Official Dollar (USD) To Naira (NGN) Exchange Rate Today, 5th September 2024

Official Dollar (USD) To Naira (NGN) Exchange Rate Today, 5th September 2024

The dollar to naira exchange rate in the black market, also known as the parallel market, has been updated for Wednesday, 4th September 2024. Below are the current rates for exchanging dollars for naira….CONTINUE READING 

#### Current Dollar to Naira Black Market Rate
As of today, at the Lagos Parallel Market, black market traders are buying dollars for **₦1,635** and selling them for **₦1,645**, according to sources from the Bureau De Change (BDC). It’s important to note that these rates are subject to fluctuations depending on market demand and supply.

#### Central Bank of Nigeria (CBN) Exchange Rate
The official rate from the Central Bank of Nigeria (CBN) differs from the parallel market. Today, the CBN’s exchange rate for the dollar to naira is:
– **Buying Rate**: ₦1,594
– **Selling Rate**: ₦1,595

Keep in mind that the Central Bank of Nigeria does not recognize the black market. Therefore, it urges anyone engaging in foreign exchange transactions to go through official banking channels for accurate rates.

#### Dangote Refinery and Nigeria’s Fuel Supply
In other news, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) have agreed to supply crude oil to the Dangote Refinery in naira. The refinery, starting in September 2024, will provide **25 million litres** of fuel daily, increasing to **30 million litres** in October.

This move is expected to ease the pressure on foreign exchange rates by as much as 40%, according to the CEO of Dangote Refinery, Aliko Dangote, who acknowledged the support of President Bola Tinubu’s administration in implementing this strategy. The initiative marks a significant step toward bolstering Nigeria’s fuel supply and stabilizing the economy.