Politics
Dollar To Naira Exchange Rate In The Black Market On October 16, 2024
Dollar To Naira Exchange Rate In The Black Market On October 16, 2024What is the current Dollar to Naira exchange rate at the black market, also known as the parallel market (Aboki FX)? Below is the exchange rate for October 15, 2024, where you can exchange your dollars for naira.....KINDLY READ THE FULL STORY HERE▶
Current Black Market Rates:
•Buying Rate: N1663
•Selling Rate: N1670
According to sources at Bureau De Change (BDC), on Tuesday, October 15, 2024, the exchange rate for the dollar at the Lagos parallel market is N1663 for buying and N1670 for selling. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and advises individuals wishing to engage in Forex to approach their respective banks.
CBN Dollar to Naira Rate Today
•Buying Rate: N1602
•Selling Rate: N1603
Please be aware that the rates you encounter when buying or selling Forex may vary from those mentioned here.
Cooking Gas Prices Surge
As Nigerians contend with rising petrol prices, the cost of Liquefied Petroleum Gas (LPG), commonly known as cooking gas, has also spiked, reaching ₦1,500 per kilogram at various retail outlets in Ogun and Lagos States.
Suresh Kumar, Managing Director and CEO of NIPCO Plc, expressed hope that operations at the Dangote refinery and other domestic refineries would help reduce cooking gas prices. Currently, over 60% of the cooking gas consumed in Nigeria is imported, raising concerns about dependency on foreign supply.
Recent market checks confirm that cooking gas prices have reached ₦1,500/kg, significantly impacting consumers reliant on LPG for daily cooking. In Abuja, the average price for refilling a 12.5kg cylinder has surged by 41.6% to ₦17,000, up from ₦12,000 just three months ago in July and ₦11,735 in January 2024.
A survey by Punch found that in the Lokogoma area of Abuja, a kilogram of cooking gas has risen to ₦1,400, while prices in the Kubwa area range from ₦16,200 to ₦16,500. Meanwhile, some outskirts of Abuja, such as Bwari, Kurudu, and Jikwoyi, still see prices around ₦1,300, illustrating significant location-based price discrepancies. Major distributors continue to offer the product at rates varying from ₦1,300 to ₦1,400.
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