The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1730.00 per $1 on wednesday, November 6 , 2024. Naira traded as high as 1665.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1720 and sell at N1730 on Monday 4th November 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
Dollar to Naira (USD to NGN)
Black Market Exchange Rate Today
Buying Rate
N1720
Selling Rate
N1730
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1664
Selling Rate
N1665
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Naira faces mounting pressure as the U.S. dollar strengthens, driven by speculation around Donald Trump’s potential return to the U.S. presidency. Currently, the naira trades at N1,664.91/$ in the official NAFEX market, while the parallel market sees the currency hover near N1,730.
While the U.S. election remains too close to call, the dollar gains ground against major currencies, including the British pound, as investors predict a Trump victory. Both Trump and Kamala Harris compete for the presidency, with key battleground states showing tight races, leading markets to increasingly expect a narrow win for Trump.
The political uncertainty pushes the dollar to its highest level since July, reversing earlier losses. It reaches its strongest position since April 2005, as investor concerns surrounding the U.S. election reverberate across global markets.
Trump’s potential influence on U.S. economic policy, particularly his stance on the Federal Reserve, could have mixed effects on the dollar. If his policies lead to higher interest rates to curb inflation, the dollar could strengthen further, adding pressure on the naira. Alternatively, if his administration advocates for lower interest rates, the dollar might weaken, potentially easing some of the strain on the Nigerian currency.
Trump’s protectionist trade policies could also contribute to a stronger dollar. Tariffs targeting key trading partners, such as China, may trigger shifts in the global economy that further strengthen the U.S. dollar.
Investor sentiment grows increasingly sensitive to the likelihood of a Trump presidency. Bitcoin surges past $75,000, reaching a record high on the belief that Trump would take a more favorable stance on cryptocurrency regulation. U.S. stock markets react with their best performance in six weeks, though caution persists as investors await key decisions from the Federal Reserve and Bank of England.
Meanwhile, demand for foreign exchange remains high, driven by needs for travel, fuel imports, and education expenses. This ongoing demand is expected to exert further pressure on the naira, particularly in the parallel market, where short-sellers target the N1,650 support level.
Jubilant supporters of former President Donald Trump gathered in Florida on election night, anticipating a potential victory speech following reported wins in key states.
According to AFP News, the Palm Beach County Convention Centre was a hub of activity, with men in formal suits and women in dresses mingling among fervent Trump backers. Among them was a supporter in a leather vest emblazoned with Trump’s name, while many others wore the former president’s iconic red “Make America Great Again” caps.
“I feel like Trump has won this election. This is over, and I feel like the world’s about to be much greater,” said Moses Abraham, 22, reflecting the optimism in the crowd.
On Wednesday, Trump appeared to edge closer to an electoral win over Democratic candidate Kamala Harris, with some experts suggesting Harris faced a narrowing path to victory.
“This feels like 2016. I think we’re on a similar path to victory. I’m optimistic about tonight. Donald Trump is the right leader for America,” said Jo Ann Poly Calvo, another supporter who compared the atmosphere to Trump’s previous presidential win.
For Trump, Florida has become a significant base. The state, a Republican stronghold, is now his primary residence, where he lives at his Mar-a-Lago estate, which also serves as a private members’ club.
Among the assembled crowd, sentiments varied between cautious optimism and confident certainty. Rocco Talarico, 68, wore a “MAGA” cap and a vest with slogans such as “Born to Ride” and “Donald Trump.” Talarico expressed his confidence in Trump’s chances.
“We need Trump because our borders are in disarray, crime rates are up, the stock market is unstable, and gas and food prices are high. Kamala Harris hasn’t delivered in four years,” he asserted.
Others expressed reservations about the election’s transparency. Mike McCormack, 50, echoed Trump’s persistent, though unverified, claims about election integrity. He stated his belief that Harris, as a leader, is “controlled” by outside influences. “I have no faith in her,” McCormack said, underscoring his confidence in Trump’s resilience against foreign influence.
While some remain uncertain about the outcome, Trump’s supporters hold on to a renewed sense of optimism, hopeful for what they describe as “a new era for America.”
Nigeria’s federal budget deficit rises to N4.53 trillion in the second quarter of 2024, up from N3.88 trillion in the first quarter, according to the latest economic report from the Central Bank of Nigeria (CBN).
A fiscal deficit occurs when the government’s expenditures exceed its revenues from taxes and other sources. To bridge this gap, the government often resorts to borrowing, which increases public debt.
The report shows that government revenue increases slightly in Q2, but still falls significantly short of the target for the period, leading to a continued reliance on deficit financing.
Interest Payments Drive Rising Expenditures
Government expenditures increase to N6.83 trillion in Q2 2024, a 27.79% rise from the previous quarter. This growth is largely driven by higher interest payments on loans, with recurrent spending accounting for the majority of the expenditure. The report reveals that 89.7% of government spending is on recurrent costs, while only 3.66% is allocated for capital investments and 6.37% for transfers.
Concerns Over Sustained Fiscal Imbalance
The growing deficit raises concerns about the government’s increasing reliance on loans to meet obligations, which could strain national resources and heighten fiscal risks. Continuous shortfalls in revenue projections suggest the deficit may continue to widen in the near future, exacerbated by rising debt servicing costs and inflationary pressures.
