By Milcah Tanimu
As of August 22, 2023, the unofficial exchange rate for converting the Nigerian Naira to the US Dollar in the Lagos Parallel Market (also known as the Black Market) reveals that traders are purchasing one US Dollar for N850 and selling it at N860. This information has been sourced from Bureau De Change (BDC) insiders.
It’s important to highlight that the Central Bank of Nigeria (CBN) does not officially acknowledge the parallel market (black market). Instead, the CBN advises individuals seeking foreign exchange (Forex) transactions to approach their respective banks.
Caleb Mutfwang, the Governor of Plateau State, has clarified to his constituents that the N5 billion allocated to all states, including the Federal Capital Territory (FCT), as palliative aid isn’t a gift from the federal government, as it might have been misconstrued by some.
According to reliable sources, Governor Mutfwang emphasized the necessity of providing specific details about the financial assistance, given the numerous speculations circulating. He elucidated that the palliative aid provided by the federal government comes with a loan component that states are expected to repay.
It’s worth recalling that the federal government had recently announced the disbursement of N5 billion to all 36 states and the FCT, along with additional food supplies, to mitigate the challenges posed by the removal of fuel subsidies.
During a meeting with esteemed elders of the state on Monday, Governor Mutfwang shared that Plateau State has hitherto received N2 billion from the overall sum earmarked for palliative aid.