Exchange Rate Alert: Black Market Dollar To Naira On 2nd November 2024

Exchange Rate Alert: Black Market Dollar To Naira On 2nd November 2024What is the current Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Here’s the latest update for 1st November 2024.

Black Market Exchange Rates

As of Friday, 1st November 2024, the exchange rate for the Dollar to Naira in the Lagos parallel market is as follows:

•Buying Rate: N1730

•Selling Rate: N1735

Sources from Bureau De Change (BDC) indicate that while the Central Bank of Nigeria (CBN) does not recognize the parallel market, individuals seeking to exchange foreign currency should approach their banks.

CBN Exchange Rates

For comparison, the CBN rates today are:

•Buying Rate: N1669

•Selling Rate: N1670

Please note that the actual rates you encounter may vary from those listed here due to fluctuations in the market.

Dangote Refinery Responds to IPMAN Claims

Dangote Refinery has responded to the Independent Petroleum Marketers Association of Nigeria (IPMAN), stating that claims of difficulties loading refined products from its facility are misleading.

In a statement released on Thursday, the refinery clarified that it has no direct dealings with IPMAN and has not accepted any payments from the association for petroleum purchases. This response follows IPMAN President Abubakar Garima’s claim that members of the association have paid ₦40 billion to the Nigerian National Petroleum Company Limited (NNPCL) but are still facing challenges in loading petrol from Dangote Refinery.

Anthony Chiejina, the Group Chief Branding and Communication Officer for Dangote, emphasized that the refinery is capable of loading 2,900 trucks per day and can also evacuate petroleum products by sea. He urged IPMAN to follow the proper procedures, assuring that there is an abundance of fuel available.

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