The Tinubu administration has committed to ending the use of the Central Bank’s Ways and Means facility, which was previously used to cover revenue gaps, in favor of a more disciplined fiscal management approach. This shift aims to avoid the inflationary risks associated with direct borrowing from the central bank.
CBN’s Monetary Policy Committee Expresses Concern
At its September meeting, the Central Bank of Nigeria’s Monetary Policy Committee (MPC) expresses concerns about the expanding fiscal deficit and its impact on the overall economy, particularly amid high inflation and foreign exchange challenges. The committee highlights the potential for persistent fiscal imbalances to constrain the government’s ability to make critical economic investments and drive sustainable growth. However, the MPC acknowledges the government’s commitment to avoiding further use of the Ways and Means facility as a means of financing.
The spokesperson for the Nigerian National Petroleum Company Limited (NNPCL), Mr. Olufemi Soneye, states that the Group Chief Executive Officer (GCEO) of the company, Mr. Mele Kyari, ensures that Nigerians buy fuel at N620 per liter for over a year, even when the landing cost exceeds N1,100.
Soneye, who serves as the Chief Corporate Communications Officer of NNPCL, makes these remarks on Tuesday in response to calls for Kyari’s removal by protesters. According to Soneye, the protesters’ demands are based on a misunderstanding of the fuel supply chain and the challenges facing the sector.
He clarifies that Kyari is not responsible for the recent increase in fuel prices, stating, “If they were better informed, they would know that the GCEO is not the cause of the fuel price hike. Mele Kyari ensures that Nigerians buy fuel at N620 per liter for over a year, despite the landing cost being over N1,100.”
Soneye also refutes claims that NNPCL imports adulterated fuel, urging anyone with evidence of such practices to come forward with samples. “NNPC Ltd. does not import adulterated fuel. If anyone has evidence to the contrary, they should provide samples. We have more pressing issues to focus on, particularly on securing the nation’s energy future,” he adds.
The statements come in response to a protest on November 4, 2024, when a group gathers at the NNPCL headquarters in Abuja. The demonstrators, organized by the Citizens and Economic Freedom Rights Activists in Nigeria (CEFRAN) and the Two Million Man March Against Oil Scam Cabal, demand an end to the importation of what they claim is adulterated fuel into Nigeria. The protesters express frustration with the ongoing fuel shortages, which they describe as a “national disgrace,” and call for an immediate end to fuel queues in the country
The confirmation that NNPCL maintains fuel prices at N620 per liter despite a landing cost of over N1,100 suggests that the company has been effectively subsidizing fuel prices for over a year. This implies that the government has been covering a subsidy of nearly N500 per liter.
An earlier document, which was later denied by government officials, projects that fuel subsidy payments will reach N5 trillion in 2024. This latest development further highlights the financial burden of fuel subsidies on the national economy despite ongoing discussions about the need for subsidy reforms.
No Plan To Covert Forex In Dom Accounts, CBN Assures
Nigeria records a current account surplus of $5.14 billion (11.46% of GDP) in Q2 2024, marking a significant increase from the $3.38 billion (7.35% of GDP) surplus reported in the previous quarter, according to data from the Central Bank of Nigeria (CBN).
This surplus reflects improvements in the nation’s external balance, driven by a reduction in import bills and steady remittance inflows, helping to maintain the stability of the naira, which stays within the N1,450-N1,500 range.
Amid ongoing economic challenges, this surplus signals potential for greater forex stability in the short term.
Trade Surplus Drives Current Account Improvement
The primary contributor to Nigeria’s current account surplus is a strong trade surplus, bolstered by lower merchandise imports and higher crude oil prices. While crude oil production decreases from 1.33 million barrels per day (mbpd) in Q1 to 1.27 mbpd in Q2, the price of Bonny Light crude increases slightly, rising to $86.97 per barrel from $85.58 in the previous quarter. This price increase partially offsets the revenue shortfall from reduced production.
Merchandise imports drop by 20.59%, from $10.88 billion in Q1 to $8.64 billion in Q2, driven by a decrease in petroleum product imports, which fall from $4.31 billion to $2.79 billion. Non-oil imports also decline, strengthening the trade balance.
Remittances Boost Secondary Income Surplus
Another key factor supporting the current account surplus is a strong secondary income surplus, fueled by remittances from Nigerians living abroad. Diaspora remittances rise to $5.78 billion in Q2, up from $5.14 billion in Q1 2024. These consistent inflows play an essential role in providing liquidity to the economy, helping to stabilize the naira.
Service Account and Primary Income Deficits
Despite the positive overall current account balance, Nigeria’s service account deficit increases to $3.47 billion in Q2, up from $3.26 billion in the previous quarter. This rise is driven by higher outflows for business services, which nearly double to $1.41 billion, and a 4.76% increase in travel payments to $1.10 billion, reflecting more foreign spending on services.
The primary income deficit also increases slightly by 2.07%, reaching $2.47 billion in Q2, up from $2.42 billion in Q1. This rise is mainly due to higher reinvested earnings by non-resident investors, indicating sustained foreign interest in Nigeria’s economic opportunities despite broader challenges.
