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Dollar To Naira Exchange Rate Today ( Black Market Rate) June 28, 2024 @Aboki Fx

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How much is Dollar to Naira Exchange rate today in black market? This is the question most Nigerians do ask and want to know. Nigerian as at today operate a multiple exchange rate system where we have the official exchange Rate, interbank exchange rate and the black exchange rate…Click Here To Continue Reading>> …Click Here To Continue Reading>>

 

In this article our main focus shall be on the black market exchange rate where we are going to be looking at the daily exchange rate at the black market.

CBN Dollar To Naira Exchange Rate Today:

To $1

Exchange Rate Dollar To Naira Black Market

Dollars to Naira (USD to NGN) Exchange Rate Today
Buying Rate
Selling Rate

Facts about the United state dollar you should know

The United States dollar is referred to as USD and has been accepted globally and recognized as a legal tender in many countries such as Micronesia, Zimbabwe, Palau, El Salvador, East Timor, Marshall Islands, and the United States.

Among the three top rated currency in the world today, Euro, pound and Dollar; Dollar remains the currency we all make use of frequently.

  • The United state dollars was first introduced in 1690.
  • The United States dollar weigh 1 gram
  • The portrait that is on 1$ is that of George Washington’s.
  • Do you know that there is $100,000 note? Yes it does exist but can’t be accessed by the public.
  • As at today the total amount of US dollar in circulation is over $1.54 trillion of U.S.
  • It is estimated that over two-thirds of all $100 bills which is very huge are held outside the United States of America.
  • The United States minting company known as Bureau of Engraving and Printing produces over 38 million notes often.
  • $1, $5, $10 which are the smallest denominations are frequently use than others.
  • The United States coin can last up to 25 years.
  • Do you know that Americans throw away $62 million coins each year?
  • The only woman that is on the US dollar is Martha Washington.

See reasons why there is fluctuations/ High Dollar to Naira Exchange rate today in black market

There are certain reasons why there might be increase in the high exchange rate we are all experiencing right now. So we are going to take our time to list them out here.

Import demand is high

Nigeria is a Mono economy hence we rely heavily on imported items like cloths, shoes, bags, makeup and attachments for women, industrial equipments, electronics, cars and even fuel.

All these have terrible effects on the Nigerian economy and one of this effects remains massive pressure on Naira and available Dollars needed to offset import. In simple economic understanding when demand is more than supply then prices is bound to shoot up. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

Drastic fall in oil prices

ever since 2014 oil prices has continue to fall although there has been minor gains but this gains are not much as compared to the 2013 to middle of 2014 oil boom when oil sold for 140$ per barrel.
Oil remains a major foreign exchange earner for the government, they use the proceed to finance most recurrent and capital expenditure under a given fiscal year.

When there is fluctuations in the prices of oil then the Nigerian economy as a whole will suffer, not having the needed fund to carry out its responsibilities.

Investors confidence

if investors confidence is high there will be no capital flight. People will be willing to invest in the economy because they are rest assured that their investments is secured.

More foreign Direct investments coming into the country helps keep the exchange rate lower, makes the economy to be healthy and the naira benefits by being valued.

Government policies

Government makes policies for the economy as a whole and this policy can be divided into:

  • fiscal policy and
  • monetary policy.

This is the major tool government uses to either control the money supply or decrease it.

  • Monetary policy : The monetary policy remains of the most used policy because it has a direct impact on the whole of the economy. Take for instance if the federal government of Nigeria wants to boost the economy through increase in aggregate demand the first thing it does is to allow the central bank of Nigeria to first decrease the interest rate.
  • Fiscal policy : here the government will have to cut down taxes which will attract Direct Foreign Investment, which means that enough dollars are coming into the country because the environment is somehow friendly to them.

 

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China Blasts ‘Destructive’ US in Brutal Response as Tariff War Heats Up –

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China is telling the United States to stop acting like it’s being treated unfairly by the rest of the world. In a recent article from China Daily, they pushed back strongly against Donald Trump’s claims that other countries are cheating the US in global trade. China is saying that the US is not a victim at all, and the real problem lies within the US itself.

According to the article, the US has been living a lifestyle it can’t really afford. It buys more things than it produces, borrows money to keep its economy going, and has moved a lot of its manufacturing jobs to other countries. China argues that the US is now blaming other nations for problems it created on its own. For example, when the US sees a trade deficit — which means it buys more from a country than it sells — it assumes it’s being cheated. But China says this is a misunderstanding of how trade works.

