Naira On The Edge: Black Market Dollar Exchange Reaches Alarming High Today 14th January 2025

Naira On The Edge: Black Market Dollar Exchange Reaches Alarming High Today 14th January 2025

Curious about the current dollar to naira exchange rate on the black market (also known as the parallel market or Aboki FX)? Below are the latest figures for Monday,…Naira On The Edge: Black Market Dollar Exchange Reaches Alarming High Today 14th January 2025

13th January 2025.

Exchange Rates:

• Buying Rate: ₦1660 per dollar
• Selling Rate: ₦1665 per dollar

These rates, reported from Lagos-based Bureau De Change (BDC) operators, reflect the latest trends.

Important Note:
The Central Bank of Nigeria (CBN) does not officially recognize the black market. Individuals seeking foreign exchange are advised to approach their banks.

CBN Official Exchange Rate:

• Highest Rate: ₦1550
• Lowest Rate: ₦1543

Exchange rates may vary depending on your location and transaction terms.

Fuel Prices on the Rise as Brent Crude Surges

Meanwhile, Nigeria is likely to experience a hike in refined petroleum prices as Brent crude oil—the global benchmark—climbed to $79.76 per barrel on Sunday. This marks a significant increase from $72.88 in December 2024.

Factors Behind the Surge:

• Geopolitical tensions, including sanctions on Russian oil exports.
• Supply constraints in the market.
• Seasonal demand spikes due to colder weather conditions.

The Federal Government’s 2025 budget, which estimates crude oil at $75 per barrel, underscores the potential impact of this upward trend.

Depot-Level Fuel Price Updates:

• Diesel Prices:
  • Nipco depot (Lagos): Increased from ₦1,050 to ₦1,120 per litre.
  • Prudent depot: Adjusted from ₦1,025 to ₦1,045 per litre.

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