However, these deficits do not undermine overall forex stability, as the naira continues to hold within the N1,450-N1,500 range, suggesting that improvements in the external balance are sufficient to offset the service account deficit.
Financial Account Shows Surge in Portfolio Inflows
In the financial account, Nigeria experiences a notable rise in portfolio investment inflows, with liabilities increasing to $2.27 billion in Q2 2024, reversing the $5.03 billion net reduction seen in Q1. This shift is driven by a surge in short-term debt securities, with portfolio investment liabilities reaching $4.42 billion, up from $1.40 billion in Q1.
While these inflows contribute positively to forex reserves and support the naira, they highlight a reliance on portfolio investments rather than more stable foreign direct investments, which could pose risks to future forex stability.
Outlook for Forex Stability
Nigeria’s improved current account position in Q2 2024 sets a solid foundation for forex stability in the near term. Reduced import costs, steady remittance inflows, and lessened dependency on imports have all contributed to maintaining the naira’s stability. However, rising demand for foreign exchange in Q3, particularly from businesses meeting year-end obligations, leads to a sharp depreciation of the naira, which continues to weaken into early November.
The increase in dollar demand, coupled with speculative activities driven by expectations of government reforms, exacerbates forex pressures. As oil revenue fluctuations and short-term investment inflows remain sensitive to global market conditions, Nigeria’s forex stability will likely face continued challenges in the coming months.
Without sustained dollar inflows from diverse sources, including direct foreign investment and steady remittances, the naira may continue to experience depreciation pressures, especially if external shocks or policy changes disrupt the forex supply chain.
Engr. Obadiah Nkom, Director General of the Nigerian Mining Cadastre Office (NMCO), announces that the agency generates N8,199,976,300 in revenue for October 2024. Nkom shares this achievement during an oversight visit by the Senate Committee on Solid Minerals, led by Senator Sampson Ekong, in Abuja.
He provides a breakdown of NMCO’s revenue since its establishment, highlighting consistent growth and remittance of all funds to the Federal Government Treasury Single Account (TSA).
“Total revenue generated by the NMCO from inception to date stands at N36,048,229,019,” Nkom states, emphasizing that 100% of the agency’s revenue is deposited into the TSA. He also notes that revenue from 2019 to October 2024 amounts to N26,230,733,463, representing 75% of the total collected. Revenue for 2023 to October 2024 reaches N13,194,261,761, reflecting a 63% increase over the previous period of 2021 to September 2022.
Annual Revenue Performance
Nkom highlights the annual performance of NMCO’s revenue over the years, culminating in a record N8.2 billion generated in October 2024. The breakdown is as follows:
2019: N2,379,500,315
2020: N2,562,037,622
2021: N4,301,178,122
2022: N3,793,679,643
2023: N6,071,263,461
October 2024: N8,199,976,300
The Director General attributes this substantial increase to internal reforms within the agency, including improved transparency, stronger enforcement mechanisms, and the digitization of the licensing and revenue collection processes.
Challenges Facing the Cadastre Office
Despite its financial successes, the NMCO faces operational challenges. Nkom highlights several key areas requiring attention, including increased funding, more office space, and reliable power supply to maintain productivity.
“The office needs a dedicated, organized filing room for document storage, additional skilled personnel to handle the workload, and consistent electricity for uninterrupted operations,” he says. “We also face issues with office equipment shortages, such as photocopiers, computers, and laptops, as well as low internet bandwidth, which affects digital operations. Continuous staff training is essential for improving service quality.”
Senate Committee’s Role
Senator Ekong stresses the importance of the oversight visit to ensure that NMCO aligns with federal guidelines and continues to strengthen Nigeria’s mining sector. He acknowledges the valuable insights gathered and emphasizes the need for collaboration and reform to enhance the sector’s contribution to the economy.
“We will review the reform processes and focus on adding value and transparency to the mining sector,” Senator Ekong states. He also confirms that the Senate Committee will carefully examine the documentation provided by NMCO and remain committed to supporting the agency’s efforts.
Nigeria sees a significant rise in net foreign exchange (forex) inflows in the second quarter of 2024, reflecting an improvement in the country’s forex position despite ongoing challenges.
Data from the Central Bank of Nigeria (CBN) shows a 49.39% increase in net forex inflows, which reach $17.18 billion in Q2 2024, up from $11.50 billion in the previous quarter.
This growth is driven by higher inflows and lower outflows across both official and autonomous sources.
Breakdown of Forex Inflows
CBN data shows total foreign exchange inflows into Nigeria total $24.55 billion in Q2 2024, an increase from $22.26 billion in Q1. The majority of this increase comes from autonomous sources, which continue to play a key role in driving forex inflows. Key figures include:
Inflows from autonomous sources rise from $14.17 billion in Q1 to $16.12 billion in Q2, an increase of $1.95 billion.
Autonomous sources, including remittances, private capital inflows, and other private sector transactions, remain a significant driver of forex inflows.
Inflows via the CBN increase slightly from $8.09 billion in Q1 to $8.43 billion in Q2, highlighting the CBN’s efforts to stabilize the forex market by managing both inflows and outflows effectively.
The rise in autonomous inflows underscores the resilience of market-driven sources amid Nigeria’s ongoing forex challenges, improving liquidity.
