Latest Black Market Exchange Rate: Dollar To Naira On October 6, 2024

Latest Black Market Exchange Rate: Dollar To Naira On October 6, 2024As of October 5, 2024, the black market exchange rate for the dollar to naira is as follows:

In the Lagos Parallel Market (commonly referred to as the black market), buyers can acquire a dollar for N1665, while the selling price is N1674, according to sources from Bureau De Change (BDC).

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

Current Black Market Rates:

•Buying Rate: N1665

•Selling Rate: N1674

CBN Exchange Rate Today:

•Buying Rate: N1656

•Selling Rate: N1657

Please be aware that the rates for buying or selling foreign exchange may vary from those reported in this article due to market fluctuations.

Crude-for-Loans Update: NNPC Allocates 8 Million Barrels Monthly for $8.8 Billion Debt Repayment

The Nigerian National Petroleum Company Limited (NNPCL) has committed to supplying 272,500 barrels of crude oil daily to repay loans totaling $8.86 billion through various crude-for-loan agreements. This equates to approximately 8.17 million barrels of crude oil each month to meet its debt obligations.

This allocation has been reported by the Nigeria Extractive Industries Transparency Initiative (NEITI) and is reflected in NNPCL’s financial statements.

Key projects associated with these agreements include Project Panther, Project Bison, Project Eagle Export Funding, Project Yield, and Project Gazelle.

As of now, NNPCL has repaid $2.61 billion of its total loan portfolio, leaving a remaining balance of $6.25 billion. Out of the total $8.86 billion credit facility, $6.97 billion has been disbursed across seven crude-for-loan deals.

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