Black Market Dollar To Naira Exchange Rate For Today, November 23, 2024

Black Market Dollar To Naira Exchange Rate For Today, November 23, 2024The exchange rate for the Dollar to Naira at the black market (also known as the parallel market) has been recorded as follows:

•Buying Rate: ₦1750

•Selling Rate: ₦1755

These rates reflect the values at the Lagos parallel market as of Friday, November 22, 2024, based on information from Bureau De Change (BDC) sources.

It is important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN has instructed individuals seeking foreign exchange (Forex) to approach their respective banks, and the rates offered by commercial banks differ from the parallel market figures.

Dollar to Naira Exchange Rate at CBN (Official Rate)

•Buying Rate: ₦1664

•Selling Rate: ₦1665

Please keep in mind that exchange rates fluctuate frequently, and the rates you receive may differ slightly from those mentioned here due to market dynamics.

Dangote Refinery Begins Fuel Exports to West Africa

In other news, the Dangote Petroleum Refinery has commenced exports of refined petroleum products to neighboring West African countries, a move that could significantly impact the regional fuel market. A recent Bloomberg report, citing data from Vortexa, Kpler, and Precise Intelligence, confirmed that a tanker transported a shipment of gasoline from the Dangote Refinery to waters near Togo.

This development aligns with statements made by Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority, who noted that Ghana plans to import fuel from the Dangote Refinery. He stated that sourcing petroleum products from Nigeria, instead of Europe, could save Ghana up to $400 million per month in fuel costs and reduce freight expenses, which would, in turn, lower the prices of goods and services across the country.

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