Today's Black Market Exchange Rate For The Dollar (USD) To Naira (NGN)

Today’s Black Market Exchange Rate For The Dollar (USD) To Naira (NGN) – October 8, 2024

Check out the black market Dollar to Naira exchange rate for October 7 below. You can exchange your dollars for Naira at these rates.

Current Dollar to Naira Exchange Rate in the Black Market

As of Monday, October 7, 2024, the exchange rate in the Lagos Parallel Market (Black Market) shows that buyers are purchasing dollars for N1665 and selling them for N1675, according to sources from Bureau De Change (BDC).

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

Today’s Dollar to Naira Black Market Rates

Dollar to Naira (USD to NGN) Black Market Exchange Rate:
- Buying Rate: N1665
- Selling Rate: N1675
Dollar to Naira CBN Rates:
- Buying Rate: N1628
- Selling Rate: N1629

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

NNPC Ends Exclusive Agreement with Dangote Refinery, Opening Market Access for Petrol

The Nigerian National Petroleum Company Limited (NNPC) has officially terminated its exclusive purchasing arrangement with Dangote Refinery, allowing other petroleum marketers to directly buy petrol from the refinery.

This significant change, reported by PREMIUM TIMES, shifts the market dynamics away from NNPC’s exclusive purchasing role, enabling marketers to negotiate prices with Dangote on a “willing buyer, willing seller” basis.

This move aligns with Nigeria’s current market practices for fully deregulated products like diesel, aviation fuel, and kerosene, which are already available for direct sales.

Dangote Refinery, which has a production capacity of 650,000 barrels per day, began petrol production in September. Initially, Dangote’s Vice President, Devakumar Edwin, indicated that NNPC would be the exclusive buyer. However, recent clarifications from NNPC confirm that the refinery can now sell to any interested marketer, moving away from its previous single-offtaker arrangement.

On September 15, NNPC started loading petrol from Dangote Refinery but initially restricted access to major marketers, excluding independent marketers from lifting the product.