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Dollar Sells for ₦1,627 in Lagos Black Market as Naira Struggles

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As of Friday, April 11, 2025, the black market exchange rate for the US Dollar to the Nigerian Naira remains volatile. According to sources at the Bureau De Change (BDC) in Lagos, the Dollar was purchased at ₦1,620 and sold at ₦1,627 in the parallel market, also known as the black market or “Aboki FX.”....KINDLY READ THE FULL STORY HERE▶

Despite fluctuations in the foreign exchange market, the Central Bank of Nigeria (CBN) maintains that the parallel market is not an officially recognized source for forex transactions. The CBN has advised individuals and businesses seeking foreign exchange to transact through authorized financial institutions such as commercial banks.

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In contrast to the parallel market, the official CBN exchange rate ranged between ₦1,570 and ₦1,630 as of the same day. However, it’s important to note that rates may vary slightly depending on location and market conditions.

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Exchange Rate Summary (April 11, 2025):

  • Black Market Buying Rate: ₦1,620

  • Black Market Selling Rate: ₦1,627

  • CBN Official Rate Range: ₦1,570 – ₦1,630

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Labour Party Suspends 26 Abure Faction Members (Full List).

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A faction of the Labour Party (LP) led by the Nenadi Usman Caretaker Committee has suspended 26 members loyal to the Julius Abure-led faction.....KINDLY READ THE FULL STORY HERE▶

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Why Peter Obi Can Never Return To Labour Party – Arabambi.

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Factional Labour Party South-West Vice Chairman, Abayomi Arabambi, has insisted that the party’s 2023 presidential candidate, Peter Obi, will never be allowed to return to the Labour Party.....KINDLY READ THE FULL STORY HERE▶

Arabambi said attempts by the Nenadi Usman-led faction to reintegrate Obi would fail, stressing that the party’s leadership has taken a final position on the matter.

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He made the statement during an interview on News Central, saying the decision followed internal consultations involving key figures such as the Julius Abure-led leadership and Abia State Governor Alex Otti.

According to him, the party has also resolved to support President Bola Ahmed Tinubu’s re-election bid in 2027.

Arabambi further blamed Obi and his supporters for contributing to Labour Party’s internal challenges during the 2023 elections, alleging organizational failures during the polls.

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He maintained that Obi’s return to the party is completely off the table, insisting that the issue is already settled within the party’s leadership structure.

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NNPP Rejects Atiku, Says “We Don’t Want To Be Part Of ADC”.

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The New Nigeria Peoples Party (NNPP) has dismissed claims by former Vice President Atiku Abubakar that it is part of the African Democratic Congress (ADC) coalition.....KINDLY READ THE FULL STORY HERE▶

In a statement on Thursday, NNPP National Secretary Ogini Olaposi said the party is not affiliated with the ADC and has no plans to join or merge with the coalition.

He clarified that the involvement of former Kano State Governor Rabiu Kwankwaso and members of the Kwankwasiya Movement in ADC activities does not represent the NNPP as a political party.

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Olaposi also claimed that only a minority of Kwankwasiya supporters followed Kwankwaso, insisting that many of them have since joined the APC.

He further accused Atiku of misinformation, stressing that NNPP remains an independent political party focused on contesting elections on its own platform.

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According to him, any previous association with the Kwankwasiya Movement ended after the 2023 general elections, adding that Kwankwaso and some associates had already been expelled from the party.

The NNPP maintained that it respects other political parties but has no interest in joining the ADC coalition.

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