Dollar To Naira Black Market Rate Today 9 November, 2023
Wednesday 8 November 2023
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In a concerning revelation at the Nigeria International Pipeline Technology and Security Conference, the Federal Government disclosed that over the past five years, crude oil valued at more than N4.3 trillion was stolen through 7,143 cases of pipeline vandalism. The Nigeria Extractive Industries Transparency Initiative (NEITI) emphasized the urgency of addressing oil theft, citing its severe negative repercussions on economic growth, business opportunities, and oil companies' profit margins.
According to NEITI reports, from 2017 to 2021, Nigeria experienced 7,143 cases of pipeline breakages and deliberate vandalism, resulting in crude theft and product losses of 208.639 million barrels valued at $12.74 million or N4.325 trillion. Additionally, the country spent N471.493 billion during the same period to repair or maintain pipelines. CONTINUE READING......
Meanwhile, the Dollar to Naira exchange rate at the Lagos Parallel Market (Black Market) stands at N1085 for buying and N1090 for selling on Tuesday, 9th November 2023. It's important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, urging individuals to approach their respective banks for forex transactions.
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The rising rate of crude oil theft adds another layer to the economic concerns, as the country grapples with the impact on its oil industry's exploration and exploitation. The theft not only poses threats to national security but also hampers business opportunities and the overall growth of the economy. CONTINUE READING......
As the government works towards bolstering regulations, technology, and security, the need for a comprehensive strategy to combat pipeline vandalism and oil theft becomes increasingly evident. This multifaceted approach is crucial to safeguarding Nigeria's economic interests and ensuring sustainable growth in the face of these challenges.
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