Decline in Forex Outflows
Alongside higher inflows, forex outflows decrease significantly, contributing to the overall net inflow improvement.
Total forex outflows drop by 31.51%, from $10.77 billion in Q1 to $7.37 billion in Q2.
Outflows through the CBN decrease by 36.06%, from $8.92 billion in Q1 to $5.71 billion in Q2, reflecting more stringent forex management aimed at curbing capital flight and prioritizing essential dollar allocations.
Outflows through autonomous sources also decline by 8.79%, from $1.82 billion in Q1 to $1.66 billion in Q2, indicating reduced demand for foreign currency or tighter controls on capital flows.
The combined effect of increased inflows and reduced outflows results in a 49.39% rise in Nigeria’s net forex position, reaching $17.18 billion in Q2 2024, up from $11.50 billion in Q1. Autonomous sources record a net inflow of $14.46 billion, up from $12.35 billion in Q1, while the CBN reverses its position from a net outflow of $0.85 billion in Q1 to a net inflow of $2.72 billion in Q2.
Exchange Rate Depreciates Despite Forex Gains
Despite the rise in net forex inflows, Nigeria’s exchange rate faces continued depreciation pressures.
The average exchange rate at the Nigerian Foreign Exchange Market (NFEM) depreciates by 5.86%, reaching N1,385.96 per US dollar in Q2 2024, compared to N1,304.72 per dollar in Q1. However, the Naira weakens further after Q2, with the official exchange rate moving towards N1,650 per dollar, while the parallel market rate reaches around N1,750 per dollar.
Market observers attribute the ongoing depreciation to strong demand pressures, exacerbated by supply challenges, particularly in the retail forex market. As supply remains constrained, forex suppliers continue to set prices, pushing the exchange rate lower despite the increase in net forex inflows.
In an interview on Channels Television, Ndume highlights the need for further consultation with key stakeholders, including the Northern Governors Forum and the National Economic Council (NEC). He argues that given the current economic hardships in the country, it is not the right time to introduce new taxes.
Ndume says, “As the Northern Governors Forum and the National Economic Council have suggested, the President should engage more with the public. If the bills move forward without adjustments, they will be dead on arrival.”
The senator also criticizes the proposed VAT rate increase, noting that many Nigerians are struggling financially, and businesses are leaving the country, making such tax hikes unaffordable.
He adds that he is actively campaigning against the tax bills within the Senate, gaining support from fellow legislators.
Opposition to the Tax Bills Grows
The proposed tax reform, which includes a derivation-based model for VAT distribution, generates significant opposition, especially from Northern politicians and leaders. Last week, the Northern Governors Forum urges legislators to reject any bill that harms the interests of the Northern region.
The National Economic Council, which includes all 36 state governors and is chaired by the Vice President, also calls for the withdrawal of the bills and further consultation before advancing them in the National Assembly.
However, President Tinubu dismisses these calls, stating that the legislative process allows for public input during hearings and that the bills will proceed as planned.
President Tinubu’s Tax Reform Agenda
In 2023, President Tinubu establishes the Presidential Committee on Fiscal Policy and Tax Reforms, led by former PwC tax expert Taiwo Oyedele. The committee aims to overhaul Nigeria’s tax system, improving efficiency while reducing the burden on individuals and businesses.
Among its proposals is a new withholding tax regime, set to take effect on January 1st, which exempts small businesses, producers, manufacturers, and farmers from withholding tax. The committee also seeks to reduce tax rates for businesses with low profit margins and address the issue of multiple taxation on enterprises, which contributes to Nigeria’s low revenue-to-GDP ratio.
Americans are heading to the polls today to vote for their next president. Voting Polls have opened across the country and will continue into the evening. Election officials across the US — particularly in swing states — have pledged to uphold the integrity of the vote and urged voters not to be misled by conspiracy theories.
So far today, only minor delays due to minor equipment glitches have been reported. The Cybersecurity and Infrastructure Security Agency said there have been no national significant incidents impacting the security of the election infrastructure as of this morning.
Catch up on the latest Election Day news:
Over 80 million people have voted so far: 83 million people have already cast their ballot, according to the latest data from 48 states and the District of Columbia gathered by CNN, Edison Research and Catalist, a company that provides data, analytics and other services to Democrats, academics and nonprofit advocacy groups, including insights into who is voting before November. This is more than half of the roughly 158 million votes cast for president in 2020, but it’s significantly lower than the total preelection vote that year, when roughly 70% of voters chose to vote by mail or early in-person.
Pennsylvania and Florida expect swift ballot counting: Florida election results will be known by the time “you go to bed tonight,” Secretary of State of Florida Cord Byrd said. Philadelphia City Commissioner Seth Bluestein told CNN that he believes ballot counting will go “much faster” in the 2024 election cycle compared to 2020. “Hopefully, if everything continues to go smoothly,” it will be completed by the middle of the day Wednesday, Bluestein said.
Warnings to not peddle misinformation: More than 100 leaders in the legal profession signed an open letter warning lawyers who challenge votes in this election not to peddle false information in court filings. “Filing election-related lawsuits without a solid factual and legal foundation endangers the very institutions lawyers are oathbound to defend,” the letter noted.
