Dollar to Naira Black Market Exchange Rate – October 5, 2024 Latest Update

Here are some of the latest Forex news highlights in Nigeria for today, October 5, 2024:

CBN introduces electronic matching system for FX transactions, to begin by December: The Central Bank of Nigeria (CBN) has announced the introduction of an electronic matching system for foreign exchange (FX) transactions. The system is expected to be operational by December 2024 and will be used to match buyers and sellers of FX, thereby improving transparency and efficiency in the market.

Nigeria’s crude oil production declines by 40,000 bpd as OPEC’s output drops in September – Report: Nigeria’s crude oil production has declined by 40,000 barrels per day (bpd) in September, according to a report by Reuters. This follows a drop in OPEC’s overall output in the same month. The decline in Nigeria’s production is attributed to a number of factors, including technical issues and theft.

Italy targets windfall taxes amid budget deficit concerns, echoing Nigeria’s recent bank levy: The Italian government has announced plans to introduce windfall taxes on banks and energy companies in order to raise revenue and reduce its budget deficit. This move echoes Nigeria’s recent decision to impose a levy on banks in order to fund the country’s development.

Former Flutterwave employee in Kenya loses $900,000 appeal against fintech firm: A former employee of Flutterwave, a Nigerian fintech company, has lost an appeal against the firm in Kenya over a $900,000 claim. The employee had alleged that Flutterwave had failed to pay him bonuses and commissions.

AfDB targets 120 million tonnes of food production by 2025: The African Development Bank (AfDB) has set a target of increasing food production in Africa to 120 million tonnes by 2025. The bank is investing $1 billion in agricultural projects in order to achieve this goal.

Naira edges up against the Dollar, closes at N1,659.26 in I&E window: The Nigerian naira has appreciated slightly against the US dollar, closing at N1,659.26 in the Investors and Exporters (I&E) window on October 5, 2024. This is the highest level the naira has reached in several months.

All-Share Index drops by 1.19% despite gains in Seplat and other top advancers: The Nigerian Stock Exchange (NSE) All-Share Index declined by 1.19% on October 5, 2024, despite gains in some of the top advancers, such as Seplat Petroleum Development Company and Guaranty Trust Bank.

New withholding tax regime to take effect from January 1st, 2025- FIRS: The Federal Inland Revenue Service (FIRS) has announced that a new withholding tax regime will take effect from January 1st, 2025. The new regime will increase the withholding tax rate for some types of income.

Total Crypto market cap drops by 6% as liquidations hit $550 million: The total market capitalization of cryptocurrencies declined by 6% on October 5, 2024, as liquidations hit $550 million. Bitcoin, the largest cryptocurrency by market capitalization, fell by 4%.

Phishing attacks and private key leaks resulted to $753 million crypto theft in Q3 -Report: A report by Chainalysis has revealed that phishing attacks and private key leaks were responsible for $753 million in cryptocurrency theft in the third quarter of 2024.