Exchange Rate Watch: Black Market Dollar To Naira For Today, November 27, 2024

Exchange Rate Watch: Black Market Dollar To Naira For Today, November 27, 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 information for November 26, 2024, on the dollar-to-naira rate.....KINDLY READ THE FULL STORY HERE▶

Dollar to Naira Exchange Rate Today in the Black Market

As of Tuesday, November 26, 2024, the exchange rate for the Dollar to Naira in Lagos’s parallel market (black market) is as follows:

•Buying Rate: N1740 per Dollar

•Selling Rate: N1750 per Dollar

These rates were sourced from Bureau De Change (BDC) operators in Lagos.

Important Note: The Central Bank of Nigeria (CBN) does not officially recognize the parallel market, advising individuals wishing to engage in forex transactions to approach their banks for official rates.

Official CBN Dollar to Naira Exchange Rate (Today)

For comparison, here are the official rates as set by the Central Bank of Nigeria:

•CBN Buying Rate: N1687 per Dollar

•CBN Selling Rate: N1688 per Dollar

Note: The rates available for buying or selling forex may differ slightly from the figures above due to market fluctuations.

Why Cooking Gas Prices Won’t Drop Despite LPG Export Ban

Despite the ban on Liquefied Petroleum Gas (LPG) exports, implemented on November 1, 2024, experts believe that Nigerians may not see a significant reduction in cooking gas prices.

The government introduced the ban to stabilize local gas prices and ensure availability within the country. It mandates that domestic producers, including the Nigerian National Petroleum Company Limited (NNPCL), stop exporting LPG and instead supply equivalent volumes locally at cost-reflective prices.

The Minister of State for Petroleum Resources (Gas), Ekperikpe Ekpo, confirmed that the Nigeria Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) would set up a local pricing framework within 90 days, which would no longer be tied to international market prices.

However, despite these measures, government officials have not provided updates regarding the implementation of the ban. Lanre Bayewu, Executive Secretary of the Nigerian Liquefied and Compressed Gases Association, warned against expecting drastic price reductions. He cited challenges such as dollar-denominated gas pricing and the weak naira as key factors that may prevent significant price drops.

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