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Today’s Black Market Dollar To Naira Rate: October 15, 2024
Today’s Black Market Dollar To Naira Rate: October 15, 2024What is the Dollar to Naira exchange rate in the black market, also known as the parallel market (Aboki fx)? Below are the rates for October 14, 2024, where you can exchange your dollars for Naira....KINDLY READ THE FULL STORY HERE▶
Dollar to Naira Black Market Rate Today:
•Buying Rate: N1696
•Selling Rate: N1700
According to sources from Bureau De Change (BDC) operators, these rates reflect the market in Lagos. It’s important to note that the Central Bank of Nigeria (CBN) does not recognize the parallel market and has advised individuals seeking to exchange foreign currency to approach their banks.
CBN Dollar to Naira Rate Today:
•Buying Rate: N1625
•Selling Rate: N1626
Please keep in mind that the rates for buying or selling foreign exchange may vary from what is stated here due to fluctuations in the market.
Dangote to Meet Marketers Over New Petrol Pricing
In related news, the Independent Petroleum Marketers Association of Nigeria (IPMAN) is preparing for important discussions with Dangote Petroleum Refinery on Tuesday and Wednesday to finalize agreements on petrol costs and lifting from the new refinery.
Sources indicate that the $20 billion facility has requested the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) to resend its request for petrol lifting. PETROAN has expressed optimism that prices may decrease soon as competition within the downstream oil sector increases, particularly with marketers sourcing petrol directly from the Dangote refinery.
IPMAN views the impending agreement with Dangote Refinery as a critical step in optimizing the lifting of petroleum products, which could enhance the stability and efficiency of Nigeria’s fuel supply chain. This initiative follows the Federal Government’s recent decision allowing petroleum marketers to lift petrol directly from local refineries without involving the Nigerian National Petroleum Company Limited (NNPC).
Finance Minister Wale Edun emphasized this shift, stating, “Moving forward, petroleum product marketers can now purchase petrol directly from local refineries without the intermediary role of NNPC. This encourages direct purchases on mutually negotiated terms, promoting competition and improving market efficiency.
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