Dollar To Naira (NGN) Black Market Rate As Of October 23, 2024

Dollar To Naira (NGN) Black Market Rate As Of October 23, 2024What is the dollar to naira exchange rate at the black market, commonly referred to as the parallel market (Aboki fx)? Below are the rates for October 22, 2024, where you can exchange your dollars for naira.....KINDLY READ THE FULL STORY HERE▶

Black Market Rates for October 22, 2024:

•Buying Rate: N1720

•Selling Rate: N1725

According to sources at Bureau De Change (BDC), players in the Lagos parallel market buy a dollar for N1720 and sell it for N1725. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market, advising individuals interested in forex to approach their banks instead.

CBN Exchange Rates for Today:

•Buying Rate: N1639

•Selling Rate: N1640

Please keep in mind that the rates at which you buy or sell forex may differ from those listed here, as prices can vary.

NNPC and Chevron Discover Oil in Niger Delta

NNPC Limited and Chevron Nigeria Limited (NNPC-CNL JV) have announced a significant oil discovery with the successful drilling of the Meji NW-1 well in Petroleum Mining Lease (PML) 49, located in the shallow offshore region of the Western Niger Delta. This area operates under the Petroleum Industry Act (PIA) 2021 and is crucial for Nigeria’s energy sector.

Chevron’s General Manager of Policy, Government, and Public Affairs, Olusoga Oduselu, confirmed that the well was spud on September 2, 2024, and reached a total depth of 8,983 feet by September 13. The well encountered approximately 690 feet of hydrocarbons within Miocene sands, enhancing the productive Meji field.

Drilling operations concluded on October 2, and the rig has since departed the site. “This achievement aligns with Chevron’s commitment to advancing its Nigerian resources,” the statement noted, emphasizing the discovery’s role in the company’s global exploration strategy, which aims to extend the lifespan of existing production assets and shorten development cycle times.

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