They explain that just because the US buys more goods from other countries doesn’t mean it’s being taken advantage of. In fact, the US makes a lot of money by selling services, like tech, finance, and media, to the rest of the world. So overall, the US actually benefits from global trade more than it wants to admit…Click Here To Continue Reading>> …Click Here To Continue Reading>>

 

The article also criticizes the US for starting a trade war based on this false belief. Donald Trump raised tariffs on Chinese goods, making it more expensive for American businesses and shoppers to buy them. China responded by raising tariffs on US goods too. Instead of helping the situation, this back-and-forth has only made things worse for both sides. China describes these tariffs as reckless and harmful, saying they don’t solve anything and only create more problems. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

China is also frustrated because while the US complains about unfair treatment, it still expects to have the biggest say in how global trade is run. China believes the US wants to make all the rules, but doesn’t want to play by them. That kind of attitude, they say, is not helpful.

The article finishes by saying that instead of complaining and making threats, the US should work together with other countries to build a fair and modern trade system. One that benefits everyone, not just a few powerful countries. China’s message is clear: stop blaming others, take responsibility, and start acting like a real partner in the global economy.

 

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Vladimir Putin Offers to End War If Trump Agrees to This One Shocking Deal –

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On April 22, a report from the Financial Times, shared by Reuters, said that Russian President Vladimir Putin has offered to stop the war in Ukraine but only if the front lines stay where they are right now. This idea was brought up as part of talks with former U.S. President Donald Trump, who is trying to play a role in negotiating peace.

According to the report, Putin had this conversation in St. Petersburg earlier this month with Steve Witkoff, who is known to be close to Trump and is acting as his special representative in the talks. During their meeting, Putin reportedly said that Russia might be willing to give up its claims to certain parts of Ukraine specifically, areas within four regions that are only partially controlled by Russian forces and still have Ukrainian troops in them…Click Here To Continue Reading>> …Click Here To Continue Reading>>

 

What Putin seems to be suggesting is a deal where Russia would stop advancing, and the war would basically freeze in place. That means the land Russia already controls would stay under its control, but they wouldn’t push further into Ukraine. In exchange, Russia would no longer demand the rest of the territories they originally wanted.

This is a big shift, if true, because until now, Russia has been fighting to take over more of Ukraine. Freezing the war could be seen as a way to stop the bloodshed without either side officially “winning.” But it’s important to note that neither side—Russia or Ukraine—has officially agreed to this yet, and Ukraine has said many times that they want all of their land back, including Crimea, which Russia took in 2014. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

Trump’s involvement in the talks is also a major detail, since he isn’t currently president. However, with the U.S. elections coming up, it shows that behind-the-scenes discussions are already happening about what the future of the war could look like depending on who’s in charge.

So far, there hasn’t been an official confirmation from the Russian or U.S. governments about the offer, and Ukraine hasn’t made a public comment on this specific report. But if these talks are real, they could be an early sign that both sides are looking for a way to end the war—even if it means making big compromises.

 

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12 States Sue Trump Over ‘Illegal’ Tariffs That Could Send Prices Soaring and Jobs Disappearing –

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Twelve U.S. states have taken legal action against the Trump administration, accusing it of unlawfully raising taxes on Americans through tariffs. These tariffs were put in place using a law called the International Emergency Economic Powers Act (IEEPA), which gives the president special powers during national emergencies. But the lawsuit argues that this law was never meant to be used to create tariffs and that Trump has gone beyond what the law allows.

The states claim that in the 50 years since the law was created, no president has used it to put tariffs in place, even during times when the country faced serious drug-related issues or major trade deficits. They believe Congress never intended for the law to be used in this way…Click Here To Continue Reading>> …Click Here To Continue Reading>>

 

This group of states joins others who have already sued the Trump administration over the same issue. A group of small businesses and a civil rights organization have also filed lawsuits saying the administration doesn’t have the legal authority to impose these tariffs.

The Trump administration argues that the U.S. trade deficit is a national emergency, which gives the president the right to act under the IEEPA. But the states disagree, saying the tariffs will actually hurt Americans by making everyday goods more expensive, increasing inflation, and costing people their jobs. READ FULL STORY HERE>>>CLICK HERE TO CONTINUE READING>>>

The attorneys general from New York, Arizona, Colorado, Connecticut, Delaware, Illinois, Maine, Minnesota, Nevada, New Mexico, Oregon, and Vermont filed the lawsuit in the U.S. Court of International Trade. They’re asking the court to block the tariffs and stop other global tariffs that had been paused earlier this month from going into effect.

New York’s Attorney General, Letitia James, said Trump had promised to reduce costs for Americans, but his tariffs are doing the opposite and could seriously damage the economy.

California also filed its own separate lawsuit, saying the tariffs have already caused serious harm to the state and its residents.

 

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