The dollar to naira exchange rate has hit a new high at the black market, with players buying at N1600 and selling at N1610.
According to sources at Bureau De Change (BDC), the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) stands at N1600 for buying and N1610 for selling as of Sunday, 25th August 2024.
Please note that the Central Bank of Nigeria (CBN) does not recognize the parallel market (black market), as it has directed individuals who want to engage in Forex to approach their respective banks.
In other news, the Dangote Refinery has begun test runs for petrol production, with full operations anticipated by mid-September.
The refinery has a capacity of 650,000 barrels per day and is expected to transform the fuel trade between Europe and Africa while diminishing Nigeria’s dependence on imported refined products.
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