Black Market Dollar To Naira (NGN) Exchange Rate Update For October 5, 2024

Black Market Dollar To Naira (NGN) Exchange Rate Update For October 5, 2024What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Below, you’ll find the exchange rates for October 4, 2024, where you can exchange your dollars for Naira.....KINDLY READ THE FULL STORY HERE▶

How much is a dollar to naira today in the black market?

The Dollar to Naira exchange rate in the Lagos Parallel Market indicates that as of October 4, 2024, players are buying dollars for N1660 and selling them for N1670, 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 interested in foreign exchange to approach their respective banks.

Current Black Market Dollar to Naira Rates

•Buying Rate: N1660

•Selling Rate: N1670

CBN Dollar to Naira Rate Today

•Buying Rate: N1656

•Selling Rate: N1657

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

Petrol Imports Decline by 3.58 Billion Litres in One Year – NBS Report

The National Bureau of Statistics (NBS) has reported a notable decline in the importation of Premium Motor Spirit (PMS), commonly referred to as petrol, over the past year. The latest figures released by the agency indicate that petrol imports fell by 3.58 billion litres from 2022 to 2023.

The report shows that total petrol imports decreased from 23.54 billion litres in 2022 to 20.30 billion litres in 2023, reflecting a year-on-year decline of 13.77%.

The second half of 2023 experienced a sharp reduction in imports, with only 8.36 billion litres imported compared to 11.94 billion litres in the first half, marking a 29.99% decrease.

The NBS further clarified, “In 2023, PMS truck outs totaled 20.22 billion litres, indicating a 16.96% decrease from 24.35 billion litres recorded in 2022. In terms of imported products, 20.30 billion litres of Premium Motor Spirit were imported in 2023 compared to 23.54 billion litres in 2022, demonstrating a decrease of 13.77%. This downward trend is particularly significant when compared to the latter half of 2022.”

In the latter half of 2022, petrol imports reached 11.98 billion litres, resulting in a 30.22% decline when compared to H2 2023, equivalent to a reduction of 3.62 billion litres.

Analyzing the 2023 monthly import figures reveals that January recorded 2.09 billion litres, which decreased to 1.99 billion litres in February, before rising again to 2.29 billion litres in March.

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