Latest USD To NGN Exchange Rate On The Black Market For August 21, 2024

Latest USD To NGN Exchange Rate On The Black Market For August 21, 2024

**Current Black Market Rates:**
On August 20, 2024, the exchange rate for the dollar to naira at the Lagos parallel market (black market) was as follows:….. CONTINUE READING

– **Buying Rate:** N1602 per dollar
– **Selling Rate:** N1605 per dollar

This information is sourced from Bureau De Change (BDC) operators. It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and recommends that individuals conduct forex transactions through their banks.

**Central Bank of Nigeria (CBN) Rates Today:**
– **Buying Rate:** N1587 per dollar
– **Selling Rate:** N1588 per dollar

Please be aware that actual rates may vary from those listed in this article due to fluctuations in the market.

### Additional Update: NNPC’s Petrol Pricing

The Nigerian National Petroleum Company (NNPC) Ltd has clarified its pricing strategy for petrol. As of a recent announcement, NNPC is selling petrol at approximately half of its landing cost.

NNPC’s Chief Financial Officer, Umar Ajiya, explained that the company is managing a “shortfall” rather than providing a subsidy. While the official pump price is around ₦600 per litre, the landing cost is near ₦1,200 per litre. For the first seven months of 2024, NNPC has absorbed ₦7.8 trillion to cover this cost difference. Despite internal discussions using the term “subsidy,” Ajiya emphasized that the current approach does not constitute a traditional subsidy.

For the latest updates and juicy gossip, dive into the Bushradiogist platform by clicking this link: Bushradio. For advert placement only, shoot a WhatsApp message to 0807 580 6790.