As of today, August 26, 2024, the exchange rate for the US dollar to the Nigerian naira in the black market is as follows:
- Buying Rate: ₦1,600 per USD
- Selling Rate: ₦1,610 per USD
It’s important to note that these rates are based on transactions in Lagos and might vary slightly depending on the location and the specific Bureau De Change (BDC) operators.
Central Bank of Nigeria (CBN) Official Exchange Rate
The official exchange rate provided by the Central Bank of Nigeria (CBN) for today is:
- Buying Rate: ₦1,591 per USD
- Selling Rate: ₦1,592 per USD
Dangote Refinery Update
The Dangote Petroleum Refinery is currently conducting test runs for the production of Premium Motor Spirit (PMS), commonly known as petrol. The refinery, which has a capacity of 650,000 barrels per day, is expected to start full operations by mid-September 2024. This development is anticipated to significantly impact Nigeria’s fuel supply, reducing its reliance on imported refined products and transforming the fuel trade between Europe and Africa.
