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Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 30th July 2024

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Black Market Dollar to Naira Exchange Rate for 29th July:

Here are the black market rates for exchanging dollars to naira in Lagos Parallel Market (Black Market) as of Monday, 29th July 2024:

  • Buying Rate: N1590
  • Selling Rate: N1600

These rates are sourced from Bureau De Change (BDC) operators.

Important Note: The Central Bank of Nigeria (CBN) does not recognize the parallel market. For official forex transactions, individuals are advised to approach their respective banks.

CBN Dollar to Naira Exchange Rate Today:

  • Buying Rate: N1601
  • Selling Rate: N1602

Disclaimer: Rates for buying or selling forex can vary and may differ from what is captured in this article.

Libya Denies Negotiating Crude Oil Supply to Dangote Refinery, Others

Libya’s National Oil Corporation has refuted claims that it is negotiating to supply crude oil to Nigerian refineries, including the Dangote refinery. There were reports suggesting that the Dangote refinery was in talks with Libya for crude oil supply.

However, in a statement on its X handle, the Libyan oil corporation denied any such negotiations. The statement, translated from Arabic, reads:

“The National Oil Corporation denies that it has negotiated or entered into any talks regarding the supply of crude oil to an oil refinery in Nigeria. The corporation is committed to its contracts with international partners and adheres to a legal mechanism for selling Libyan oil raw materials, not an immediate sales mechanism. Pricing of raw materials is determined by a committee of experts and approved by the corporation and the Ministry of Oil and Gas.”

The Dangote refinery, with a capacity of 650,000 barrels per day, has faced challenges with local crude supply since beginning operations in January.

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2026 Constitution Amendment Bill Moves to States

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By Fabian Apechihin

The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.

The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.

Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.

House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.

Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.

“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.

He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.

“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.

The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.

According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.

The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.

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2026 Constitution Amendment Bill Moves to States

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on

By Fabian Apechihin

The 2026 Constitution Amendment Bill has moved to the state level following its consideration by the National Assembly, paving the way for state legislatures to consider the proposed amendments.

The development comes amid renewed attention on constitutional reform and ongoing discussions over proposed changes to Nigeria’s governing framework.

Meanwhile, the House of Representatives has defended FCT Minister Nyesom Wike over allegations surrounding borrowing by the Federal Capital Territory Administration.

House spokesperson Akin Rotimi Agbese, speaking in an interview with Channels Television, rejected claims that Wike had undertaken borrowing without the knowledge or approval of the National Assembly.

Agbese said the FCT minister could not independently create a sovereign borrowing obligation, stressing that public borrowing is subject to constitutional, statutory and administrative procedures.

“Wike has committed no infraction in borrowings. There is no basis for the allegation that he has been borrowing money behind the back of the National Assembly,” Agbese said.

He explained that borrowing to finance infrastructure was not unlawful where the required approvals and procedures had been followed.

“Borrowing for infrastructure development is not unlawful in itself, provided the prescribed approvals and procedures are followed,” he added.

The House spokesperson further argued that an increase in the FCT’s debt profile should not automatically be interpreted as evidence of illegal borrowing, citing the scale of infrastructure projects being undertaken in Abuja under Wike.

According to Agbese, the key issue is whether the appropriate approvals were obtained for specific borrowing transactions, rather than simply whether the FCT’s overall debt profile has increased.

The comments come as scrutiny continues over public borrowing, infrastructure financing and the legal procedures governing government debt at both the federal and sub-national levels.

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2027: PDP Insists on Presidential Contest Despite Wike’s Support for Tinubu

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By Fabian Apechihin

The Peoples Democratic Party (PDP) has reaffirmed its intention to contest the 2027 presidential election despite the decision of Federal Capital Territory Minister, Nyesom Wike, to support President Bola Ahmed Tinubu’s re-election bid.

The party said Wike’s decision was personal and did not alter its position to participate in the presidential election with its candidate, Senator Sandy Onor. PDP National Publicity Secretary, Jungudo Haruna Mohammed, made the clarification on Wednesday.

According to the party, a recent conversation between Wike and Onor should not be interpreted as a political negotiation between the minister and the PDP.

“He told Nigerians that Sandy is his friend. And they only had a friendly discussion within the umbrella of friendship. So, that is just a personal discussion between him and his friend,” Mohammed said.

He added that Wike’s support for Tinubu did not prevent the PDP from fielding candidates for the presidential, governorship and legislative elections.

Wike had earlier clarified that his support in 2027 was specifically for Tinubu’s presidential re-election and did not amount to an agreement that the PDP would withdraw from other electoral contests. He also said he never promised that the PDP would abandon its candidates for governorship, National Assembly and State House of Assembly elections.

“I said I will support the President from day one. I never told Mr President I will join APC,” Wike said.

The minister also maintained that his proposed Rainbow Coalition was not an arrangement with the All Progressives Congress (APC), but rather a platform through which politicians from different parties could mobilise support for Tinubu’s re-election.

The issue has generated disagreement with some APC governors, who have expressed concern about a political arrangement that could affect the party’s candidates at other levels.

APC Progressive Governors’ Forum Chairman, Hope Uzodinma, said the governors would not support any alliance or arrangement that could weaken the APC or adversely affect its candidates.

Meanwhile, APC presidential campaign council spokesperson Ima Niboro has urged Wike and APC governors to end their public exchanges and concentrate on political mobilisation.

“When I said tone down the rhetoric, I do not mean stop working. Stop talking, go and work,” Niboro said.

He urged political leaders to strengthen their grassroots structures and engage directly with voters rather than continue exchanging statements in the media.

“All this shouting is not taking anybody anywhere. Go and work. Go and establish your authority on your political base,” he said.

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