Are you looking for the current Dollar to Naira exchange rate on the black market, also known as the parallel market (Aboki FX)? Below is the latest information on the rates for 29th November 2024, sourced from Bureau De Change (BDC) operators in Lagos.
Dollar to Naira Black Market Rate
- Buying Rate: ₦1,745
- Selling Rate: ₦1,750
Dollar to Naira CBN Official Rate
The Central Bank of Nigeria (CBN) continues to emphasize its disapproval of the black market, encouraging individuals and businesses to source forex through official channels, such as banks. Below are the official rates as of today:
- Buying Rate: ₦1,679
- Selling Rate: ₦1,680
Please note that these rates may vary depending on your location and the dealer.
Key Takeaways on Forex Rates
- Black Market Dynamics: The parallel market often provides higher rates due to demand and supply fluctuations.
- CBN Stance: The CBN discourages black market transactions and promotes regulated forex dealings for transparency.
Petrol Price Set to Drop by December
Nigerian petroleum marketers project a potential reduction in Premium Motor Spirit (PMS) prices by December, bringing rates down to between ₦900 and ₦1,000 per litre. This optimism stems from recent developments at Dangote Refinery, which has slashed its ex-depot petrol price by ₦20, lowering it from ₦990 to ₦970 per litre as a goodwill gesture to Nigerians.
Industry Insights:
- PETROAN President Billy Gillis-Harry and IPMAN spokesperson Chinedu Ukadike suggest the price cut could trigger further reductions in downstream petroleum costs.
- The refinery’s direct supply agreements with oil marketers aim to streamline distribution and reduce end-user prices.
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