Naira

Kaduna Residents Turn to Petrol Stations for Cash Amidst ATM Scarcity

Published

1 year ago

February 20, 2023

Residents of Kaduna State, Nigeria, are turning to petrol filling stations for help in their desperate search for cash to meet their urgent needs, according to the News Agency of Nigeria.

This development is due to the scarcity of liquid cash in automated teller machines (ATMs) of most banks in the metropolis, as well as the closure of point-of-sale operators for the same reason.

The situation has forced people to seek cash from petrol stations where they look for customers buying fuel with cash instead of electronic transfer. An agreement is then reached between those in need of cash and those buying petrol with cash, where the fuel buyer pays the fuel cost from their account via electronic transfer, and then the person in need of cash receives the cash from the fuel buyer in return.

While the arrangement has come as a relief to many people who have been under severe hardship, it is not without its challenges. There is uncertainty around network service and the time spent waiting for the turn of the person helping one to be dispensed fuel. In addition, there are some needs that can only be satisfied using liquid cash, which limits the usefulness of this arrangement.

The situation has also affected some hospitals in Kaduna, which are experiencing a dearth of patients. Some employees of the hospitals attribute the low turnout to the unavailability of new naira notes. Patients are also unable to settle their transportation fare to the hospital due to the lack of cash.

In response to the situation, tricycle operators in the Kaduna metropolis are now displaying their account details for customers to settle their fare electronically. Passengers are also being warned in advance that old N500 and N1,000 notes are no longer legal tenders and will not be accepted.

The situation in Kaduna highlights the need for effective cash management by banks and other financial institutions. It also underscores the importance of investing in digital infrastructure to enable seamless electronic transfer of money, thereby reducing the reliance on physical cash.

Up Next

Keystone and Union Banks Set Ablaze by Angry Nigerian Youths

Don't Miss

Dollar To Naira Exchange Rate For Today 15th February 2023

Samed Olukoya

Is the CEO/Founder of Investors King Limited. A proven foreign exchange research analyst and a published author on Yahoo Finance, Businessinsider, Nasdaq, Entrepreneur.com, Investorplace, and many more. He has over two decades of experience in global financial markets.

Comments

Naira

Black Market Dollar Rate Reaches ₦1,380 Today, May 3rd, 2024

US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 at the black market stood at 1 USD to ₦1,380

Published

1 day ago

May 3, 2024

Samed Olukoya

The black market, also known as the parallel market or Aboki fx, US dollar to Nigerian Naira exchange rate as of May 3rd, 2024 stood at 1 USD to ₦1,380.

Recent data from Bureau De Change (BDC) reveals that buyers in the Lagos Parallel Market purchased a dollar for ₦1,350 and sold it at ₦1,340 on Thursday, May 2nd, 2024.

This indicates a decline in the Naira exchange rate compared to the current rate.

The black market rate plays a crucial role for investors and participants, offering a real-time reflection of currency dynamics outside official or regulated exchange channels.

Monitoring these rates provides insights into the immediate value of the Naira against the dollar, guiding decision-making processes for individuals and businesses alike.

It’s important to note that while the black market offers valuable insights, the Central Bank of Nigeria (CBN) does not officially recognize its existence.

The CBN advises individuals engaging in forex transactions to utilize official banking channels, emphasizing the importance of compliance with regulatory frameworks.

How much is dollar to naira today in black market

For those navigating the currency exchange landscape, here are the latest figures for the black market exchange rate:

Buying Rate: ₦1,380
Selling Rate: ₦1,370

As economic conditions continue to evolve, staying informed about currency exchange rates empowers individuals to make informed financial decisions. While the black market provides immediate insights, adherence to regulatory guidelines ensures stability and transparency in forex transactions.

Naira

Dollar to Naira Black Market Today, May 2nd, 2024

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

2 days ago

May 2, 2024

Samed Olukoya

As of May 2nd, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,350 NGN in the black market, also referred to as the parallel market or Aboki fx.

For those engaging in currency transactions in the Lagos Parallel Market (Black Market), buyers purchase a dollar for N1,310 and sell it at N1,300 on Monday, April 29th, 2024 based on information from Bureau De Change (BDC).

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.

Black Market Dollar to Naira Exchange Rate

Buying Rate: N1,350
Selling Rate: N1,340

Naira

Dollar to Naira Black Market Today, April 30th, 2024

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Published

4 days ago

April 30, 2024

Samed Olukoya

As of April 30th, 2024, the exchange rate for the US dollar to the Nigerian Naira stands at 1 USD to 1,340 NGN in the black market, also referred to as the parallel market or Aboki fx.

Meaning, the Naira exchange rate declined when compared to today’s rate below.

This black market rate signifies the value at which individuals can trade their dollars for Naira outside the official or regulated exchange channels.

Investors and participants closely monitor these parallel market rates for a more immediate reflection of currency dynamics.

How Much is Dollar to Naira Today in the Black Market?

Kindly be aware that the Central Bank of Nigeria (CBN) does not acknowledge the existence of the parallel market, commonly referred to as the black market.

The CBN has advised individuals seeking to participate in Forex transactions to utilize official banking channels.