Dollar Soars In Black Market: Naira Struggles As Exchange Rate Hits New High

Dollar Soars In Black Market: Naira Struggles As Exchange Rate Hits New High

The Dollar to Naira exchange rate continues to make waves in the black market, with the latest figures showing a slight increase. If you’re looking to swap your dollars for Naira,..Dollar Soars In Black Market: Naira Struggles As Exchange Rate Hits New High

here’s the latest update on the parallel market (also known as the Aboki FX rate).

As of Monday, December 16, 2024, the exchange rate for USD to NGN at the Lagos parallel market is as follows:

• Buying Rate: N1675
• Selling Rate: N1680

However, it’s important to remember that the Central Bank of Nigeria (CBN) does not endorse the black market and has urged citizens to conduct their foreign exchange transactions through authorized banks.

Official Rates for the Dollar to Naira Exchange (CBN)

At the official level, the exchange rate for the Dollar to Naira from the Central Bank of Nigeria is currently:

• Highest Rate: N1555
• Lowest Rate: N1520

Keep in mind, exchange rates fluctuate daily, and your buying or selling rate may differ from these numbers based on your location and the financial institution you use.

Nigeria’s Oil Industry Boost: Major Milestones Ahead

In other news, Nigeria’s oil sector is gearing up for significant growth. The country is set to see a daily increase of 30,000 barrels of oil production, with the launch of a $315 million Floating Production, Storage, and Offloading (FPSO) vessel by Oriental Energy Resources Limited.

The vessel, with a storage capacity of one million barrels, will begin production at 17,000 barrels per day, gradually ramping up to 30,000 barrels. It’s expected to set sail for Nigeria in Q1 2025 and commence operations in the first half of the year at the Okwok Oil Field.

Nigeria’s Vice President Kashim Shettima, representing President Bola Ahmed Tinubu at the vessel’s unveiling in Dubai, highlighted how this infrastructure project aligns with the government’s reforms and underscores Nigeria’s growing global influence in the oil and energy sectors.

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