DOJ polling monitors: In a case brought by Texas state Republican officials seeking to block US Justice Department monitors there, the state indicated on Monday that it had reached an agreement with the DOJ, under which the monitors would stay outside of polling places. Meanwhile, a federal judge said on Monday evening that she would not block the Justice Department from deploying monitors at polling places in St. Louis, rejecting a lawsuit brought by Republican state officials in Missouri.
A new report from the Nigeria Demographic and Health Survey (NDHS) 2023-24 reveals that 31% of Nigerian children aged 12-23 months are not receiving essential vaccinations.
This gap in immunization poses significant challenges to Nigeria’s goal of achieving universal immunization and reducing child mortality.
The NDHS report highlights key vaccines in Nigeria’s routine immunization schedule, including BCG for tuberculosis, oral and inactivated polio vaccines, and the DPT-HepB-Hib combination for diphtheria, pertussis, tetanus, and hepatitis B. Other critical vaccines include the pneumococcal conjugate vaccine (PCV) for pneumonia, rotavirus for diarrheal diseases, and vaccines for yellow fever, meningitis, and measles.
Despite these offerings, the report shows that only 39% of children aged 12-23 months received full vaccination coverage, signaling a pressing need for improved strategies to boost immunization rates nationwide. The survey also highlights significant regional disparities, with the Southeast achieving the highest BCG coverage at 93.9%, while the Northwest lags at 50.2%.
Urban areas generally show better immunization rates than rural areas, where logistical challenges and limited access to healthcare continue to hinder vaccination efforts. In 2022, Nigeria introduced the rotavirus vaccine in both northern and southern states to address diarrheal diseases, a leading cause of infant mortality. However, only 18% of children have received the third dose, reflecting low uptake.
Dr. Muyi Aina, Executive Director of the National Primary Health Care Development Agency (NPHCDA), calls the findings “concerning” and notes that the agency is intensifying efforts to reach underserved communities by collaborating with state governments to improve vaccination access.
Mrs. Chika Offor, Executive Director of the Vaccine Network for Disease Control, underscores the importance of public engagement to tackle vaccine hesitancy. “Increased funding for NPHCDA is critical if Nigeria is to achieve full vaccination coverage by 2030,” Offor stresses, describing the NDHS data as “a wake-up call.”
Health workers on the ground also report difficulties in reaching remote areas. Ms. Mariam Adu, a health worker in the Federal Capital Territory (FCT), highlights challenges in logistics, particularly in rural communities. “We’re doing our best to encourage vaccination, but logistical barriers remain. Sometimes vaccines don’t arrive on time, and without proper transportation, it’s difficult to reach remote families,” Adu explains. She believes mobile clinics could improve vaccination outreach. “When we go directly to villages, mothers are willing to vaccinate their children. With more support, we could reach even more families.”
Mothers visiting Garki Hospital in Abuja express frustration over the difficulty of accessing vaccinations. Mrs. Fatima Yusuf, a 28-year-old mother, shares her experience of walking over 40 kilometers to find that vaccines were unavailable. “Many women in my village want to vaccinate their children, but it’s hard to get to the health center, and even when we do, sometimes the vaccines aren’t there,” she says.
This highlights the ongoing struggle many mothers face in ensuring their children receive the necessary vaccinations to protect them from preventable diseases.
The Federal Government, through the Ministry of Works, cancels the N740 billion contract with Julius Berger for the rehabilitation of Section I (Abuja-Kaduna) of the Abuja-Kaduna-Zaria-Kano Dual Carriageway.
This decision follows the contractor’s non-compliance with the revised cost, scope, and terms of the agreement, along with halting work and refusing to remobilize to the project site.
In a statement, the Ministry explains that the termination results from months of discussions that fail to produce any substantial progress. Despite ongoing talks over the past 13 months, no resolution is reached, prompting the Ministry to take this action.
“The Federal Ministry of Works issues a 14-day Notice of Termination to Julius Berger (Nig.) Plc for the Rehabilitation of the Abuja-Kaduna-Zaria-Kano Dual Carriageway, Contract No.6350, Section I (Abuja-Kaduna),” the statement confirms. The notice is issued on November 4, 2024.
Background to the Termination
In September 2024, the Federal Executive Council (FEC) approves a revised cost of N740.79 billion for the project, following a downward adjustment of the original budget. The project, initially approved in 2017 under former President Muhammadu Buhari’s administration, begins in May 2018 with the goal of improving transportation across Abuja, Niger, Kaduna, and Kano states and facilitating the movement of agricultural produce from the North.
Although former Minister of Works Babatunde Fashola projects the project’s completion by 2023, it remains unfinished by the end of the Buhari administration.
Current Minister of Works, Dave Umahi, reveals in early 2024 that the previous administration leaves behind a debt of N1.5 trillion for ongoing road projects, including the Abuja-Kano reconstruction. In response, the Federal Government allocates additional funding, releasing N17 billion, with plans to release another N33 billion to support the project’s continuation.
The Rotary Club of Kaltungo, in collaboration with Rotary International, donates anti-snake venom valued at N13.6 million to the Snakebite Treatment and Research Centre in Kaltungo, Gombe State. This donation addresses the critical shortage of anti-snake venom at the hospital, which has hindered its ability to treat snakebite victims effectively.
