Black Market Dollar To Naira Exchange Rate on November 8, 2023
Wednesday, 8 November 2023
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In the latest developments as of November 8, 2023, the Nigerian Naira's performance in the unofficial black market, also known as the parallel market, continues to witness fluctuations. According to reports from Bureau De Change, as of Tuesday, November 7, 2023, the exchange rate for the US dollar to the Naira stands at N1085 for purchasing and N1090 for selling. It's important to note that these rates can differ based on location and specific circumstances, as the black market operates independently of the Central Bank of Nigeria.
Simultaneously, concerning news emerged during the Nigeria International Pipeline Technology and Security Conference held in Abuja. This conference, organized by the Pipeline Professionals Association of Nigeria, centered on the theme "Strengthening Regulations, Technology, and Security for Growth." The Nigeria Extractive Industries Transparency Initiative (NEITI) disclosed some alarming statistics. Over the past five years, crude oil worth more than N4.3 trillion was stolen through an astonishing 7,143 incidents of pipeline vandalism. CONTINUE READING..........
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Ogbonnaya Orji, the Executive Secretary of NEITI, underscored the gravity of the situation, emphasizing that oil theft has become a pressing and substantial threat to Nigeria's oil industry's exploration and exploitation. These incidents have far-reaching adverse effects on economic growth, business opportunities, and the profit margins of oil companies. NEITI's reports revealed that between 2017 and 2021, Nigeria experienced 7,143 cases of pipeline breakages and deliberate vandalism, resulting in the theft of 208.639 million barrels of crude oil, valued at $12.74 million or N4.325 trillion. Additionally, during the same period, Nigeria spent N471.493 billion on the repair and maintenance of these pipelines.
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This revelation underscores the immediate need for strengthened regulations, advanced technology, and enhanced security measures within the Nigerian oil industry to mitigate such substantial losses and safeguard the nation's economic interests. CONTINUE READING.........
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