Today’s Black Market Dollar To Naira Exchange Rate – 29th November 2024

Today’s Black Market Dollar To Naira Exchange Rate – 29th November 2024The exchange rate for the Dollar to Naira at the black market (also known as the parallel market) as of Thursday, 28th November 2024, is as follows:....KINDLY READ THE FULL STORY HERE▶

•Buying Rate: ₦1,745

•Selling Rate: ₦1,750

This is according to sources within the Bureau De Change (BDC) community in Lagos.

It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market rates. The CBN has advised individuals who wish to exchange currency to use authorized banks for forex transactions.

CBN Official Rate for Dollar to Naira

For comparison, the official exchange rates set by the Central Bank of Nigeria (CBN) for today are:

•Buying Rate: ₦1,679

•Selling Rate: ₦1,680

Disclaimer: Exchange rates can fluctuate, so the rates you encounter may differ from those listed here, depending on the location and timing of the transaction.

Petrol Price May Drop by December

Meanwhile, the price of petrol in Nigeria could see a significant reduction by December 2024. Petroleum marketers are projecting that the price of Premium Motor Spirit (PMS) may fall to between ₦900 and ₦1,000 per litre by the festive season. This expected decrease follows recent price cuts by Dangote Refinery.

The President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, and spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, have both shared this optimism in recent interviews.

This anticipated price reduction comes after Dangote Refinery lowered its ex-depot price from ₦990 to ₦970 per litre. The refinery’s gesture is seen as a sign of appreciation for the support from Nigerians.

The agreement between Dangote Refinery and Nigerian oil marketers to facilitate direct petrol purchases is expected to streamline supply chains and further lower costs for consumers.

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