Black Market Dollar (USD) To Naira (NGN) Exchange Rate For Today, May 19, 2024

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

The dollar to naira exchange rate in the black market (also known as the Aboki dollar rate) is as follows:

At the Lagos Parallel Market (Black Market), currency traders are buying dollars for N1500 and selling them for N1511 on Saturday, May 18, 2024, according to sources at Bureau De Change (BDC).

Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market) and advises individuals seeking Forex to approach their respective banks.

Dollar to Naira Black Market Rate Today

Dollar to Naira CBN Rate Today

Please note that the rates you buy or sell Forex at may differ from those mentioned in this article due to price variations.

Dangote Refinery’s Plan to Import 24 Million Barrels of US Crude Oil

The Dangote Refinery has announced plans to import at least 24 million barrels of US crude oil over the next year to boost its processing capacities. According to a Bloomberg report, the $20 billion refinery has issued a term tender to acquire 2 million barrels per month of West Texas Intermediate (WTI) Midland crude for 12 months starting in July. This will total 24 million barrels of crude over the year.

This move highlights Nigeria’s ongoing struggle to increase its crude production, which remains well below its potential. Dangote’s decision to source cheaper supplies from abroad underscores the refinery’s significant influence in global crude and fuel trading.

Elitsa Georgieva, Executive Director at Citac, an energy consultancy specializing in the African downstream sector, commented: “Supply of Nigerian crude is insufficient or unavailable and sometimes unreliable. WTI, on the other hand, is available with reliable supply and competitively priced. Buying different feedstocks also provides flexibility and optionality for the refinery, so the tender makes economic sense for Dangote.