As of August 13, 2024, the black market exchange rate for the dollar to naira at the Lagos Parallel Market (also known as the black market) is as follows: buyers are purchasing dollars at ₦1,593, while sellers are offering dollars at ₦1,598. This rate is sourced from Bureau De Change (BDC) operators.
It’s important to note that the Central Bank of Nigeria (CBN) does not officially recognize the parallel market and advises individuals to conduct foreign exchange transactions through their banks.
**Current Exchange Rates:**
– **Black Market Rate:**
– Buying Rate: ₦1,593
– Selling Rate: ₦1,598
– **CBN Rate:**
– Buying Rate: ₦1,573
– Selling Rate: ₦1,574
Please be aware that actual rates may vary from those listed here due to fluctuations in the market.
**Dangote Petrol Pricing Expectations**
Independent petroleum marketers in Nigeria anticipate that petrol from the Dangote Petroleum Refinery could be priced between ₦600 and ₦650 per litre upon its market release. Hammed Fashola, IPMAN’s National Vice President, noted that the new refinery might help reduce fuel prices, similar to its impact on diesel.
Currently, the Nigerian National Petroleum Company Limited (NNPC) sells petrol to marketers at approximately ₦570 per litre, but private depots often charge above ₦700 per litre. Fashola indicated that if Dangote’s refinery offers competitive pricing, it would be a favorable option for marketers, although the final price will depend on production costs and market conditions.
SOURCE: bushradiogist.com