By Daniel Edu
Today, 25th July 2023, the Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx), stands as follows:
– Buying Rate: N860
– Selling Rate: N870
If you plan to exchange your dollar for Naira, these are the prevailing rates. However, please keep in mind that prices may vary from those mentioned in this report.
It’s essential to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals seeking to engage in Forex to approach their respective banks.
South East Suffers Estimated N7.6 Trillion Loss in Productivity and Investments in Two Years Due to Sit-At-Home Protests
Over the course of two years, the Southeast region of Nigeria has reportedly incurred an estimated loss of N7.6 trillion in productivity, potential investments, and casualties as a result of the weekly sit-at-home exercises practiced on Mondays.
The Indigenous People of Biafra (IPOB) initiated these sit-at-home protests in 2021 to protest the detention of their leader, Nnamdi Kanu. Since then, these exercises have been observed almost every Monday in the region.
As of the upcoming 9th of August, the sit-at-home protest would have been ongoing for two years, during which 105 out of 520 working days have been lost in terms of productivity and economic activity.
Furthermore, out of the remaining 415 days that were expected to be utilized for work, various holidays have also been declared, further affecting economic output.
According to an investigation conducted by the International Centre for Investigative Reporting (ICIR) and published in May of this year, the region’s economy has suffered a staggering loss of N5.375 trillion by businesses between August 9, 2021, and December 19, 2022, specifically due to the sit-at-home protests.
