Black Market Dollar (USD) To Naira (NGN) Exchange Rate For Today, October 5, 2024

Current Dollar to Naira Exchange Rate in the Black Market
What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki FX)? Below is the exchange rate for October 4, where you can swap your dollars for Naira at these rates.

How Much is a Dollar Worth Today in the Black Market?
As of October 4, 2024, the exchange rate in Lagos’s Parallel Market (Black Market) shows that players are buying dollars for N1660 and selling them for N1670, according to Bureau De Change (BDC) sources.

Please note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market and has advised individuals wishing to engage in forex trading to use their respective banks.

Dollar to Naira Black Market Rate Today

• Buying Rate: N1660
• Selling Rate: N1670

Dollar to Naira CBN Rate Today

• Buying Rate: N1656
• Selling Rate: N1657

Keep in mind that the rates at which you buy or sell forex may differ from those stated in this article, as prices can vary.

Petrol Imports Decline by 3.58 Billion Litres in One Year – NBS Reports
The National Bureau of Statistics (NBS) has reported a significant drop in the importation of Premium Motor Spirit (PMS), commonly known as petrol, over the past year.

According to the latest figures from the agency, petrol imports fell by 3.58 billion litres between 2022 and 2023. The report indicates that total petrol imports decreased from 23.54 billion litres in 2022 to 20.30 billion litres in 2023, representing a year-on-year decline of 13.77%.

Notably, the second half of 2023 witnessed a substantial decrease in imports, with 8.36 billion litres imported compared to 11.94 billion litres in the first half, marking a 29.99% reduction.

The NBS statement further clarified, “In 2023, PMS truck out stood at 20.22 billion litres, indicating a 16.96% decrease compared to 24.35 billion litres recorded in 2022.

“In terms of imported products, 20.30 billion litres of Premium Motor Spirit were imported in 2023 relative to 23.54 billion litres in 2022, showing a decrease of 13.77%. This downward trend is even more notable when compared to H2 2022.”

Breaking down the monthly import figures for 2023, January recorded 2.09 billion litres, which decreased to 1.99 billion litres in February before rising to 2.29 billion litres in March.