Black Market Dollar To Naira Exchange Rate Update: November 4, 2024

Black Market Dollar To Naira Exchange Rate Update: November 4, 2024What is the current exchange rate for the dollar to naira in the black market, also known as the parallel market (Aboki FX)? Below are the rates for November 3, 2024. You can exchange your dollars for naira at these rates.

Dollar to Naira Exchange Rate Today (Black Market)

As of Sunday, November 3, 2024, in the Lagos Parallel Market, the exchange rates are as follows:

•Buying Rate: N1,713

•Selling Rate: N1,720

It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has advised individuals to conduct foreign exchange transactions through their banks.

Today’s Black Market Rates

•Dollar to Naira (USD to NGN)

•Buying Rate: N1,713

•Selling Rate: N1,720

CBN Exchange Rate Today

•Dollar to Naira (USD to NGN)

•CBN Buying Rate: N1,669

•CBN Selling Rate: N1,670

Please keep in mind that the rates for buying or selling foreign currency may vary from those listed here, as prices can fluctuate.

Dangote Refinery Responds to Petrol Price Allegations

In other news, Dangote Refinery has dismissed allegations of selling Premium Motor Spirit (PMS), or petrol, at prices ranging from N1,015 to N1,028 per liter as unfounded. Oil marketers recently claimed that petrol produced by Dangote was priced between N1,015 and N1,028 per liter, suggesting it would be more economical to import the product given that the landing cost was reported at N978.01 per liter as of October 31, 2024.

Marketers have indicated plans to import petrol and sell it at lower prices than those of both Dangote and the Nigerian National Petroleum Company Limited (NNPCL).

Data from the Major Oil Marketers Association of Nigeria shows that as of October 31, 2024, the landing costs for petrol, diesel, and aviation fuel were N978.01, N1,069.97, and N1,119.67 per liter, respectively. These landing costs represent the unit prices of imported fuels upon their arrival in Nigeria.

Despite requests for transparency, Dangote Refinery has not publicly disclosed its petrol prices. However, an anonymous source among major marketers confirmed to The PUNCH that bulk purchases from Dangote are sold at N1,015 per liter, with smaller quantities priced at N1,028.

For more information on this article and other related posts from Bushradiogist, please join our WhatsApp channel by clicking this link https://whatsapp.com/channel/0029VaUumOODTkK7AZL1Fw3o. For advertisement inquiries only, kindly send a message to 090 1907 0863 on WhatsApp.