Politics
Today’s Black Market Exchange Rate: USD To NGN On September 8, 2024
Today’s Black Market Exchange Rate: USD To NGN On September 8, 2024....KINDLY READ THE FULL STORY HERE▶
Here is the current exchange rate for the US dollar to the Nigerian naira at the black market, also known as the parallel market (Aboki fx), as of September 7, 2024……CONTINUE READING
**Current Black Market Rates:**
– **Buying Rate:** ₦1670
– **Selling Rate:** ₦1680
These rates are reported from sources at Bureau De Change (BDC) in Lagos. Note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market rates and advises individuals to conduct forex transactions through their banks.
**CBN Official Rates:**
– **Buying Rate:** ₦1628
– **Selling Rate:** ₦1629
Please be aware that actual rates may vary from those listed here due to fluctuations in the market.
### FG Issues License for Nigeria’s First Floating LNG Plant
UTM Offshore Limited has been granted the first license for the construction of Nigeria’s inaugural floating liquefied natural gas (LNG) facility. The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) issued this license for a project expected to produce 2.8 million metric tons annually.
Chief Executive of NMDPRA, Farouk Ahmed, highlighted that this project is a significant milestone and aligns with the government’s gas expansion goals. Nigeria aims to utilize its substantial gas reserves, totaling 206 trillion cubic feet, much of which is currently flared or re-injected.
The initial authorization in 2019 was for a 1.2 million tons per annum facility, later increased to 2.8 million tons due to rising LNG demand. Located offshore in Akwa Ibom State within the Niger Delta, the facility is scheduled to commence operations in 2028, with the first gas expected a year later. It will produce LNG, petroleum gas, and condensate.
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