Dollar Goes Wild! See The Jaw-Dropping Black Market Exchange Rate Today, October 13th

What is today’s dollar to naira exchange rate in the black market?
According to sources at Bureau De Change (BDC), the exchange rate for dollars at the Lagos Parallel Market (Black Market) is as follows: on Saturday, October 12, 2024, players are buying dollars for N1690 and selling for N1700.

It’s important to note that the Central Bank of Nigeria (CBN) does not acknowledge the parallel market and has directed individuals wishing to engage in foreign exchange to approach their banks instead.

Dollar to Naira Black Market Rate Today:

• Buying Rate: N1690
• Selling Rate: N1700

Dollar to Naira CBN Rate Today:

• Buying Rate: N1625
• Selling Rate: N1626

Please be aware that the rates for buying or selling foreign exchange may differ from those mentioned in this article, as prices can vary.

Reason Behind Recent Fuel Price Increases: Petroleum Marketers Speak Out
Petroleum marketers have confirmed that the recent hike in fuel prices by the Nigerian National Petroleum Company Limited (NNPCL) is a result of the complete removal of subsidies on Premium Motor Spirit (petrol).

Consequently, NNPCL has raised pump prices to ₦1,030 per litre in Abuja, the Federal Capital Territory, and ₦998 per litre in Lagos.

Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria, provided this clarification during an interview with DAILY POST on Wednesday. His remarks addressed the latest price adjustments at NNPC stations, which saw an increase from ₦897 per litre to ₦1,030. This follows a previous hike where NNPCL raised the price from ₦617 to ₦897 per litre.