Business

Dollar to Naira Black Market Today August 1st, 2023

As of August 1st, 2023, the dollar to naira exchange rate is 1 USD to 867 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦867, Investors King reports.

Published

2 months ago

August 1, 2023

Investors King

As of August 1st, 2023, the dollar to naira exchange rate is 1 USD to 867 NGN at the black market. This means that for every one US dollar, you can exchange it for ₦867, Investors King reports.

This digital business news platform has obtained the official dollar to naira exchange rate in Nigeria today including the Black Market rates, Bureau De Change (BDC) rate, and CBN rates.

How much is $1 to Naira in black market?

This rate is subject to change depending on a variety of factors including global economic trends, political developments, and market fluctuations. However, you can buy and sell 1 USD at ₦862 and ₦867 as of the time of writing today.

What is the current exchange rate of the dollar to naira in the black market today?

According to Investors King, as of the time this report was filed, a dollar can be purchased at the Lagos parallel market (black market) for ₦862 and sold for ₦867.

Exchange Rate of Dollar To Naira in Black Market Today?

Dollar to Naira (USD to NGN)	Black Market Exchange Rate Today
Buying Rate	867
Selling Rate	862

Central Bank of Nigeria (CBN) Naira Exchange Rates for banks

Date	Currency	Buying(NGN)	Central(NGN)	Selling(NGN)
7/31/2023	US DOLLAR	757.022	757.522	758.022
7/31/2023	POUNDS STERLING	974.1953	974.6953	975.1953
7/31/2023	EURO	834.9467	835.4467	835.9467
7/31/2023	SWISS FRANC	873.0021	873.5021	874.0021
7/31/2023	YEN	4.3326	4.8326	5.3326
7/31/2023	CFA	0.3004	0.8004	1.3004
7/31/2023	WAUA	1039.5642	1040.0642	1040.5642
7/31/2023	RIYAL	201.0476	201.5476	202.0476
7/31/2023	DANISH KRONA	111.1285	111.6285	112.1285
7/31/2023	SDR	1017.0993	1017.5993	1018.0993

Investors King understands that although the dollar to naira opened at N867 per $1 in the parallel market today, the Central Bank of Nigeria (CBN) does not acknowledge the parallel market, also referred to as the black market. The CBN has instructed individuals in need of forex to approach their bank as the I&E window is the sole recognized exchange.

On Tuesday, August 1st, 2023, individuals in the black market purchased one US dollar for N867 and sold it for N862. This shows that the value of the Naira is mixed when compared to Monday, July 31st, 2023 when the local currency was exchanged at N862 to a Dollar and a Dollar was purchased at N867.

To stay informed about the dollar to naira exchange rate, there are a number of reliable sources that you can turn to. Here are some tips for staying up-to-date:

Check the Central Bank of Nigeria’s website: The CBN is responsible for regulating the country’s monetary policy and is a reliable source for the latest exchange rates. You can check their website regularly for updates.
Follow financial news outlets: Financial news outlets such as Investors King, Bloomberg, Reuters, and CNBC provide regular updates on the global currency markets, including the dollar to naira exchange rate.
Use online currency converters: There are a number of online currency converters that allow you to quickly and easily check the exchange rate between the dollar and the naira.
Follow social media accounts of financial experts: Following social media accounts of financial experts such as analysts, economists, and financial advisors can give you valuable insights into the latest trends in the currency markets.

By staying informed about the dollar-to-naira exchange rate, you can make informed decisions when buying or selling foreign currencies. Whether you are a business owner looking to trade in foreign currencies or an individual looking to invest in the currency markets, knowledge of the latest exchange rates is key to success. Keep these tips in mind and stay informed about the latest trends in the global currency markets.

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Brands

Chivita Crowned “Outstanding Juice Brand of the Decade” at MarketingEdge Excellence Awards

Published

2 days ago

September 23, 2023

Investors King

Chivita, Nigeria’s beloved fruit juice brand, emerged victorious as it clinched the highly sought-after title of “Outstanding Juice Brand of the Decade” at the esteemed MarketingEdge Brand and Advertising Excellence Awards.

The prestigious award ceremony, held recently, celebrated Chivita’s remarkable journey to becoming a beacon of excellence in the Nigerian fruit juice market over the past ten years.

The recognition underscores Chivita’s unwavering commitment to superior quality, innovation, strategic engagement, and unswerving dedication to consumer satisfaction.

The organizers of the MarketingEdge Brand and Advertising Excellence Award heaped praise on Chivita for its unparalleled contribution to the juice industry. In their words, this award is a testament to Chivita’s transformation into the gold standard for premium quality fruit juices in Nigeria.

“We also know that Chivita has been at the forefront of enlightening the public and promoting the benefit of daily fruit juice consumption for everyday wellness for over forty years, ensuring that everyone has a Chivita. This has not gone unnoticed,” they noted.

Mrs. Toyin Nnodi, the Marketing Director of CHI Limited, the parent company of Chivita, expressed her gratitude to the award organizers and the brand’s loyal consumers. She highlighted the relentless pursuit of innovation and the commitment to producing high-quality products as the driving force behind Chivita’s success.

“At CHI Limited, we have dedicated years of innovation and commitment to high-quality products with the ultimate goal of consumer preference and satisfaction. The ‘Outstanding Fruit Juice Brand of the Decade’ award to Chivita is proof that our efforts are appreciated by consumers,” she stated.

