Dollar TTo Naira In The Black Market: The Exchange Rate Hits Under Siege Leaving Many Worried

Dollar TTo Naira In The Black Market: The Exchange Rate Hits Under Siege Leaving Many Worried

The exchange rate of the US Dollar to the Nigerian Naira in the black market (parallel market) shows the following figures for December 21,…Dollar TTo Naira In The Black Market: The Exchange Rate Hits Under Siege Leaving Many Worried

2024:

• Buying Rate: ₦1,670
• Selling Rate: ₦1,680

Sources from Bureau De Change (BDC) in Lagos have provided these rates. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and encourages individuals to transact through official banks.

CBN Official Rates for Dollar to Naira (December 22, 2024)

• Highest Rate: ₦1,570
• Lowest Rate: ₦1,532

Please remember that the exchange rates in the market may vary from the rates mentioned here due to daily fluctuations.

Additionally, the Major Energy Marketers Association of Nigeria (MEMAN) has noted a slight decrease in the landing cost of Premium Motor Spirit (PMS, or petrol). In December 2024, the landing cost fell to ₦970 per litre, down from ₦971 in November. This change comes after a drop in crude oil prices, which declined to $73.77 per barrel from the previous week’s $74 per barrel.

MEMAN linked the landing cost adjustments to the exchange rate (₦1,533.57/$) and the current crude oil price. They also pointed out that international petroleum pricing is volatile due to global factors, including geopolitical events, economic shifts, and fluctuating market dynamics.

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