Black Market Dollar Rate Hits New High: Naira Plummets Amid Forex Turmoil!

Dollar to Naira Exchange Rate Today

What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here’s the rate for 25th September, as reported by market sources. You can exchange your dollars for Naira at these rates.

Dollar to Naira Exchange Rate at the Black Market Today (Aboki Rate)
As of Wednesday, 25th September 2024, at the Lagos Parallel Market (Black Market), dollar traders are buying at N1690 per dollar and selling at N1705 per dollar, according to Bureau De Change (BDC) sources.

Please Note: The Central Bank of Nigeria (CBN) does not officially recognize the parallel market (black market) and advises those seeking foreign exchange to go through their respective banks.

Black Market Exchange Rate (USD to NGN) for Today:

• Buying Rate: N1690
• Selling Rate: N1705

CBN Official Exchange Rate (USD to NGN) for Today:

• Buying Rate: N1659
• Selling Rate: N1660

Please be aware that the exchange rates for buying and selling forex may vary slightly from those mentioned in this article, as prices are subject to fluctuations.

How Government Interventions Could Lower Dangote Refinery Petrol Prices Below ₦600/Litre

Industry experts suggest 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) remains optimistic that local refineries, including Dangote’s, could help reduce fuel costs if the right policies are enacted.

CORAN’s Publicity Secretary, Eche Idoko, informed Sunday PUNCH that the ₦898 per litre petrol price quoted by the Nigerian National Petroleum Company (NNPC) for fuel supplied by the Dangote Refinery is largely driven by the high exchange rate. He added that if the exchange rate is capped at ₦1,000 to the dollar for locally-produced petroleum, the price could drop to ₦550 per litre.

Idoko explained that the petrol currently being sold by Dangote was refined from crude oil purchased in June, 60% of which was supplied by NNPC, while the rest was imported by Dangote at international market prices.

He reiterated CORAN’s stance that refining locally would lead to a significant drop in petrol prices, stating, “This batch of petrol from Dangote was refined from crude purchased at international prices. Since it’s a business, they have to sell at the international market price to remain profitable.”