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CBN Warns Against Black Market: Dollar To Naira Exchange Rates Soar

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CBN Warns Against Black Market: Dollar To Naira Exchange Rates Soar....KINDLY READ THE FULL STORY HERE▶

Dollar to Naira Exchange Rate Today

What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Check out the exchange rate for August 6th below. You can exchange your dollars for Naira at these rates.

Dollar to Naira Exchange Rate in the Black Market Today (Aboki Dollar Rate):

In the Lagos Parallel Market (Black Market), the exchange rate for a dollar to naira is as follows:

  • Buying Rate: N1600
  • Selling Rate: N1607 Source: Bureau De Change (BDC) operators on Tuesday, August 6, 2024.

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals needing Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira (USD to NGN) Black Market Exchange Rate Today
Buying Rate N1600
Selling Rate N1607

Dollar to Naira CBN Rate Today

Dollar to Naira (USD to NGN) CBN Rate Today
Buying Rate N1605
Selling Rate N1606

Please note that the rates at which you buy or sell Forex may differ from those mentioned here due to market fluctuations.

Naira Gains Strength Against US Dollar in the Official Market

The Nigerian currency, the Naira, appreciated in the official market, with a trading rate of ₦1,607.15 per US dollar.

Data from the FMDQ Exchange, which oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the Naira improved by ₦9.93. This represents a 0.61% gain compared to the previous trading day on August 2, when the exchange rate was ₦1,617.08 to the dollar.

However, the total daily turnover decreased to 77.09 million dollars on Monday, down from 131.55 million dollars on August 2.

In the Investor’s and Exporter’s (I&E) window, the Naira fluctuated between ₦1,620.50 and ₦1,570.00 against the dollar.

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Power Crisis: FG Gives Nigerians 48-Hour Deadline For Electricity Restoration.

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The Federal Government has blamed the recent electricity outages affecting Lagos, the Federal Capital Territory (FCT) and two other areas on scheduled maintenance at Egbin Power Station, gas supply challenges and the sabotage of critical transmission lines.....KINDLY READ THE FULL STORY HERE▶

Minister of Power, Joseph Tegbe, disclosed this in a statement shared on Facebook on Friday, explaining that the challenges had reduced electricity generation on the national grid, forcing operators to ration power supply in affected locations.

Tegbe said the first set of affected generating units was expected to resume operations within 48 to 72 hours, while other units would return to service gradually.

According to the minister, scheduled maintenance at Egbin Power Station, coupled with inadequate gas supply to some thermal power plants, had significantly reduced the volume of electricity available for distribution across the country.

He stated, “Planned maintenance at Egbin Power Station and constraints in gas supply to some thermal power stations have reduced the amount of electricity available on the national grid.”

The minister also identified the sabotage of major transmission infrastructure as another factor worsening the power situation, explaining that the damage had limited the ability of operators to redirect electricity through alternative transmission routes.

He specifically noted that the situation had affected electricity supply to some locations, particularly Lagos.

“Sabotage of key transmission lines has also restricted the use of alternative routes to supply some locations, especially Lagos,” Tegbe added.

The minister assured Nigerians that the Federal Government was working with relevant stakeholders in the electricity sector to address the challenges.

He said efforts were underway to improve gas deliveries to power generation companies and accelerate repairs to damaged transmission infrastructure.

Tegbe apologised to households and businesses affected by the outages, promising that the ministry would continue to provide updates as electricity supply gradually improves.

Meanwhile, on November 4, the minister directed the Transmission Company of Nigeria (TCN), the Nigerian Independent System Operator (NISO) and electricity distribution companies to urgently resolve operational challenges responsible for the decline in power generation.

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Our X Account Is Back! Nigerian Army Announces Resumption Of Social Media Updates.

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The Nigerian Army has announced the restoration of its official social media account on X, formerly known as Twitter, following the resolution of technical issues that disrupted its operations.....KINDLY READ THE FULL STORY HERE▶

The military disclosed on Sunday that it had resumed regular updates on the platform, allowing members of the public to access information about its activities and operations.

In a statement issued on Sunday, the Acting Director of Army Public Relations, Colonel Appolonia Anele, explained that the restoration followed efforts to address an incident of unauthorised access reported on August 29, 2026.

According to the Army, the account has now been secured, while full administrative control has been recovered, paving the way for the resumption of regular communication with the public.

The military added that updates on its operations, achievements, activities and institutional developments would once again be shared through the platform.

The statement noted that the successful recovery demonstrated the Nigerian Army’s commitment to protecting its digital communication channels, maintaining information integrity and ensuring that Nigerians receive credible information through secure platforms.

The Army also appreciated Nigerians, media organisations and other stakeholders for their patience, understanding and support throughout the period its X account remained inaccessible.

It acknowledged their cooperation in ensuring continued access to reliable information through its other official communication channels while efforts to restore the account were ongoing.

The military subsequently urged members of the public to reconnect with and follow its restored official X handle, @HQNigerianArmy, for timely and verified updates on its activities and developments.

It further reaffirmed its commitment to transparent communication, effective public engagement and strengthening the relationship of trust between the Nigerian military and citizens.

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Relief For Families As Abia CP Unveils Life Insurance Benefits For Fallen Officers.

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The Abia State Police Command has presented 21 cheques worth a total of ₦9,054,644.57 to families of officers who died in active service under the Nigeria Police Force’s Group Life Assurance and Family Welfare Scheme.....KINDLY READ THE FULL STORY HERE▶

The cheques were handed over to the beneficiaries on Friday at the Command Headquarters in Umuahia by the Commissioner of Police, Afolabi Wilfred.

Speaking during the presentation, Wilfred, who represented the Inspector-General of Police, Olatunji Disu, extended the police leadership’s condolences to the families over the loss of their loved ones.

He acknowledged that no amount of financial compensation or insurance could replace the deceased officers but stressed that the initiative reflected the Nigeria Police Force’s commitment to supporting families left behind by officers who died in the line of duty.

The Abia police commissioner explained that the financial assistance represented the institution’s recognition of the sacrifices made by the deceased officers in service to the country.

He encouraged the beneficiaries to regard the gesture as an acknowledgement of their loved ones’ dedication and sacrifices, assuring them that the police remained committed to their welfare.

Wilfred also prayed for God to grant the families the strength to overcome their grief and give the deceased officers eternal rest.

Responding on behalf of the beneficiaries, Ifeanyi Ezindu, a relative of late Inspector Ezindu Egege, expressed gratitude to the Federal Government and the Nigeria Police Force for the financial assistance.

He noted that although the money could never replace the love, care and companionship of their deceased family member, the gesture meant a lot to the family.

Similarly, Mrs Onyebuchi Gloria Gift, widow of late Inspector Onyebuchi Henry Emeka, became emotional while expressing appreciation for the support.

She explained that the financial benefit would provide significant assistance for her and her children as they continue to cope with the loss of her husband.

She also commended the Abia State Police Command for remembering the families of deceased officers and extending financial support to them during their difficult period.

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