The donation follows a visit by the Rotary District Governor, who identified the hospital’s urgent need for supplies. Samaila Mohammed, the former President of the Rotary Club of Kaltungo, explains that the District Governor’s visit brought attention to the shortage, prompting the Rotary Club to contact Rotary International for support.
Hospital Faces High Demand for Snakebite Treatment
Dr. Nicholas Hamman, Chief Medical Officer of Kaltungo Hospital, highlights that the facility treats approximately 2,600 snakebite cases annually, making it the largest center for snakebite treatment in sub-Saharan Africa. He expresses deep gratitude for the donation, emphasizing its importance to local farmers and rural communities who are frequently exposed to snakebite risks.
“This donation is a lifeline for many rural patients, particularly peasant farmers who encounter snakes in their fields,” Dr. Hamman states. He also advocates for local production of anti-snake venom to reduce costs and make the treatment more accessible across the country. “We are committed to transparency and have asked Rotary representatives to monitor the distribution and use of the venom to ensure it is used appropriately,” he adds.
Ongoing National Shortage and High Costs
Mr. Mohammed Ndus, former Assistant Governor of Rotary International District 9127, discusses the nationwide shortage and high costs of anti-snake venom, with a vial priced at up to N200,000 from unofficial sources. The donation of 80 vials offers immediate relief to the hospital, he says.
Iliya Suleiman, Chairman of Kaltungo Local Government, commends the Rotary Club’s contribution and calls for other organizations to support the hospital. He also points out other infrastructure challenges, such as unreliable power supply, and has begun discussions with local government officials to address these issues.
On Tuesday, Americans will head to the polls to decide who will lead the nation as president. While 2024 USA Election results are sometimes clear within hours, the tight race this year could mean a longer wait.
Polls close across the country between 6:00 p.m. EST (11:00 p.m. GMT) Tuesday and 1:00 a.m. EST (6:00 a.m. GMT) early Wednesday. In previous elections, winners have often been projected by late election night or early the next morning. However, with Democratic Vice President Kamala Harris and Republican candidate Donald Trump running neck-and-neck, media outlets may wait longer before declaring a victor.
Close margins could trigger recounts in states like Pennsylvania, where a difference of 0.5% or less would require a recount. In 2020, Pennsylvania’s margin was just over 1.1%.
Potential Delays and Legal Challenges
Over 100 pre-election lawsuits have already been filed by Republicans, challenging aspects such as voter eligibility and voter roll procedures, which could complicate results. Additionally, disruptions at polling places could impact timing.
On the positive side, vote-counting processes have become more efficient in some states, such as Michigan. With fewer mail-in ballots expected compared to the pandemic-era 2020 election, counting might be faster.
When Have Past Presidential Results Been Announced?
The 2020 election required four days for networks to declare Joe Biden the winner, as key state results came in. In contrast, results were quicker in 2016 (Trump was declared the winner around 3:00 a.m. EST) and 2012 (Barack Obama’s victory was projected before midnight).
The 2000 election between George W. Bush and Al Gore was an exception, with results delayed five weeks due to a recount in Florida, ultimately resolved by the US Supreme Court.
Key Swing States to Watch
The 2024 USA Election is likely to hinge on results from seven critical swing states, where both Harris and Trump have strong chances:
Georgia: Polls close at 7:00 p.m. EST, and 75% of votes are expected to be counted within two hours.
North Carolina: Polls close at 7:30 p.m. EST, with results expected before the end of the night.
Pennsylvania: Voting ends at 8:00 p.m. EST, but experts believe it could take at least 24 hours to declare a winner.
Michigan: Polls close at 9:00 p.m. EST, with results anticipated by late Wednesday.
Wisconsin: Early results from smaller counties may come after polls close at 9:00 p.m. EST, but full results may take until Wednesday.
Arizona: Initial results could come by 10:00 p.m. EST, though ballots dropped off on election day could take days to process.
Nevada: Results here could take several days, as mail-in ballots are accepted if postmarked by election day and received by November 9.
How Votes Are Counted
Votes cast on election day are counted first, followed by early and mail-in ballots, then challenged ballots, and finally overseas and military ballots. Local election officials oversee this process, which includes verifying and processing individual ballots, known as canvassing. Once verified, ballots are scanned electronically, with additional manual counts if necessary.
What If Election Results Are Contested?
After counting, the electoral college comes into play. Each state awards a set number of electoral votes, generally going to the popular vote winner in that state. These votes are confirmed after meetings on December 17. On January 6, Congress meets to count and certify these votes, officially naming the president.
After the 2020 election, Trump refused to concede, leading to challenges that culminated in the Capitol riot. Reforms since then make it harder for lawmakers to contest certified state results and clarify that the vice president cannot reject electoral votes unilaterally. However, 2024 could still see attempts to delay certification at the state level.
What Happens in the Case of a Tie?
If both candidates end up with 269 electoral votes each, the House of Representatives would choose the president, while the Senate would select the vice president. This situation hasn’t occurred for about 200 years.
Presidential Inauguration
The president-elect will be inaugurated on January 20, 2025, marking the start of the 60th presidential inauguration. The event will take place at the US Capitol, where the new president will take an oath to uphold the Constitution and deliver an inaugural address.
