Breaking: Black Market Dollar To Naira Rates Skyrocket! Check Today’s Mind-Blowing Figures!

Curious about the Dollar to Naira exchange rate in the black market, often referred to as the parallel market? Below, find the latest rates for October 3rd, 2024, where you can exchange your dollars for Naira.

What is Today’s Dollar to Naira Rate in the Black Market?

On Thursday, October 3rd, 2024, the exchange rate for dollars in the Lagos Parallel Market (Black Market) is as follows:

• Buying Rate: N1665
• Selling Rate: N1680

This information is sourced from operators at Bureau De Change (BDC). It’s important to note that the Central Bank of Nigeria (CBN) does not endorse the parallel market and has advised individuals interested in foreign exchange to approach their banks directly.

Dollar to Naira Black Market Exchange Rate Today:

• Buying Rate: N1665
• Selling Rate: N1680

Official CBN Rate Today:

• Dollar to Naira (USD to NGN)
  • Buying Rate: N1656
  • Selling Rate: N1657

Please be aware that the actual rates at which you buy or sell foreign currency may differ from those mentioned in this article, as prices can fluctuate.

Significant Decline in Petrol Imports – NBS Reports

The National Bureau of Statistics (NBS) has reported a noteworthy decrease in the importation of Premium Motor Spirit (PMS), commonly known as petrol, over the past year.

According to the latest figures released by the agency, petrol imports fell by 3.58 billion litres between 2022 and 2023. The total volume of petrol imported dropped from 23.54 billion litres in 2022 to 20.30 billion litres in 2023, reflecting a year-on-year decline of 13.77%.

The second half of 2023 witnessed a marked decrease in imports, with only 8.36 billion litres brought in, compared to 11.94 billion litres in the first half, representing a 29.99% reduction.

The NBS statement clarified, “In 2023, PMS truck outs amounted to 20.22 billion litres, indicating a 16.96% decrease from the 24.35 billion litres recorded in 2022.”

Furthermore, in terms of imported products, 20.30 billion litres of Premium Motor Spirit were brought into the country in 2023, down from 23.54 billion litres in 2022, showing a decrease of 13.77%. This downward trend is even more pronounced when compared to the latter half of 2022.

“In the second half of 2022, petrol imports reached 11.98 billion litres, resulting in a 30.22% drop compared to the second half of 2023, equivalent to a reduction of 3.62 billion litres.”