Dollar To Naira Exchange Rate Hits New High In Black Market

What is the Dollar to Naira Exchange Rate in the Black Market (Aboki FX)?

Check out the black market dollar to naira exchange rate for October 5 below. This is the rate at which you can exchange your dollars for naira.

Current Dollar to Naira Exchange Rate in the Black Market:

In the Lagos parallel market (black market), as of Saturday, October 5, 2024, the buying rate for a dollar is ₦1,665, while the selling rate is ₦1,674, according to sources from Bureau De Change (BDC).

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market. They recommend that individuals seeking foreign exchange (Forex) should go through their banks.

Black Market Exchange Rate Today:

• Buying Rate: ₦1,665
• Selling Rate: ₦1,674

CBN Dollar to Naira Rate Today:

• Buying Rate: ₦1,656
• Selling Rate: ₦1,657

Keep in mind that the rates for buying or selling Forex may vary and could differ from what is mentioned in this article.

Crude-for-Loans Agreement: NNPC Allocates 8 Million Barrels Monthly for $8.8 Billion Debt Repayment

The Nigerian National Petroleum Company Limited (NNPCL) has pledged to deliver 272,500 barrels of crude oil daily to repay loans totaling $8.86 billion through various crude-for-loan agreements. This allocation translates to about 8.17 million barrels of crude oil each month for settling debts.

This information is based on reports from the Nigeria Extractive Industries Transparency Initiative (NEITI) and NNPCL’s financial statements. Key projects associated with these deals include Project Panther, Project Bison, Project Eagle Export Funding, Project Yield, and Project Gazelle.

As reported by The PUNCH, NNPCL has already repaid $2.61 billion of its loan obligations, leaving a remaining balance of $6.25 billion. Out of the total $8.86 billion credit facility, only $6.97 billion has been disbursed across seven crude-for-loan arrangements.