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Naira Rises: Reaches N1,250/$1 In Parallel Market Amidst Growing Strength
Naira Rises: Reaches N1,250/$1 In Parallel Market Amidst Growing Strength....KINDLY READ THE FULL STORY HERE▶
This uptick represents a 0.43 percent increase from the rate of N1,280 recorded on March 29.
In Lagos, currency traders, commonly known as bureau de change (BDC) operators, set the buying rate for the US dollar at N1,230 and the selling rate at N1,250, earning a profit margin of N20 per dollar traded.
Aliyu, a currency trader interviewed by TheCable, remarked, “The dollar continues to decline, affecting business, but there is a gradual uptick in activity.” Advertisement
In the official segment of the FX market, the local currency experienced a depreciation of 0.69 percent to N1,309.39/$ on March 28, down from N1,300.43/$ on March 27.
Meanwhile, Aminu Gwadabe, the president of the Association of Bureau de Change Operators of Nigeria (ABCON), stated on March 31 that the reinstatement of BDCs into the FX market has contributed to exchange rate stability.
Gwadabe noted, “The reintroduction of BDCs into the mainstream foreign exchange market has not only eradicated illegal economic practices such as hoarding, rent-seeking, round tripping, and FX holding positions, but also led to exchange rate convergence.” Advertisement
Furthermore, Gwadabe highlighted that the rise in FX inflows through the CBN’s monetary instruments bolsters foreign reserves, empowering the central bank to defend the local currency.
The Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki FX), for Tuesday, April 29, 2026, shows that traders in the Lagos parallel market are selling one US dollar for ₦1,400 and buying at ₦1,385, according to Bureau De Change (BDC) sources.....KINDLY READ THE FULL STORY HERE▶
This means individuals looking to exchange dollars for naira in the black market may buy at ₦1,400 per dollar and sell at ₦1,385 per dollar, depending on location and dealer rates. Selling Rate: ₦1,400 Meanwhile, the Central Bank of Nigeria (CBN) does not officially recognise the parallel market and advises those seeking foreign exchange transactions to use approved banking channels. Highest Rate: ₦1,386 It is important to note that forex rates may differ slightly depending on the dealer, location, and market conditions.Dollar to Naira Black Market Rate (USD/NGN) – April 29, 2026
Buying Rate: ₦1,385Dollar to Naira CBN Official Rate – April 29, 2026
Lowest Rate: ₦1,365
A chieftain of the All Progressives Congress (APC) in Akwa Ibom State, Chief Edet Ben, has denied involvement in the alleged suspension of Mr. Eseme Eyiboh, Special Adviser to the Senate President on Media and Publicity, from the party in Ward 9, Esit Eket Local Government Area.....KINDLY READ THE FULL STORY HERE▶
Ben, who serves as an Ex-Officio member of the party in Ward 9, threatened legal action against those behind what he described as the forgery of his name and signature on documents claiming Eyiboh’s suspension.
In a sworn court affidavit, Ben described the purported suspension process as fraudulent and non-existent.
He stated that no meeting was held on April 22 to discuss or approve any disciplinary measures against Eyiboh or any other party member, adding that he neither attended nor endorsed such proceedings.
Ben also alleged that his name and signature were falsely inserted into an attendance list linked to the alleged suspension exercise.
He subsequently disowned both the attendance document and the suspension letter reportedly sent to APC leadership at the chapter and state levels.
In his notice, Ben demanded the immediate removal of his name from the documents, a public retraction, and an end to any unauthorised use of his identity.
He warned that failure to comply within 24 hours would result in legal action.
The controversy follows an announcement by a faction within the ward claiming Eyiboh had been suspended over alleged anti-party activities.
Meanwhile, a grassroots political group, Ward Nine New Era (WNNE), has strongly condemned the move, describing it as malicious, baseless, and invalid.
The group argued that the action appeared targeted at a key political figure who had recently mobilised grassroots support for major APC leaders, including President Bola Tinubu, Senate President Godswill Akpabio, and Governor Umo Eno.
WNNE also questioned the legitimacy of the ward executives behind the move and insisted that due process was not followed.
The group urged party members and the public to disregard the suspension, maintaining that it lacked credibility and legal standing.
Members of the Integrated Association of Consolidated Wood, Planks and Material Sellers have embarked on a solidarity walk in support of President Bola Ahmed Tinubu’s re-election bid.....KINDLY READ THE FULL STORY HERE▶
The march, which commenced from the association’s secretariat in Ikotun, passed through Isolo, Ejigbo, Igando-Ikotun, and Egbeda-Idimu Local Government Areas, as members mobilised support ahead of the 2027 general elections. Speaking to journalists during the exercise, the association’s president, Sunday Olusesan Adewunmi, praised the President’s performance and called on Nigerians to back his second-term ambition. “We are ready to support President Tinubu and mobilise for the next general election. He has been doing well, and we believe he deserves another term to consolidate on his achievements,” he said. Also speaking, the market chairman, Fatai Adekeye, urged critics of the administration to recognise areas of progress despite ongoing economic challenges. He reaffirmed the association’s commitment to mobilising votes for the President in 2027, particularly across Alimosho and surrounding communities. “President Tinubu has done a lot, and we believe the current challenges will yield long-term benefits. We are working collectively to ensure his re-election,” he stated. A trader, Aishat Alabi, also encouraged residents to support the All Progressives Congress, expressing confidence that the party would secure victory in Lagos State in the next election.
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