The dollar to naira exchange rate at the black market, also known as the parallel market, has hit N1645 as of September 5, 2024.”
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According to sources at Bureau De Change (BDC), the exchange rate for a dollar to naira at Lagos Parallel Market (Black Market) is N1635 for buying and N1645 for selling.
In other news, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) have agreed to sell crude oil to the Dangote refinery in naira. This move is expected to alleviate pressure on foreign exchange by a minimum of 40%, according to Aliko Dangote, CEO of Dangote Refinery.
The Dangote refinery is set to supply 25 million liters of fuel per day starting in September 2024 and will increase this amount to 30 million liters daily from October 2024.
This initiative aligns with the recent endorsement by the Federal Executive Council (FEC) to conduct transactions involving crude oil sales to the Dangote refinery in naira and purchase petrol products from the refinery in the local currency.
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