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 1675.00 per $1 on Tuesday, October 8, 2024. Naira traded as high as 1629.00 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 N1665 and sell at N1675 on Monday 7th October 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 | N1665 |
| Selling Rate | N1675 |
Dollar to Naira CBN Rate Today
| Dollar to Naira (USD to NGN) | CBN Rate Today |
| Buying Rate | N1628 |
| Selling Rate | N1629 |
Please note that the rates you buy or sell forex may be different from what is captured in this article because prices vary.
NNPC Ends Exclusive Agreement With Dangote Refinery, Allowing Open Market Access For Petrol
The Nigerian National Petroleum Company Limited (NNPC) has officially ceased its exclusive purchase arrangement with Dangote Refinery, opening the market for other petroleum marketers to buy petrol directly from the refinery.
This significant development, reported by Bizwatch Nigeria, shifts the market away from the NNPC’s exclusive purchasing role, providing room for marketers to negotiate prices with Dangote on a “willing buyer, willing seller” basis.
This transition aligns with Nigeria’s current market practices for fully deregulated products like diesel, aviation fuel, and kerosene, which are already open to direct sales.
Dangote Refinery, with its 650,000 barrels per day capacity, began producing petrol in September. Initially, Dangote’s Vice President, Devakumar Edwin, noted that the NNPC would be the exclusive buyer.
However, recent statements from the NNPC clarified that the refinery is free to sell to any interested marketer, removing its previous single-offtaker stance.
On 15 September, NNPC began loading gasoline from Dangote Refinery, but it initially limited access to major marketers. Independent marketers, however, were excluded from lifting the product.
