Latest Black Market Exchange Rate For USD To NGN Today, 22nd November 2024

Latest Black Market Exchange Rate For USD To NGN Today, 22nd November 2024What is the current exchange rate for the Dollar to Naira at the black market (also known as the parallel market or Aboki FX)? Below is the latest exchange rate for today, 21st November 2024, where you can swap your dollars for naira at these rates.....KINDLY READ THE FULL STORY HERE▶

Dollar to Naira Exchange Rate in the Black Market Today

As of Thursday, 21st November 2024, the exchange rate at the Lagos Parallel Market shows that the buying rate for 1 US Dollar is N1745, while the selling rate stands at N1755, according to Bureau De Change (BDC) sources.

Please note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market. The CBN has advised individuals to use licensed banks for all forex transactions.

Dollar to Naira Black Market Rates (21st November 2024)

•Buying Rate: N1745

•Selling Rate: N1755

Official CBN Dollar to Naira Rate for Today

•CBN Buying Rate: N1687

•CBN Selling Rate: N1688

Please keep in mind that exchange rates can fluctuate, and the rates you encounter may differ slightly depending on the specific location or transaction method.

Dangote Refinery Seeks Loan to Boost Crude Oil Supply and Production Capacity

The Dangote Petroleum Refinery is currently seeking to raise billions of dollars to secure crude oil imports and expand its production capacity, according to recent reports.

Despite launching a naira-for-crude agreement last month, which helped facilitate the supply of four cargoes, the refinery still requires significant funding to fully meet its operational targets. Aliko Dangote, Chairman of the Dangote Group, is reportedly in talks with commercial banks, development lenders, oil traders, and other stakeholders to secure the necessary capital.

Industry insiders suggest that approximately $2 billion will be needed every 90 days to maintain a baseline supply of 300,000 barrels of crude per day. With a maximum capacity of 650,000 barrels per day, the refinery requires additional crude supplies to meet its full potential.

Earlier this year, Dangote’s senior executive, Devakumar Edwin, disclosed that the refinery had sourced crude from the U.S. and Brazil and was also in discussions with African oil producers, including Libya and Angola.

In addition to securing crude, the refinery entered into an off-take agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN) last week, enabling the distribution of refined products like petrol and diesel directly from the plant. Since its launch, the refinery has begun producing products such as jet fuel, naphtha, and petrol, which is expected to reduce Nigeria’s dependency on imported fuel.

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