As Americans head to the polls today in a high-stakes election, attention is focused on seven critical states known as battleground or swing states, which are likely to shape the outcome and decide whether Republican candidate Donald Trump or Democratic candidate Kamala Harris will become the next president.
These states; Georgia, North Carolina, Arizona, Nevada, Wisconsin, Pennsylvania, and Michigan, hold a total of 93 electoral votes. Their collective influence could play a decisive role in determining the winner, as each candidate aims to secure at least 270 Electoral College votes to claim victory.
In recognition of the importance of these states, both Trump and Harris have campaigned intensely, including rallies on the eve of Election Day, with Trump in Michigan and Harris in Philadelphia, as they seek to sway undecided voters.
Key Battleground States
Georgia:
With 16 electoral votes, Georgia is a crucial state in this election. In 2020, President Joe Biden narrowly defeated Trump by around 10,000 votes, flipping the state to the Democratic side. Republicans are eager to reclaim Georgia.
Michigan:
Holding 15 electoral votes, Michigan was won by Trump in 2016 but shifted to Biden in 2020. The state’s large Black population, particularly in Detroit, is expected to lean in Harris’s favor, though Trump remains competitive in rural areas.
Pennsylvania:
With 19 electoral votes, Pennsylvania is a pivotal state in this election. In 2020, Biden narrowly won here, but Trump maintains strong support in rural regions. The state is expected to play a critical role in either candidate’s path to 270 electoral votes.
Arizona:
Arizona carries 11 electoral votes. Trump won the state in 2016 but was defeated by Biden in 2020. Both parties view Arizona as essential in building their winning coalition.
North Carolina:
With 16 electoral votes, North Carolina is historically Republican-leaning. Trump won it in both the 2016 and 2020 elections, and his campaign is looking to secure it once again.
Wisconsin:
Wisconsin, with 10 electoral votes, returned to the Democratic column in 2020, with Biden narrowly defeating Trump. Both candidates are working to attract voters in this key state, which could shift the election outcome.
Nevada:
With 6 electoral votes, Nevada has leaned Democratic in recent elections, with the party securing wins in 2016 and 2020. However, the state remains a potential battleground.
Possible Scenarios
For Harris, winning Pennsylvania along with Michigan, Wisconsin, and a single electoral vote from Nebraska would secure the necessary 270 votes, even if she loses the other swing states.
Trump, on the other hand, would need to hold all the states he won in 2020 and flip Georgia to meet the threshold if Harris succeeds in Pennsylvania.
The results from these states are anticipated to shape the overall election outcome, potentially keeping the race tightly contested until all votes are counted.
The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1730.00 per $1 on Tuesday, November 5 , 2024. Naira traded as high as 1665.00 to the dollar at the investors and exporters (I&E) window on Monday
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1720 and sell at N1730 on Monday 4th November 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in 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
N1720
Selling Rate
N1730
Dollar to Naira CBN Rate Today
Dollar to Naira (USD to NGN)
CBN Rate Today
Buying Rate
N1664
Selling Rate
N1665
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
Money market rates showed mixed movements as excess liquidity persisted in the financial system. The ample liquidity has stabilized rate fluctuations over the past few weeks, and analysts expect this trend to continue until after the midweek Treasury bill auction.
Analysts predict that liquidity levels could temporarily switch to a deficit after the midweek auction, as payments will be processed within a few hours, unless additional inflows counterbalance these debits.
According to Cowry Asset Limited, the Nigerian interbank offered rate (NIBOR) dropped across all maturities, indicating improved liquidity in the banking system. Data from the FMDQ platform showed that short-term interest rate benchmarks remained below 20% at the close of Monday’s trading session.
Many banks faced minimal funding concerns, a shift from the high rates seen before recent inflows from FAAC, Remita, and FGN coupons boosted liquidity. In late October, rates had surged to nearly 33% due to outflows from the Central Bank of Nigeria’s primary market auction sales and foreign exchange intervention debits.
As of Monday, the banking system opened the week with a robust liquidity balance of ₦375.53 billion, according to TrustBanc Capital Limited. Consequently, the open repo rate dropped by 3 basis points to 19.22%, while the overnight rate edged up slightly by 1 basis point to 19.69%.
“We believe the system will maintain its surplus liquidity, with funding rates holding steady at current levels,” the firm noted. In a similar report, AIICO Capital Limited highlighted that system liquidity remained strong in the absence of major debits.
Fixed-income investors are ramping up their exposure to Nigerian Treasury bills in the secondary market ahead of this week’s auction, where the Central Bank of Nigeria (CBN) will offer ₦513.43 billion in maturing bills. However, trades have been limited by wide bid-offer spreads, according to traders.
TrustBanc Capital Limited reported that yields on specific Treasury papers, including those maturing on 6 March and 8 May, saw significant drops of 47 and 150 basis points, respectively, as buying interest pushed yields lower. On average, Treasury bill yields contracted by 27 basis points, with short, mid, and long-term segments witnessing notable declines.
In the OMO bills market, a similar trend emerged, with average yields dipping by 6 basis points to 26.2% following strong trading activity. Analysts anticipate robust investor demand at the upcoming auction, though the CBN’s response to the bidding volume remains uncertain.
