Dollar To Naira: Black Market Exchange Rate For 18th November 2024

Dollar To Naira: Black Market Exchange Rate For 18th November 2024The exchange rate for the US dollar to the Nigerian Naira in the black market (also known as the parallel market) on November 17, 2024 stands as follows:....KINDLY READ THE FULL STORY HERE▶

•Buying Rate: N1,735

•Selling Rate: N1,740

These rates were sourced from Bureau De Change (BDC) operators in Lagos. It is important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, advising individuals who wish to engage in foreign exchange transactions to approach licensed banks.

Official CBN Dollar to Naira Exchange Rate

The Central Bank of Nigeria’s official exchange rates for today are:

•Buying Rate: N1,657

•Selling Rate: N1,658

Please be aware that the exchange rates may vary slightly based on individual transactions, and the rates you receive may differ from those stated here.

Nigeria’s Petroleum Imports Surge Amid Refinery Pressures

Nigeria has imported a total of 1.947 million metric tonnes of petroleum products between October 1 and November 11, 2024, despite increasing calls from the Dangote Refinery to halt fuel imports.

According to data obtained by The Cable, 110 fuel cargoes were offloaded at terminals across major Nigerian cities including Warri, Port Harcourt, Calabar, and Lagos.

Breakdown of Imports:

•Petrol (PMS): 1.52 million MT (2.02 billion litres)

•Diesel (AGO): 414,018 MT (487.1 million litres)

•Aviation Fuel (Jet-A1): 13,500 MT (16.46 million litres)

The Nigerian National Petroleum Company (NNPC) accounted for 789,721 MT (1.05 billion litres), making up about 40.5% of the total imports.

Following the deregulation of the downstream petroleum sector on October 11, Dangote Refinery has been vocal about the need to end petroleum imports, with Aliko Dangote, the refinery’s owner, expressing frustration over having 500 million litres of petrol in stock but being unable to sell it due to ongoing imports.

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