Chivita’s product lineup includes a wide range of fruit juices, juice nectars, and fruit-flavored drinks, such as Chivita 100%, Chi Exotic, Chivita Active, Chivita Ice Tea, Chivita Happy Hour, and Chivita Smart Malt. These offerings come in a variety of variants and different pack sizes and packaging formats, catering to the diverse desires of consumers for healthy and great-tasting juices.

As Chivita basks in the glory of this remarkable achievement, it continues to stand as a testament to the power of unwavering dedication to quality, innovation, and consumer satisfaction. The brand’s journey to becoming Nigeria’s outstanding juice brand of the decade is indeed a story of resilience, excellence, and an unyielding commitment to providing refreshing moments to every Nigerian, one Chivita at a time.

Business

Tax Expert Urges Government to Boost Investment-Friendly Tax Environment

Calls for Fairness, Transparency, and Seamless Tax Process to Attract Investors

Published

2 days ago

September 23, 2023

Investors King

Dr. Titilayo Fowokan, a former Lagos State Coordinator of the Society of Women in Taxation (SWIT), has called for a significant improvement in the tax environment.

Her recommendations encompass fairness, transparency, and a seamless tax collection process to stimulate economic growth.

Speaking recently in Lagos, Dr. Fowokan commended the present administration’s efforts in implementing tax reforms, particularly highlighting the Finance Act of 2023 and the work of the Taiwo Oyedele-led tax reform committee.

She emphasized the alignment of these initiatives with current economic realities, especially in enhancing the ease of doing business.

However, Dr. Fowokan voiced concerns about the impact of excessive exchange rate volatility and fuel subsidy removal on these reforms.

She noted that these factors have driven up the cost of doing business in the country, putting pressure on investors.

“Overall, businesses and companies are adjusting to the drive for compliance by the current tax system and reviewing their tax strategy, value and supply chain management, tax controls, risk management, and tax planning initiatives for sustainability,” Dr. Fowokan stated.

In addition to her recommendations for governments, Dr. Fowokan urged tax administrators to improve interactions between taxpayers and new digital tax payment platforms.

She acknowledged the benefits of transitioning to an automated tax system, particularly in terms of enhanced tax compliance, and called for further innovation in this area.

“In relation to administrative ease of the current tax system, the FIRS should not limit the Tax Promax platform to punishing non-compliance but also grant access to benefits for compliance. This is from the angle of penalty regimes on the platform versus the claim of Withholding tax credits through the platform. An improvement in this will be a significant boost to the ease of doing business in Nigeria,” Dr. Fowokan emphasized.

The recommendations put forth by Dr. Titilayo Fowokan underscore the importance of fostering an investment-friendly tax environment that prioritizes fairness, transparency, and efficiency. As governments contemplate their fiscal policies, her insights serve as a timely reminder of the crucial role tax reform plays in economic development and attracting investment.

Company News

Dangote Refinery Controversy: Safety, Quality, and Financial Woes Unveiled

Tension Between Aliko Dangote and NNPC Raises Concerns Over Nigeria’s Oil Industry

Published

2 days ago

September 22, 2023

Investors King

The Dangote Refinery, an ambitious project by Africa’s wealthiest man, Aliko Dangote, has found itself engulfed in a whirlwind of controversy, pitting Dangote against the Nigerian National Petroleum Corporation (NNPC).

This recent dispute, marked by safety concerns, incomplete construction, and financial woes, has left many questioning the ethics, quality, and viability of Africa’s largest refinery.

Sources close to the situation reveal that Aliko Dangote is seeking the elusive license to commence operations, the final crucial step before production can begin at the refinery.

However, the NNPC, Nigeria’s regulatory body, has balked at granting the license due to legitimate safety concerns, chiefly stemming from the incomplete status of the facility.

Also, Dangote’s bid to purchase crude oil from the NNPC was met with a firm denial, citing the refinery’s incomplete status as a deterrent. This has sparked allegations that Dangote may be considering unconventional methods, such as sourcing Nigeria’s crude through trading houses, which could be viewed as circumventing established procedures.

Even if Dangote manages to secure the necessary crude oil, concerns regarding safety and product quality persist. Workers within the Dangote Group, as well as contractors and some NNPC officials, have voiced apprehensions about commencing refinery operations prematurely.

The current state of the refinery only allows for the initial phase of crude distillation, a process akin to operations found in illegal refineries within the Niger Delta region. The unfinished catalytic cracking unit further amplifies worries about the quality of refined products.

Amid these concerns, it appears that Dangote’s motivations may be driven by financial pressures. Reports suggest that the Dangote Group is grappling with substantial debt, potentially jeopardizing the company’s stability if it fails to secure additional funds for loan repayments by December. This financial strain could be the driving force behind Dangote’s eagerness to obtain the operating license, even without the refinery being fully ready.

Recalling events from earlier this year, the uncompleted refinery was hastily commissioned by former President Buhari. This move aimed to grant Dangote access to additional equity funding from the Nigerian Government and secure a crude oil allocation of 300,000 barrels per day. This allocation was intended to be sold to raise funds for creditors and aid in completing the refinery.

However, when the new administration of President Tinubu took office, it was discovered that the refinery was far from completion, raising suspicions that it was falsely commissioned to secure the crude allocation for export.

The ongoing standoff between Aliko Dangote and the NNPC illuminates broader issues surrounding safety, quality, and financial stability plaguing the Dangote Refinery project.