Banking sector liquidity started the week strong at ₦375.53 billion, contributing to stable money market rates. As a result, the open repo rate fell to 19.22%, while the overnight rate edged up slightly to 19.69%. Market analysts continue to assess the balance between market dynamics and recent spot rate shifts on one-year bills.
The value of the naira continues its downward slide against the U.S. dollar, with pressure mounting in Nigeria’s autonomous foreign exchange (FX) market. Data shows that demand for the dollar and other foreign currencies is outpacing available supply, causing a strain on the naira’s value.
In October, the Central Bank of Nigeria (CBN) reduced its dollar supply in the official window by over 14% month-on-month, ahead of a planned test run of an automated FX trading platform slated for December 2024. This new platform is part of the CBN’s effort to boost market confidence and curb speculative trading, but previous FX initiatives over the past year have yielded limited results.
Despite rising external reserves, the naira’s official exchange rate depreciated by 0.61%, closing at ₦1,676.90 per dollar, according to spot data from the FMDQ platform. The rate worsened after the CBN sold $77 million to authorised dealer banks in the currency market last week. In the parallel market, the naira closed even lower at ₦1,725 to the dollar as demand pressure for invisible FX payments eased slightly.
Market data also revealed declines in FX inflows across various sources, with local sources dropping by 7.5% month-on-month to $1.69 billion in October from $1.82 billion in September. The CBN’s inflow contribution fell by 14.3%, while individual FX inflows dropped significantly by 30.6%. Non-bank corporate FX supply declined by 8.6% during the same period.
Analysts warn that limited FX inflows from the CBN could threaten overall liquidity, potentially weakening market confidence further and increasing pressure on the naira in the short term. “We expect the naira to remain under pressure in the near term, given the sustained demand in the FX market, the CBN’s limited intervention capacity, and suboptimal foreign portfolio inflows,” an analyst explained.
Meanwhile, developments in the global energy market have added further complexity. Oil prices rose by over 2% as OPEC+ delayed a planned increase in output by one month. This decision, alongside anticipation of the U.S. presidential election outcome and a major meeting in China, pushed Brent crude to $74.86 and WTI to $71.28 per barrel. Gold prices also climbed, with investors monitoring political uncertainties and an upcoming Federal Reserve policy meeting, placing gold at $2,742.10 per ounce.
As the CBN prepares for the December rollout of its automated FX platform, stakeholders are hopeful that it may alleviate some of the naira’s pressures. However, market watchers suggest that without significant foreign portfolio inflows or stronger intervention from the apex bank, Nigeria’s FX challenges are likely to persist.
OpenAI, valued at $157 billion following a $6.6 billion funding round, is exploring a transition from its original non-profit model to a for-profit business structure.
The company begins discussions with regulators in California and Delaware as it navigates this change. Sources confirm that OpenAI is in talks with California’s Attorney General’s office to address the complexities of altering its corporate structure, particularly concerning the valuation of its valuable intellectual property, including ChatGPT technology. Delaware’s Attorney General is also involved, requesting detailed restructuring plans, as outlined in a formal letter.
Navigating the Balance Between Mission and Profit
Founded in 2015 as a non-profit with the aim of developing AI for the greater good, OpenAI’s move toward a for-profit model raises questions about its commitment to public benefit. However, Bret Taylor, Chairman of the nonprofit board, reassures that the nonprofit will continue to play a significant role in the new structure. “Any potential restructuring will ensure the nonprofit remains active and benefits from its stake in the for-profit,” Taylor states.
OpenAI’s previous creation of a capped for-profit subsidiary in 2019 to address the high costs of AI development lays the groundwork for this transition. Tensions between the nonprofit board and management have existed, especially regarding the balance between AI safety and commercial imperatives. This tension becomes public in 2023 when CEO Sam Altman is briefly ousted before being reinstated amid disputes over the company’s commercialization strategy.
Regulatory Hurdles and Legal Oversight
As OpenAI moves forward, it faces complex regulatory scrutiny. Legal experts emphasize the need for accurate valuation of the company’s nonprofit assets, particularly its extensive intellectual property. California law mandates that nonprofit assets must be properly valued and directed toward charitable purposes, adding complexity to the process.
“It’s not just a matter of removing the nonprofit status. The value of the assets must be carefully assessed and allocated,” says Daren Shaver, partner at Hanson Bridgett LLP.
Jason Kwon, OpenAI’s Chief Strategy Officer, informs employees that the restructuring aims to maintain a nonprofit entity with a substantial stake in the for-profit company. The percentage of this stake and the valuation of the assets are critical to securing regulatory approval.
Elon Musk’s Legal Challenge
The transition to a for-profit model occurs amid ongoing legal disputes. Earlier this year, Elon Musk files a lawsuit against OpenAI, Sam Altman, and Greg Brockman, accusing them of deviating from the company’s non-profit mission. Musk, a co-founder of OpenAI, argues that he was persuaded to support the company with the understanding that it would remain a non-profit focused on advancing AI in opposition to Google’s efforts. The lawsuit also claims that OpenAI’s founding agreement required the company to make its technology freely available to the public.
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