The exchange rate between the Naira and the US dollar, according to the data released on the FMDQ Security Exchange, the official forex trading portal, showed that the Naira closed at 1705.00 per $1 on Thursday, September 26, 2024. Naira traded as high as 1660.00 to the dollar at the investors and exporters (I&E) window on Tuesday.
How much is a dollar to naira today in the black market?
Dollar to naira exchange rate today black market (Aboki dollar rate):
The exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) players buy a dollar for N1690 and sell at N1705 on Wednesday 25th September 2024, according to sources at Bureau De Change (BDC).
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
Dollar to Naira Black Market Rate Today
| Dollar to Naira (USD to NGN) | Black Market Exchange Rate Today |
| Buying Rate | N1690 |
| Selling Rate | N1705 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1659 |
| Selling Rate | N1660 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
How Government Interventions Could Reduce Dangote Petrol Prices Below ₦600/Litre – Refiners
Experts in the petroleum industry has suggested that with effective government intervention, petrol from the Dangote Refinery could be sold for less than ₦600 per litre.
The Crude Oil Refiners Association of Nigeria (CORAN) expressed optimism that local refineries, including Dangote’s, could reduce fuel costs if proper measures are put in place.
The Publicity Secretary of CORAN, Eche Idoko, shared with Sunday PUNCH that the ₦898 per litre price quoted by the Nigerian National Petroleum Company (NNPC) for petrol purchased from Dangote’s refinery was a result of the high exchange rate.
However, Idoko stated that with the exchange rate capped at ₦1,000 to the dollar for locally-produced petroleum, the price could fall to ₦550 per litre.
Idoko clarified that the petrol currently being sold by Dangote was refined from crude purchased in June, with 60% of it supplied by NNPC and the remainder imported by Dangote at international prices.
“If you remember, we did say that if we begin to refine locally and there is a naira sale, the price of PMS will drop. We still stand strongly by that position. This particular batch of product that is being sold by Dangote, the crude was purchased in June at the international price.
“NNPC supplied 60 per cent of that crude and the remaining percentage was imported by Dangote at the international price. Now, when they refine that product, they have to sell at the international price because they are a business, they have to make money,” Idoko said.
