oil Asset Acquisition

Former Vice President Atiku Abubakar has called out President Bola Tinubu for allegedly giving his nephew undue advantage in the acquisition of significant oil assets in Nigeria. In a statement released by his Special Assistant on Public Communication, Phrank Shaibu, Atiku questioned why Oando Plc, a company owned by Tinubu’s nephew, received expedited approval to purchase AGIP and ENI’s onshore assets, while other transactions like the Shell/Renaissance and Mobil/Seplat deals remain delayed.

Atiku criticized the Tinubu administration for favoring family interests in the oil and gas sector, accusing it of undermining democracy. He also took aim at the House of Representatives for not adequately addressing concerns related to the Nigeria National Petroleum Company Limited (NNPCL), which he claimed has been “mortgaging the country’s national oil assets to vested interests.”

Atiku argued that democracy under Tinubu has devolved into a government that serves the President and his family, rather than the people of Nigeria. He highlighted the speed with which the Nigerian Upstream Production Regulatory Commission (NUPRC) approved Oando’s acquisition, contrasting it with the stalled Mobil/Seplat deal, whose consent letter remains on Tinubu’s desk.

Furthermore, Atiku accused the NNPC of disregarding a directive from the House of Representatives to suspend its acquisition of OVH assets pending an investigation. Despite ongoing issues in the oil sector, key officials continue to retain their positions, which Atiku views as a sign of their loyalty to Tinubu’s interests.

Nigeria Enlists Business Titans Dangote, Otedola, Elumelu to Lead Fight Against Malaria

The Nigerian government has appointed three of the nation’s most prominent business leaders—Aliko Dangote of Dangote Group, Tony Elumelu of Heirs Holdings, and Femi Otedola of Geregu Power Plc—to lead the charge against malaria through the Nigeria End Malaria Council (NEMC).

The NEMC, established in 2017 and officially launched by former President Muhammadu Buhari on August 16, 2022, is tasked with coordinating national efforts to eradicate malaria in Nigeria.

These newly appointed leaders are expected to intensify efforts under the NEMC to address the malaria crisis, which remains a significant health challenge in the country.

During the inauguration ceremony held in Abuja, the Minister of State for Health and Social Welfare, Tunji Alausa, highlighted the critical impact of malaria in Nigeria. He noted that Nigeria accounts for over 25% of global malaria cases and roughly a third of global malaria-related deaths, with children and pregnant women being the most vulnerable groups.

Alausa described the situation as “tragic,” emphasizing that malaria contributes to approximately 25-30% of childhood deaths and 60% of hospital visits in Nigeria. The disease also leads to significant absenteeism in schools, workplaces, and markets, exacerbating financial burdens on households.

The newly appointed NEMC leaders will collaborate with the Nigerian Governors’ Forum (NGF), national assembly health committees, and women’s organizations to advance the agenda of malaria elimination in Nigeria.

Alausa stated, “It is my honor to be part of this important initiative aimed at reducing the malaria burden and ultimately eliminating malaria in Nigeria, which will significantly enhance the quality of life for all Nigerians.”

He further remarked, “Nigeria remains a major contributor to global malaria cases and deaths, particularly among children and pregnant women. Malaria accounts for a significant portion of childhood mortality and hospital visits in our country.”

“Despite progress in other nations, Nigeria continues to see a rise in malaria cases. The majority of our malaria interventions are donor-funded, which is neither sufficient nor sustainable.”

To address this, Alausa recalled the African Heads of States’ initiative launched in 2009, the African Leaders Malaria Alliance (ALMA), and the Malaria Scorecard developed in 2011 to monitor national performance and advocate for stronger governmental action.

The establishment of the NEMC is intended to ensure that malaria remains a top priority at both national and state levels, with strong political commitment and the mobilization of resources from diverse sources.

Alausa concluded, “Given your influential positions in Nigeria, your commitment to health issues, particularly malaria, and the communities you represent, your membership in this council is crucial for the benefit of society, especially for children and pregnant women who are most affected and will be forever grateful.”

As part of the ceremony, the minister formally handed over the leadership of the council to Aliko Dangote.

Key Health Indicators to Monitor in Your Aging Loved Ones

As parents and grandparents age, being attentive to changes in their physical, cognitive, and emotional well-being is crucial. Aging often introduces challenges that can go unnoticed if not closely monitored. Early intervention can significantly improve their quality of life.

  1. Physical Health: Regularly monitor mobility, weight, and overall fitness. Sudden changes in daily activities, posture, or balance may signal underlying issues like arthritis or osteoporosis.
  2. Cognitive Health: Watch for signs of memory loss, confusion, or difficulty with routine tasks, which could indicate dementia or Alzheimer’s. Early diagnosis is vital for better management.
  3. Emotional Well-Being: Pay attention to mood, appetite, or sleep changes. Encourage social engagement and hobbies to combat depression and anxiety.
  4. Nutritional Needs: Ensure a balanced diet rich in fruits, vegetables, and lean proteins. Monitor for unexpected weight loss or significant changes in eating habits to prevent malnutrition.
  5. Medication Management: Help manage their medication schedules to prevent errors. Tools like pill organizers or digital reminders can be beneficial.
  6. Home Safety: Regularly check the home for hazards such as loose rugs or poor lighting. Simple adjustments, like installing grab bars, can make a significant difference in safety.
  7. Legal and Financial Preparedness: Discuss legal matters such as wills, power of attorney, and healthcare directives to ensure their wishes are respected.
  8. Social Connections: Encourage regular social interactions to reduce loneliness and enhance their quality of life. Staying socially active can also reduce the risk of depression.

Staying vigilant in these areas can greatly impact the well-being of your aging loved ones.