Dollar To Naira Black Market Rates Skyrocket: January 17, 2025 Exchange Update

Dollar To Naira Black Market Rates Skyrocket: January 17, 2025 Exchange Update

The latest update on the Dollar to Naira exchange rate shows significant figures in the black market (parallel market) as of 16th January 2025. For those exchanging USD for NGN,…Dollar To Naira Black Market Rates Skyrocket: January 17, 2025 Exchange Update

‘in Lagos, the rates are as follows:

• Buying Rate: N1670
• Selling Rate: N1680

The rates reflect the ongoing fluctuations in the black market, with exchange rates varying day by day. The Central Bank of Nigeria (CBN) does not recognize the parallel market, and encourages individuals to conduct foreign exchange transactions through official banking channels.

In contrast, the official CBN exchange rates for USD to Naira are as follows:

• Highest Rate: N1554
• Lowest Rate: N1546

Please note that exchange rates can differ from the figures mentioned above, as market conditions change constantly. It’s advisable to check current rates before making transactions.

OPEC Report Highlights Dangote Refinery’s Impact on European Fuel Market

OPEC’s latest report reveals that the Dangote Petroleum Refinery is making waves in the global fuel market. With a capacity of 650,000 barrels per day, the refinery began operations in January 2024, significantly altering Nigeria’s fuel production landscape. By September 2024, it had started producing Premium Motor Spirit (PMS) and began exporting fuel to both African and European markets.

This shift has decreased Nigeria’s dependency on imported petroleum products, marking a pivotal moment in the nation’s economic growth. The Dangote Refinery’s success is reshaping the global oil market, particularly in Europe, where Nigeria once relied heavily on imports.

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